Iridium Communications (NASDAQ:IRDM) Announces Earnings Results

Iridium Communications (NASDAQ:IRDM) issued its quarterly earnings results on Thursday. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16, Zacks reports. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. The business had revenue of $212.99 million for the quarter, compared to analyst estimates of $203.78 million.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM traded down $0.36 during midday trading on Friday, reaching $31.63. The company’s stock had a trading volume of 1,924,093 shares, compared to its average volume of 981,978. The firm has a market capitalization of $3.60 billion, a PE ratio of 33.65 and a beta of 0.65. Iridium Communications has a twelve month low of $24.14 and a twelve month high of $36.32. The stock has a fifty day moving average of $29.18 and a 200 day moving average of $28.85. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68.

Iridium Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a $0.14 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.77%. Iridium Communications’s payout ratio is currently 59.58%.

Insider Transactions at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

IRDM has been the topic of a number of recent analyst reports. BWS Financial restated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research note on Monday, October 21st. Cantor Fitzgerald initiated coverage on shares of Iridium Communications in a research note on Friday, January 24th. They set an “overweight” rating and a $40.00 price target on the stock. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Iridium Communications presently has a consensus rating of “Moderate Buy” and an average price target of $40.75.

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.