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 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.16, Zacks reports. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%.

Iridium Communications Price Performance

IRDM traded up $4.90 on Thursday, hitting $32.62. 1,265,244 shares of the company were exchanged, compared to its average volume of 980,086. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $36.32. The company has a debt-to-equity ratio of 2.68, a quick ratio of 2.01 and a current ratio of 2.62. The firm has a market capitalization of $3.71 billion, a P/E ratio of 34.68 and a beta of 0.65. The business’s fifty day moving average is $29.13 and its 200 day moving average is $28.81.

Iridium Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend was Monday, December 16th. Iridium Communications’s dividend payout ratio (DPR) is 59.58%.

Insider Activity

In other 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 transaction of $356,625.00. Following the completion of the transaction, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on IRDM. BWS Financial restated 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 began coverage on Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $40.75.

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.