Iridium Communications (NASDAQ:IRDM) Reaches New 12-Month Low – Should You Sell?

Iridium Communications Inc. (NASDAQ:IRDM)’s stock price reached a new 52-week low during mid-day trading 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.

Wall Street Analysts Forecast Growth

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

Iridium Communications Stock Down 3.9 %

The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The stock has a 50 day simple moving average of $29.22 and a 200 day simple moving average of $29.42. The firm has a market capitalization of $2.67 billion, a PE ratio of 25.88, a PEG 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The company had revenue of $212.99 million during the quarter, compared to analyst estimates of $203.78 million. As a group, sell-side analysts forecast that Iridium Communications Inc. will post 0.89 earnings per share for the current year.

Iridium Communications Announces Dividend

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

Insider Activity

In other news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction dated Friday, January 10th. The stock was 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 owns 241,030 shares of the company’s stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Iridium Communications

Institutional investors have recently modified their holdings of the business. FMR LLC grew its stake in shares of Iridium Communications by 26.7% during the 3rd quarter. FMR LLC now owns 942,380 shares of the technology company’s stock valued at $28,695,000 after purchasing an additional 198,360 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Iridium Communications by 5.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,714 shares of the technology company’s stock valued at $844,000 after buying an additional 1,488 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Iridium Communications by 11.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 495,088 shares of the technology company’s stock valued at $15,075,000 after buying an additional 51,121 shares during the last quarter. Captrust Financial Advisors bought a new position in Iridium Communications in the third quarter worth approximately $226,000. Finally, Verition Fund Management LLC boosted its stake in shares of Iridium Communications by 18.6% during the 3rd quarter. Verition Fund Management LLC now owns 52,951 shares of the technology company’s stock worth $1,612,000 after acquiring an additional 8,320 shares during the last quarter. 84.36% of the stock is owned by hedge funds and other institutional investors.

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.