Iridium Communications Inc. (NASDAQ:IRDM) Declares $0.14 Quarterly Dividend

Iridium Communications Inc. (NASDAQ:IRDM) announced a quarterly dividend on Thursday, March 6th, Wall Street Journal reports. Stockholders of record on Monday, March 17th will be paid a dividend of 0.14 per share by the technology company on Monday, March 31st. This represents a $0.56 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Monday, March 17th.

Iridium Communications has a dividend payout ratio of 42.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Iridium Communications to earn $1.24 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 45.2%.

Iridium Communications Trading Up 2.7 %

Shares of IRDM opened at $27.59 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.73 and a debt-to-equity ratio of 3.05. The business’s 50-day moving average price is $29.62 and its 200-day moving average price is $29.30. The stock has a market cap of $3.00 billion, a PE ratio of 29.04, a P/E/G ratio of 1.28 and a beta of 0.70. Iridium Communications has a twelve month low of $24.14 and a twelve month high of $35.85.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.16. The company had revenue of $212.99 million for the quarter, compared to analysts’ expectations of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. On average, equities analysts forecast that Iridium Communications will post 0.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on IRDM shares. StockNews.com lowered Iridium Communications from a “buy” rating to a “hold” rating in a research note on Thursday. Barclays decreased their price objective on Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Finally, Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price target for the company.

Insider Buying and Selling

In other news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $28.53, for a total transaction of $356,625.00. Following the transaction, the director now directly owns 241,030 shares of the company’s stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.00% of the stock is owned by corporate insiders.

Iridium Communications Company Profile

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.