Iridium Communications (NASDAQ:IRDM) Reaches New 1-Year Low – Here’s Why

Iridium Communications Inc. (NASDAQ:IRDM)’s stock price hit a new 52-week low on Friday . The stock traded as low as $24.12 and last traded at $24.70, with a volume of 1032641 shares trading hands. The stock had previously closed at $25.58.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. StockNews.com upgraded shares of Iridium Communications from a “hold” rating to a “buy” rating in a research note on Sunday. Cantor Fitzgerald started coverage on shares of Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective for the company. Finally, Barclays cut their target price on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th.

Iridium Communications Price Performance

The firm has a market cap of $2.67 billion, a PE ratio of 25.88, a P/E/G ratio of 1.28 and a beta of 0.66. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25. The business’s fifty day moving average is $29.22 and its 200-day moving average is $29.42.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. The firm had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. On average, research analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.14 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.28%. Iridium Communications’s payout ratio is presently 58.95%.

Insider Transactions at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Iridium Communications

Several institutional investors have recently made changes to their positions in the stock. State Street Corp grew its position in shares of Iridium Communications by 0.9% in the third quarter. State Street Corp now owns 4,269,883 shares of the technology company’s stock valued at $130,018,000 after purchasing an additional 36,851 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Iridium Communications by 12.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,829,052 shares of the technology company’s stock valued at $82,099,000 after buying an additional 320,506 shares in the last quarter. Nikko Asset Management Americas Inc. increased its position in shares of Iridium Communications by 13.2% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,827,580 shares of the technology company’s stock valued at $82,028,000 after buying an additional 329,915 shares during the period. ARK Investment Management LLC lifted its holdings in shares of Iridium Communications by 5.7% in the fourth quarter. ARK Investment Management LLC now owns 2,507,715 shares of the technology company’s stock worth $72,774,000 after buying an additional 134,924 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of Iridium Communications by 44.7% in the fourth quarter. Schroder Investment Management Group now owns 2,213,512 shares of the technology company’s stock valued at $64,125,000 after acquiring an additional 683,777 shares during the period. Hedge funds and other 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.