Iridium Communications (NASDAQ:IRDM) Announces Quarterly Earnings Results

Iridium Communications (NASDAQ:IRDM) released its earnings results on Thursday. The technology company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.15 by $0.01, RTT News reports. The company had revenue of $203.80 million during the quarter, compared to analysts’ expectations of $193.84 million. Iridium Communications had a return on equity of 2.70% and a net margin of 3.20%. The business’s revenue for the quarter was down .7% on a year-over-year basis. During the same period last year, the firm earned $0.08 EPS.

Iridium Communications Stock Up 5.1 %

Shares of Iridium Communications stock opened at $27.40 on Friday. The company has a quick ratio of 1.37, a current ratio of 2.06 and a debt-to-equity ratio of 1.65. Iridium Communications has a 12 month low of $24.14 and a 12 month high of $68.34. The business has a fifty day simple moving average of $27.66 and a 200 day simple moving average of $34.93. The stock has a market cap of $3.35 billion, a PE ratio of 130.48 and a beta of 0.85.

Iridium Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.90%. Iridium Communications’s dividend payout ratio (DPR) is presently 247.62%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. West Tower Group LLC bought a new position in Iridium Communications during the fourth quarter worth about $27,000. ICA Group Wealth Management LLC bought a new position in Iridium Communications during the fourth quarter worth about $36,000. Quarry LP bought a new position in Iridium Communications during the second quarter worth about $39,000. Belpointe Asset Management LLC lifted its holdings in Iridium Communications by 78.7% during the first quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock worth $61,000 after acquiring an additional 436 shares in the last quarter. Finally, Point72 Middle East FZE bought a new position in Iridium Communications during the fourth quarter worth about $64,000. 84.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

About Iridium Communications

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.