Brokerages expect Iridium Communications Inc (NASDAQ:IRDM) to post ($0.16) earnings per share (EPS) for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Iridium Communications’ earnings, with the lowest EPS estimate coming in at ($0.33) and the highest estimate coming in at $0.02. Iridium Communications posted earnings per share of $0.08 during the same quarter last year, which would indicate a negative year-over-year growth rate of 300%. The business is expected to issue its next quarterly earnings results before the market opens on Thursday, February 28th.
According to Zacks, analysts expect that Iridium Communications will report full year earnings of ($0.27) per share for the current financial year, with EPS estimates ranging from ($0.45) to ($0.10). For the next fiscal year, analysts expect that the business will post earnings of ($0.55) per share, with EPS estimates ranging from ($1.16) to ($0.03). Zacks’ EPS averages are an average based on a survey of sell-side research firms that follow Iridium Communications.
A number of equities research analysts recently weighed in on IRDM shares. Raymond James reaffirmed a “buy” rating on shares of Iridium Communications in a report on Monday, January 14th. BidaskClub cut Iridium Communications from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 18th. Barclays started coverage on Iridium Communications in a report on Tuesday, October 30th. They set an “overweight” rating and a $26.00 price target for the company. Finally, Zacks Investment Research cut Iridium Communications from a “hold” rating to a “strong sell” rating in a report on Saturday, October 27th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $21.35.
Shares of IRDM opened at $19.42 on Thursday. Iridium Communications has a 1 year low of $10.75 and a 1 year high of $24.35. The company has a quick ratio of 1.46, a current ratio of 1.53 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $2.16 billion, a PE ratio of 485.50 and a beta of 2.06.
In other Iridium Communications news, CEO Matthew J. Desch sold 274,075 shares of the stock in a transaction on Monday, November 19th. The stock was sold at an average price of $21.53, for a total value of $5,900,834.75. Following the transaction, the chief executive officer now directly owns 1,200,754 shares in the company, valued at approximately $25,852,233.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO S. Scott Smith sold 3,500 shares of the stock in a transaction on Monday, November 19th. The shares were sold at an average price of $21.51, for a total value of $75,285.00. The disclosure for this sale can be found here. Insiders have sold a total of 319,575 shares of company stock valued at $6,807,720 over the last ninety days. Insiders own 5.60% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Nikko Asset Management Americas Inc. boosted its position in Iridium Communications by 195.2% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 7,496 shares of the technology company’s stock valued at $138,000 after buying an additional 4,957 shares during the last quarter. BlackRock Inc. boosted its position in Iridium Communications by 0.9% in the 4th quarter. BlackRock Inc. now owns 14,161,310 shares of the technology company’s stock valued at $261,277,000 after buying an additional 131,700 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Iridium Communications by 26.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,588 shares of the technology company’s stock valued at $288,000 after buying an additional 3,307 shares during the last quarter. LPL Financial LLC boosted its position in Iridium Communications by 25.9% in the 4th quarter. LPL Financial LLC now owns 16,121 shares of the technology company’s stock valued at $297,000 after buying an additional 3,314 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in Iridium Communications by 6.4% in the 4th quarter. First Trust Advisors LP now owns 195,842 shares of the technology company’s stock valued at $3,613,000 after buying an additional 11,735 shares during the last quarter. Hedge funds and other institutional investors own 85.85% of the company’s stock.
Iridium Communications Company Profile
Iridium Communications, Inc is a mobile voice and data satellite communications network. Its satellite network provides communication where terrestrial wireless or wireline networks do not exist or are limited. The company’s current principal lines of business include Land Mobile, Maritime, Aviation, and Government.
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