Iridium Communications Inc (NASDAQ:IRDM) – Equities research analysts at William Blair increased their FY2017 earnings per share (EPS) estimates for shares of Iridium Communications in a research note issued on Thursday. William Blair analyst J. Breen now anticipates that the technology company will post earnings per share of $0.68 for the year, up from their previous estimate of $0.65. William Blair also issued estimates for Iridium Communications’ FY2018 earnings at $0.36 EPS.
Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.05. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. The company had revenue of $116.55 million for the quarter, compared to the consensus estimate of $113.96 million. During the same period in the prior year, the firm posted $0.26 EPS. Iridium Communications’s revenue for the quarter was up 3.3% on a year-over-year basis.
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IRDM has been the topic of several other research reports. Zacks Investment Research upgraded Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research note on Wednesday, September 27th. ValuEngine upgraded Iridium Communications from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Drexel Hamilton reiterated a “buy” rating and issued a $14.00 target price on shares of Iridium Communications in a research note on Thursday, August 31st. Wells Fargo & Company lifted their target price on Iridium Communications from $9.75 to $12.00 and gave the company a “market perform” rating in a research note on Friday. Finally, TheStreet lowered Iridium Communications from a “b” rating to a “c+” rating in a research note on Thursday, August 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $12.33.
Shares of Iridium Communications (NASDAQ IRDM) opened at 12.70 on Monday. The company’s 50-day moving average is $10.72 and its 200 day moving average is $10.56. Iridium Communications has a 12 month low of $7.50 and a 12 month high of $12.90. The stock has a market capitalization of $1.24 billion, a P/E ratio of 13.58 and a beta of 1.72.
In other Iridium Communications news, COO S. Scott Smith sold 135,000 shares of Iridium Communications stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $10.51, for a total value of $1,418,850.00. Following the transaction, the chief operating officer now owns 309,000 shares in the company, valued at $3,247,590. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.40% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Crossmark Global Holdings Inc. purchased a new position in Iridium Communications in the third quarter valued at about $286,000. Dynamic Technology Lab Private Ltd purchased a new position in Iridium Communications in the second quarter valued at about $217,000. Verition Fund Management LLC purchased a new position in Iridium Communications in the second quarter valued at about $286,000. Piedmont Investment Advisors LLC purchased a new position in Iridium Communications in the second quarter valued at about $195,000. Finally, Sterling Capital Management LLC grew its stake in Iridium Communications by 9.5% in the second quarter. Sterling Capital Management LLC now owns 102,285 shares of the technology company’s stock valued at $1,130,000 after purchasing an additional 8,913 shares during the last quarter.
About Iridium Communications
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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