Zacks: Brokerages Expect Iridium Communications Inc (NASDAQ:IRDM) to Post -$0.12 Earnings Per Share

Wall Street brokerages forecast that Iridium Communications Inc (NASDAQ:IRDM) will announce earnings per share (EPS) of ($0.12) for the current quarter, Zacks reports. Three analysts have made estimates for Iridium Communications’ earnings. The lowest EPS estimate is ($0.16) and the highest is ($0.10). Iridium Communications reported earnings of ($0.14) per share during the same quarter last year, which would indicate a positive year over year growth rate of 14.3%. The firm is expected to announce its next earnings results on Tuesday, November 3rd.

According to Zacks, analysts expect that Iridium Communications will report full-year earnings of ($0.60) per share for the current year, with EPS estimates ranging from ($0.63) to ($0.56). For the next fiscal year, analysts anticipate that the company will post earnings of ($0.29) per share, with EPS estimates ranging from ($0.37) to ($0.23). Zacks Investment Research’s earnings per share averages are an average based on a survey of analysts that follow Iridium Communications.

Iridium Communications (NASDAQ:IRDM) last issued its earnings results on Tuesday, July 28th. The technology company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.05. Iridium Communications had a negative return on equity of 3.97% and a negative net margin of 29.87%. The business had revenue of $140.17 million for the quarter, compared to analyst estimates of $136.76 million. During the same period last year, the company posted ($0.16) EPS. The business’s quarterly revenue was down 2.0% on a year-over-year basis.

Several analysts recently issued reports on IRDM shares. Zacks Investment Research downgraded Iridium Communications from a “buy” rating to a “hold” rating and set a $27.00 price target for the company. in a report on Monday, June 15th. Raymond James increased their price target on Iridium Communications from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. Finally, BidaskClub downgraded Iridium Communications from a “sell” rating to a “strong sell” rating in a report on Saturday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $29.75.

NASDAQ IRDM traded up $0.59 during trading hours on Tuesday, hitting $25.80. The company had a trading volume of 27,622 shares, compared to its average volume of 825,013. Iridium Communications has a fifty-two week low of $16.87 and a fifty-two week high of $32.08. The company has a market capitalization of $3.34 billion, a price-to-earnings ratio of -19.70 and a beta of 1.43. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.88. The firm’s 50 day moving average is $27.87 and its 200 day moving average is $25.03.

In other news, VP Timothy Kapalka sold 1,153 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $29.90, for a total transaction of $34,474.70. Following the completion of the sale, the vice president now directly owns 24,208 shares in the company, valued at $723,819.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas Fitzpatrick sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $28.00, for a total value of $2,800,000.00. Following the sale, the chief financial officer now owns 454,285 shares of the company’s stock, valued at $12,719,980. The disclosure for this sale can be found here. Insiders have sold 462,676 shares of company stock valued at $13,123,118 over the last 90 days. Insiders own 3.80% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Private Advisor Group LLC acquired a new stake in shares of Iridium Communications during the second quarter valued at about $44,000. Jaffetilchin Investment Partners LLC acquired a new position in Iridium Communications in the second quarter worth about $70,000. Mutual of America Capital Management LLC grew its stake in Iridium Communications by 22.7% in the first quarter. Mutual of America Capital Management LLC now owns 4,195 shares of the technology company’s stock worth $94,000 after purchasing an additional 776 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in Iridium Communications by 80.5% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,645 shares of the technology company’s stock worth $104,000 after purchasing an additional 2,072 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in Iridium Communications by 16.6% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 5,388 shares of the technology company’s stock worth $120,000 after purchasing an additional 766 shares in the last quarter. Institutional investors own 83.23% of the company’s stock.

Iridium Communications Company Profile

Iridium Communications Inc provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign 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.

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