Iridium Communications Inc. (IRDM) To Go Ex-Dividend on March 17th

Iridium Communications Inc. (NASDAQ:IRDM) announced a quarterly dividend on Thursday, March 6th, Wall Street Journal reports. Shareholders of record on Monday, March 17th will be given a dividend of 0.14 per share by the technology company on Monday, March 31st. This represents a $0.56 annualized dividend and a yield of 2.03%. The ex-dividend date is Monday, March 17th.

Iridium Communications has a dividend payout ratio of 42.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Iridium Communications to earn $1.24 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 45.2%.

Iridium Communications Trading Up 2.7 %

IRDM stock opened at $27.59 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 1.25 and a current ratio of 1.73. The company’s 50-day simple moving average is $29.62 and its 200 day simple moving average is $29.30. Iridium Communications has a 52 week low of $24.14 and a 52 week high of $35.85. The company has a market capitalization of $3.00 billion, a PE ratio of 29.04, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70.

Iridium Communications (NASDAQ:IRDM) last posted its earnings results on Thursday, February 13th. The technology company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.16. The firm had revenue of $212.99 million during the quarter, compared to analysts’ expectations of $203.78 million. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. As a group, sell-side analysts anticipate that Iridium Communications will post 0.89 earnings per share for the current year.

Insider Transactions at Iridium Communications

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction 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 in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Barclays dropped their price objective on shares of Iridium Communications from $45.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Cantor Fitzgerald assumed coverage on shares of Iridium Communications in a report on Friday, January 24th. They issued an “overweight” rating and a $40.00 price objective for the company. Finally, StockNews.com lowered shares of Iridium Communications from a “buy” rating to a “hold” rating in a report on Thursday.

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.