$112.00 Million in Sales Expected for Iridium Communications Inc (IRDM) This Quarter
Equities research analysts expect that Iridium Communications Inc (NASDAQ:IRDM) will announce sales of $112.00 million for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Iridium Communications’ earnings, with estimates ranging from $109.40 million to $115.74 million. Iridium Communications reported sales of $107.45 million during the same quarter last year, which indicates a positive year-over-year growth rate of 4.2%. The firm is expected to issue its next quarterly earnings results on Thursday, February 22nd.
On average, analysts expect that Iridium Communications will report full year sales of $112.00 million for the current fiscal year, with estimates ranging from $441.90 million to $448.32 million. For the next fiscal year, analysts expect that the business will post sales of $482.49 million per share, with estimates ranging from $472.30 million to $489.44 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Iridium Communications.
Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Thursday, October 26th. The technology company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.05. The company had revenue of $116.55 million during the quarter, compared to the consensus estimate of $113.96 million. Iridium Communications had a net margin of 26.38% and a return on equity of 8.31%. Iridium Communications’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.26 earnings per share.
IRDM has been the topic of several analyst reports. Wells Fargo & Co lifted their price target on shares of Iridium Communications from $9.75 to $12.00 and gave the stock a “market perform” rating in a report on Friday, October 27th. Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a report on Wednesday, September 27th. ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Drexel Hamilton reaffirmed a “buy” rating and issued a $14.00 price target on shares of Iridium Communications in a report on Thursday, August 31st. Finally, BidaskClub lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Saturday, December 16th. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $13.00.
Shares of Iridium Communications (IRDM) remained flat at $$11.95 during trading hours on Thursday. The company had a trading volume of 462,304 shares, compared to its average volume of 902,054. The company has a market cap of $1,160.00, a P/E ratio of 15.13, a P/E/G ratio of 2.79 and a beta of 1.74. Iridium Communications has a twelve month low of $7.80 and a twelve month high of $12.90. The company has a quick ratio of 2.67, a current ratio of 2.78 and a debt-to-equity ratio of 1.17.
In other news, Director A B. Krongard purchased 45,750 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were acquired at an average cost of $10.89 per share, with a total value of $498,217.50. Following the completion of the acquisition, the director now owns 149,788 shares of the company’s stock, valued at $1,631,191.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 6.40% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Iridium Communications by 2.5% during the second quarter. Vanguard Group Inc. now owns 10,250,671 shares of the technology company’s stock valued at $113,271,000 after buying an additional 250,505 shares during the last quarter. Capital World Investors grew its holdings in shares of Iridium Communications by 1.9% during the second quarter. Capital World Investors now owns 7,206,088 shares of the technology company’s stock valued at $79,627,000 after buying an additional 132,088 shares during the last quarter. LSV Asset Management grew its holdings in shares of Iridium Communications by 23.5% during the second quarter. LSV Asset Management now owns 4,002,216 shares of the technology company’s stock valued at $44,224,000 after buying an additional 761,679 shares during the last quarter. Pinnacle Associates Ltd. grew its holdings in shares of Iridium Communications by 16.8% during 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. Finally, Northern Trust Corp grew its holdings in shares of Iridium Communications by 64.1% during the second quarter. Northern Trust Corp now owns 2,055,329 shares of the technology company’s stock valued at $22,711,000 after buying an additional 803,190 shares during the last quarter.
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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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