FY2024 Earnings Forecast for Iridium Communications Inc. Issued By Zacks Research (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM) – Research analysts at Zacks Research lifted their FY2024 earnings per share (EPS) estimates for Iridium Communications in a report released on Tuesday, August 13th. Zacks Research analyst R. Department now forecasts that the technology company will earn $0.82 per share for the year, up from their previous estimate of $0.61. The consensus estimate for Iridium Communications’ current full-year earnings is $0.77 per share.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.10. The firm had revenue of $201.07 million for the quarter, compared to analyst estimates of $204.01 million. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.24) EPS.

A number of other research analysts also recently commented on the stock. BWS Financial reissued a “neutral” rating and issued a $30.00 price objective on shares of Iridium Communications in a research report on Wednesday, July 24th. Barclays boosted their price target on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Iridium Communications Stock Down 0.5 %

IRDM traded down $0.15 during trading on Friday, reaching $27.51. 100,749 shares of the stock were exchanged, compared to its average volume of 1,069,482. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.52 and a current ratio of 2.25. The stock’s 50 day moving average price is $26.79 and its two-hundred day moving average price is $28.47. Iridium Communications has a twelve month low of $24.14 and a twelve month high of $51.62. The stock has a market cap of $3.34 billion, a P/E ratio of 131.71 and a beta of 0.65.

Iridium Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.14 dividend. This is a boost from Iridium Communications’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 2.04%. The ex-dividend date was Friday, June 14th. Iridium Communications’s dividend payout ratio is currently 266.67%.

Institutional Investors Weigh In On Iridium Communications

A number of institutional investors have recently made changes to their positions in IRDM. International Assets Investment Management LLC acquired a new stake in Iridium Communications during the 4th quarter worth approximately $3,727,000. Nikko Asset Management Americas Inc. boosted its position in shares of Iridium Communications by 44.9% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 1,743,482 shares of the technology company’s stock valued at $71,762,000 after acquiring an additional 539,909 shares during the period. Silver Heights Capital Management Inc grew its stake in shares of Iridium Communications by 8.8% in the fourth quarter. Silver Heights Capital Management Inc now owns 2,656,227 shares of the technology company’s stock valued at $109,330,000 after acquiring an additional 214,508 shares in the last quarter. BNP Paribas Financial Markets increased its position in Iridium Communications by 250.1% during the fourth quarter. BNP Paribas Financial Markets now owns 122,906 shares of the technology company’s stock worth $5,059,000 after acquiring an additional 87,802 shares during the period. Finally, Clearbridge Investments LLC raised its stake in Iridium Communications by 4.5% in the 4th quarter. Clearbridge Investments LLC now owns 2,266,706 shares of the technology company’s stock worth $93,298,000 after purchasing an additional 97,167 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.