Iridium Communications (NASDAQ:IRDM) Issues Earnings Results, Beats Expectations By $0.16 EPS

Iridium Communications (NASDAQ:IRDM) announced its quarterly earnings data on Thursday. The technology company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16, Zacks reports. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. The company had revenue of $212.99 million during the quarter, compared to analyst estimates of $203.78 million.

Iridium Communications Stock Down 1.1 %

Shares of IRDM traded down $0.36 during mid-day trading on Friday, hitting $31.63. The company’s stock had a trading volume of 1,924,093 shares, compared to its average volume of 981,978. Iridium Communications has a 52-week low of $24.14 and a 52-week high of $36.32. The company’s 50-day moving average is $29.18 and its 200-day moving average is $28.85. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 2.68. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 33.65 and a beta of 0.65.

Iridium Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were given a $0.14 dividend. The ex-dividend date was Monday, December 16th. This represents a $0.56 annualized dividend and a dividend yield of 1.77%. Iridium Communications’s payout ratio is presently 59.58%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on IRDM shares. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 price objective for the company. BWS Financial reaffirmed a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a research report on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $40.75.

Insider Activity at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 12,500 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the completion of the sale, the director now owns 241,030 shares of the company’s stock, valued at $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.00% of the stock is currently owned by corporate insiders.

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.