Iridium Communications (NASDAQ:IRDM) Shares Up 4.1% Following Better-Than-Expected Earnings

Iridium Communications Inc. (NASDAQ:IRDM) shares were up 4.1% on Friday following a stronger than expected earnings report. The stock traded as high as $27.16 and last traded at $27.14. Approximately 82,071 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,091,494 shares. The stock had previously closed at $26.06.

The technology company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a return on equity of 1.58% and a net margin of 1.95%. The business had revenue of $203.80 million during the quarter, compared to the consensus estimate of $193.84 million. During the same period in the prior year, the business posted $0.08 earnings per share. Iridium Communications’s quarterly revenue was down .7% on a year-over-year basis.

Iridium Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 annualized dividend and a yield of 1.94%. Iridium Communications’s payout ratio is 400.00%.

Wall Street Analysts Forecast Growth

IRDM has been the topic of several recent analyst reports. Barclays dropped their target price on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a research report on Friday, February 23rd. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Raymond James dropped their target price on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. BWS Financial lowered shares of Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price target for the company. in a research note on Friday, February 16th. Finally, William Blair lowered shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.80.

Institutional Investors Weigh In On Iridium Communications

Several institutional investors have recently bought and sold shares of the stock. Northwest Financial Advisors purchased a new stake in Iridium Communications in the 4th quarter worth approximately $26,000. West Tower Group LLC bought a new position in shares of Iridium Communications in the 4th quarter worth approximately $27,000. ICA Group Wealth Management LLC bought a new position in Iridium Communications during the 4th quarter valued at approximately $36,000. Quarry LP bought a new position in Iridium Communications during the 2nd quarter valued at approximately $39,000. Finally, Allspring Global Investments Holdings LLC bought a new position in Iridium Communications during the 4th quarter valued at approximately $41,000. 84.36% of the stock is currently owned by hedge funds and other institutional investors.

Iridium Communications Trading Up 3.1 %

The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.37 and a current ratio of 2.06. The company has a market cap of $3.29 billion, a P/E ratio of 200.46 and a beta of 0.85. The stock has a 50-day moving average of $27.81 and a two-hundred day moving average of $35.05.

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.