Iridium Communications (NASDAQ:IRDM) Announces Earnings Results

Iridium Communications (NASDAQ:IRDM) released its quarterly earnings results on Thursday. The technology company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01, RTT News reports. Iridium Communications had a return on equity of 2.70% and a net margin of 3.20%. The firm had revenue of $203.80 million during the quarter, compared to the consensus estimate of $193.84 million. During the same quarter in the prior year, the firm posted $0.08 EPS. The business’s revenue was down .7% on a year-over-year basis.

Iridium Communications Stock Performance

Iridium Communications stock traded up $1.34 during mid-day trading on Friday, hitting $27.40. 1,571,632 shares of the company’s stock traded hands, compared to its average volume of 1,126,681. The firm has a 50 day simple moving average of $27.66 and a two-hundred day simple moving average of $34.93. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $68.34. The stock has a market cap of $3.35 billion, a price-to-earnings ratio of 130.48 and a beta of 0.85. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.06 and a quick ratio of 1.37.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications’s dividend payout ratio is 247.62%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in IRDM. West Tower Group LLC bought a new position in Iridium Communications during the 4th quarter worth $27,000. ICA Group Wealth Management LLC bought a new position in shares of Iridium Communications in the fourth quarter worth $36,000. Quarry LP bought a new position in shares of Iridium Communications in the second quarter worth $39,000. Belpointe Asset Management LLC increased its position in shares of Iridium Communications by 78.7% in the first quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock worth $61,000 after purchasing an additional 436 shares during the period. Finally, Point72 Middle East FZE bought a new position in shares of Iridium Communications in the fourth quarter worth $64,000. Institutional investors own 84.36% of the company’s stock.

Analysts Set New Price Targets

IRDM has been the subject of a number of recent research reports. TheStreet raised Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. BWS Financial downgraded Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price objective for the company. in a report on Friday, February 16th. William Blair downgraded Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. Raymond James cut their price objective on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a report on Friday, February 16th. Finally, Barclays cut their price objective on Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a report on Friday, February 23rd. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.80.

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.