Iridium Communications (NASDAQ:IRDM) to Repurchase $500.00 million in Outstanding Stock

by · The Markets Daily

Iridium Communications (NASDAQ:IRDM – Get Free Report) declared that its Board of Directors has authorized a share repurchase plan on Thursday, September 19th, RTT News reports. The company plans to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Iridium Communications Stock Performance

NASDAQ IRDM opened at $29.22 on Friday. The company has a debt-to-equity ratio of 2.08, a quick ratio of 1.52 and a current ratio of 2.25. The stock’s fifty day moving average is $27.07 and its two-hundred day moving average is $27.50. The firm has a market capitalization of $3.55 billion, a P/E ratio of 139.14 and a beta of 0.64. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $48.71.

Iridium Communications (NASDAQ:IRDM – Get Free Report) last announced its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.10. Iridium Communications had a net margin of 11.08% and a return on equity of 10.23%. The firm had revenue of $201.07 million for the quarter, compared to analysts’ expectations of $204.01 million. During the same quarter in the previous year, the company posted ($0.24) EPS. The company’s revenue was up 4.1% compared to the same quarter last year. On average, research analysts anticipate that Iridium Communications will post 0.81 earnings per share for the current year.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.14 per share. The ex-dividend date is Friday, September 13th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.92%. Iridium Communications’s dividend payout ratio is currently 266.67%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IRDM. BWS Financial reaffirmed a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a report on Wednesday, July 24th. Barclays boosted their price target on shares of Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $41.00.

Check Out Our Latest Report on Iridium Communications

Iridium Communications Company Profile

(Get Free Report)

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.

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