Iridium Communications (NASDAQ:IRDM) Issues Quarterly Earnings Results

Iridium Communications (NASDAQ:IRDM) announced its quarterly earnings results on Thursday. The technology company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.16, Zacks reports. The company had revenue of $212,990 billion for the quarter, compared to the consensus estimate of $204.10 million. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%.

Iridium Communications Stock Down 1.1 %

Shares of NASDAQ:IRDM traded down $0.36 during trading on Friday, hitting $31.63. The company’s stock had a trading volume of 1,924,093 shares, compared to its average volume of 981,978. The business has a 50 day moving average price of $29.18 and a two-hundred day moving average price of $28.85. The company has a market capitalization of $3.60 billion, a PE ratio of 33.65 and a beta of 0.65. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $36.32.

Iridium Communications Dividend Announcement

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

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the business’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 completion of the transaction, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.00% of the company’s stock.

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.