Iridium Communications (NASDAQ:IRDM) Announces Quarterly Earnings Results

Iridium Communications (NASDAQ:IRDM) released its earnings results on Thursday. The technology company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16, Zacks reports. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%.

Iridium Communications Price Performance

Shares of NASDAQ IRDM traded up $4.21 on Thursday, hitting $31.93. The company’s stock had a trading volume of 2,117,950 shares, compared to its average volume of 1,017,249. The stock has a 50 day moving average of $29.13 and a 200-day moving average of $28.81. The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of 34.07 and a beta of 0.65. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $36.32. The company has a debt-to-equity ratio of 2.68, a current ratio of 2.62 and a quick ratio of 2.01.

Iridium Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend was Monday, December 16th. Iridium Communications’s payout ratio is currently 59.58%.

Insider Transactions at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction on Friday, January 10th. The stock was 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 represents a 4.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

IRDM has been the topic of a number of research analyst reports. BWS Financial reissued a “neutral” rating and set a $30.00 price objective on shares of Iridium Communications in a report on Monday, October 21st. Cantor Fitzgerald assumed coverage on 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 research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $40.75.

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.