Iridium Communications (NASDAQ:IRDM) Releases Quarterly Earnings Results, Misses Expectations By $0.17 EPS

Iridium Communications (NASDAQ:IRDM) issued its earnings results on Wednesday. The technology company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.17), FiscalAI reports. Iridium Communications had a return on equity of 22.76% and a net margin of 12.05%.The business had revenue of $225.24 million during the quarter, compared to analyst estimates of $220.32 million.

Iridium Communications Stock Up 1.8%

IRDM opened at $47.24 on Wednesday. The business has a 50 day moving average price of $47.77 and a 200 day moving average price of $34.37. The company has a debt-to-equity ratio of 3.74, a quick ratio of 2.21 and a current ratio of 2.85. Iridium Communications has a twelve month low of $15.65 and a twelve month high of $57.18. The firm has a market cap of $4.99 billion, a P/E ratio of 47.72, a price-to-earnings-growth ratio of 2.84 and a beta of 0.87.

Iridium Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date was Monday, June 15th. Iridium Communications’s payout ratio is 60.61%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on IRDM shares. Barclays upped their price target on Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Raymond James Financial restated a “market perform” rating on shares of Iridium Communications in a research report on Friday, April 24th. BWS Financial reiterated a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a report on Monday, April 27th. New Street Research began coverage on Iridium Communications in a report on Thursday, May 14th. They issued a “neutral” rating and a $40.00 target price on the stock. Finally, William Blair lowered shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Iridium Communications currently has a consensus rating of “Hold” and an average target price of $38.67.

Institutional Investors Weigh In On Iridium Communications

Several hedge funds have recently modified their holdings of the business. State Street Corp increased its stake in Iridium Communications by 18.0% during the fourth quarter. State Street Corp now owns 4,761,749 shares of the technology company’s stock valued at $82,759,000 after acquiring an additional 725,856 shares during the period. Millennium Management LLC grew its position in Iridium Communications by 265.8% during the 3rd quarter. Millennium Management LLC now owns 3,039,731 shares of the technology company’s stock worth $53,074,000 after acquiring an additional 2,208,857 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Iridium Communications by 21.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,323,170 shares of the technology company’s stock worth $40,377,000 after purchasing an additional 408,903 shares during the last quarter. Gotham Asset Management LLC increased its position in Iridium Communications by 651.1% in the 4th quarter. Gotham Asset Management LLC now owns 2,309,750 shares of the technology company’s stock valued at $40,143,000 after acquiring an additional 2,002,232 shares in the last quarter. Finally, Man Group plc increased its holdings in shares of Iridium Communications by 226.3% in the third quarter. Man Group plc now owns 2,012,077 shares of the technology company’s stock valued at $35,131,000 after purchasing an additional 1,395,485 shares in the last quarter. 84.36% of the stock is owned by institutional investors.

Iridium Communications Company Profile

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.