Iridium Communications (NASDAQ:IRDM) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

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

Iridium Communications Trading Up 5.1 %

IRDM opened at $27.40 on Friday. The stock has a market capitalization of $3.35 billion, a PE ratio of 130.48 and a beta of 0.85. Iridium Communications has a one year low of $24.14 and a one year high of $68.34. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.37 and a current ratio of 2.06. The business’s 50 day moving average price is $27.66 and its 200 day moving average price is $34.93.

Iridium Communications Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Iridium Communications

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. West Tower Group LLC purchased a new stake in Iridium Communications in the 4th quarter valued at about $27,000. ICA Group Wealth Management LLC purchased a new stake in shares of Iridium Communications in the 4th quarter valued at approximately $36,000. Quarry LP purchased a new stake in shares of Iridium Communications in the 2nd quarter valued at approximately $39,000. Belpointe Asset Management LLC lifted its holdings in shares of Iridium Communications by 78.7% in the 1st quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock worth $61,000 after acquiring an additional 436 shares during the last quarter. Finally, Point72 Middle East FZE purchased a new position in shares of Iridium Communications during the 4th quarter worth approximately $64,000. Hedge funds and other institutional investors own 84.36% 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.