Iridium Communications (NASDAQ:IRDM) Releases Quarterly Earnings Results

Iridium Communications (NASDAQ:IRDM) released its quarterly earnings results on Tuesday. The technology company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.64, FiscalAI reports. The company had revenue of $245.73 million for the quarter, compared to analyst estimates of $236.30 million. Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $44.18 on Tuesday. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of 50.21, a price-to-earnings-growth ratio of 3.53 and a beta of 0.84. The stock’s 50-day moving average is $47.67 and its 200-day moving average is $45.75. Iridium Communications has a one year low of $15.65 and a one year high of $57.18. The company has a debt-to-equity ratio of 3.70, a current ratio of 2.78 and a quick ratio of 2.31.

Iridium Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Tuesday, September 15th. Iridium Communications’s payout ratio is 68.18%.

Insiders Place Their Bets

In other Iridium Communications news, CAO Timothy Kapalka sold 13,473 shares of Iridium Communications stock in a transaction on Monday, August 17th. The shares were sold at an average price of $50.51, for a total value of $680,521.23. Following the sale, the chief accounting officer directly owned 35,731 shares in the company, valued at approximately $1,804,772.81. The trade was a 27.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas Fitzpatrick sold 209,233 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $50.22, for a total transaction of $10,507,681.26. Following the transaction, the director owned 58,306 shares of the company’s stock, valued at approximately $2,928,127.32. This represents a 78.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 381,688 shares of company stock valued at $19,146,390 in the last quarter. Company insiders own 2.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. William Blair cut Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. New Street Research raised Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Iridium Communications in a research note on Tuesday, October 6th. Finally, Morgan Stanley raised their target price on shares of Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 30th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $41.20.

Iridium Communications Company Profile

Iridium Communications Inc provides global satellite communications services through the Iridium satellite network. The company offers voice and data connectivity for customers in remote and difficult-to-reach locations, supporting applications in maritime, aviation, government, emergency services, transportation, industrial, and recreational markets.

Its product portfolio includes satellite phones, broadband services, specialized voice and data terminals, and Internet of Things connectivity for tracking, monitoring, and machine-to-machine communications.