Iridium Communications Inc. (NASDAQ:IRDM – Get Free Report)’s stock price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $24.71, but opened at $25.48. Iridium Communications shares last traded at $27.21, with a volume of 196,193 shares.
The technology company reported $0.16 EPS for the quarter, topping the consensus estimate 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 quarter last year, the company earned $0.08 EPS. The firm’s revenue was down .7% compared to the same quarter last year.
Iridium Communications Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.13 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.52 annualized dividend and a yield of 2.00%. Iridium Communications’s dividend payout ratio is currently 400.00%.
Analyst Upgrades and Downgrades
Read Our Latest Stock Analysis on Iridium Communications
Institutional Trading of Iridium Communications
Hedge funds have recently bought and sold shares of the company. Northwest Financial Advisors bought a new stake in Iridium Communications in the 4th quarter worth approximately $26,000. ICA Group Wealth Management LLC bought a new stake in Iridium Communications in the 4th quarter worth approximately $36,000. Quarry LP bought a new stake in Iridium Communications in the 2nd quarter worth approximately $39,000. West Tower Group LLC bought a new stake in Iridium Communications in the 4th quarter worth approximately $27,000. Finally, Belpointe Asset Management LLC lifted its position in Iridium Communications by 78.7% in the 1st quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock worth $61,000 after buying an additional 436 shares during the last quarter. Institutional investors own 84.36% of the company’s stock.
Iridium Communications Stock Up 5.5 %
The stock has a 50-day moving average of $27.81 and a two-hundred day moving average of $35.05. The company has a market cap of $3.19 billion, a P/E ratio of 200.46 and a beta of 0.85. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.37 and a current ratio of 2.06.
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.
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