Iridium Communications (NASDAQ:IRDM) Releases Quarterly Earnings Results

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

Iridium Communications Trading Up 15.2 %

Shares of IRDM traded up $4.21 during mid-day trading on Thursday, reaching $31.93. The company had a trading volume of 2,117,950 shares, compared to its average volume of 1,017,249. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $36.32. The firm has a fifty day simple moving average of $29.13 and a 200-day simple moving average of $28.81. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of 34.07 and a beta of 0.65. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68.

Iridium Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.75%. The ex-dividend date was Monday, December 16th. Iridium Communications’s dividend payout ratio (DPR) is 59.58%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 target price on shares of Iridium Communications in a research note on Monday, October 21st. Cantor Fitzgerald initiated coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective on the stock. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Iridium Communications presently has an average rating of “Moderate Buy” and an average price target of $40.75.

Insider Transactions at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the transaction, the director now owns 241,030 shares in the company, valued at approximately $6,876,585.90. This trade represents a 4.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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.