Zacks Investment Research Lowers Iridium Communications (IRDM) to Hold
Iridium Communications (NASDAQ:IRDM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Iridium Communications Inc., formerly GHL Acquisition Corp., is a provider of mobile voice and data communications services via satellite, and the provider of mobile satellite communications services offering 100% global coverage. Iridium offers voice and data communications services to the U.S. and foreign governments, businesses, non-governmental organizations and consumers via its constellation of 66 in-orbit satellites, seven in-orbit spares and related ground infrastructure. Iridium’s commercial end-user base includes the emergency services, maritime, government, utilities, oil and gas, mining, leisure, forestry, construction and transportation markets. Iridium’s products and related applications are installed in unmanned aerial vehicles, helicopters, commercial aircrafts, marine vessels, and ground vehicles. “
A number of other research firms also recently weighed in on IRDM. TheStreet upgraded Iridium Communications from a “c+” rating to a “b” rating in a research note on Friday, October 27th. Drexel Hamilton restated a “buy” rating and issued a $14.00 price target on shares of Iridium Communications in a research note on Thursday, August 31st. BidaskClub downgraded Iridium Communications from a “buy” rating to a “hold” rating in a research note on Saturday, December 16th. Wells Fargo & Co raised their price target on Iridium Communications from $9.75 to $12.00 and gave the company a “market perform” rating in a research note on Friday, October 27th. Finally, ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $13.00.
Iridium Communications (IRDM) traded up $0.15 during trading hours on Wednesday, hitting $11.95. The company had a trading volume of 458,859 shares, compared to its average volume of 903,820. The company has a debt-to-equity ratio of 1.17, a quick ratio of 2.67 and a current ratio of 2.78. The company has a market capitalization of $1,160.00, a P/E ratio of 15.13, a PEG ratio of 2.79 and a beta of 1.74. Iridium Communications has a fifty-two week low of $7.80 and a fifty-two week high of $12.90.
Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.05. The business had revenue of $116.55 million during the quarter, compared to the consensus estimate of $113.96 million. Iridium Communications had a return on equity of 8.31% and a net margin of 26.38%. Iridium Communications’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the company earned $0.26 earnings per share. research analysts anticipate that Iridium Communications will post 0.83 EPS for the current year.
In related news, Director A B. Krongard purchased 45,750 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was purchased at an average cost of $10.89 per share, for a total transaction of $498,217.50. Following the completion of the purchase, the director now directly owns 149,788 shares in the company, valued at $1,631,191.32. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 6.40% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pinnacle Associates Ltd. lifted its position in shares of Iridium Communications by 16.8% in the second quarter. Pinnacle Associates Ltd. now owns 3,169,553 shares of the technology company’s stock valued at $35,024,000 after buying an additional 455,585 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its position in shares of Iridium Communications by 49.9% in the second quarter. Municipal Employees Retirement System of Michigan now owns 27,560 shares of the technology company’s stock valued at $305,000 after buying an additional 9,180 shares during the last quarter. 361 Capital LLC acquired a new stake in shares of Iridium Communications in the second quarter valued at approximately $366,000. Ameriprise Financial Inc. lifted its position in shares of Iridium Communications by 1.5% in the second quarter. Ameriprise Financial Inc. now owns 433,774 shares of the technology company’s stock valued at $4,794,000 after buying an additional 6,497 shares during the last quarter. Finally, Brown Advisory Inc. lifted its position in shares of Iridium Communications by 2.5% in the third quarter. Brown Advisory Inc. now owns 404,713 shares of the technology company’s stock valued at $4,168,000 after buying an additional 9,720 shares during the last quarter.
Iridium Communications Company Profile
Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.
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