Iridium Communications (NASDAQ:IRDM) Sets New 52-Week Low – Here’s Why

Iridium Communications Inc. (NASDAQ:IRDM)’s stock price hit a new 52-week low on Thursday . The stock traded as low as $22.18 and last traded at $24.65, with a volume of 1621598 shares traded. The stock had previously closed at $22.65.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Sunday, April 6th. Barclays lowered 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. Finally, Cantor Fitzgerald assumed coverage on Iridium Communications in a research report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company.

Iridium Communications Trading Up 0.5 %

The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The company’s 50-day moving average is $28.49 and its 200 day moving average is $29.17. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 25.55, a price-to-earnings-growth ratio of 1.28 and a beta of 0.66.

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

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Monday, March 17th. Iridium Communications’s dividend payout ratio (DPR) is presently 58.95%.

Institutional Inflows and Outflows

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