Iridium Communications Inc to Issue Quarterly Dividend of $0.15 (NASDAQ:IRDM)

Iridium Communications Inc (NASDAQ:IRDM) declared a quarterly dividend on Thursday, December 4th. Stockholders of record on Monday, December 15th will be paid a dividend of 0.15 per share by the technology company on Wednesday, December 31st. This represents a c) dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Monday, December 15th.

Iridium Communications has a payout ratio of 45.1% 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 $0.60 annual dividend with an expected future payout ratio of 48.4%.

Iridium Communications Stock Performance

IRDM stock opened at $17.54 on Friday. Iridium Communications has a 1-year low of $15.65 and a 1-year high of $34.45. The business has a 50-day moving average price of $17.67 and a 200 day moving average price of $23.06. The company has a market capitalization of $1.84 billion, a P/E ratio of 15.52, a PEG ratio of 1.10 and a beta of 0.61. The company has a debt-to-equity ratio of 4.02, a current ratio of 2.67 and a quick ratio of 1.93.

Iridium Communications (NASDAQ:IRDM) last released its quarterly earnings results on Thursday, October 23rd. The technology company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.09. Iridium Communications had a return on equity of 24.93% and a net margin of 14.44%.The company had revenue of $226.94 million during the quarter, compared to analysts’ expectations of $222.13 million. During the same period last year, the business posted $0.21 earnings per share. The firm’s revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts forecast that Iridium Communications will post 0.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

IRDM has been the topic of a number of recent analyst reports. Barclays cut their price target on shares of Iridium Communications from $31.00 to $25.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 1st. Raymond James Financial downgraded Iridium Communications from a “strong-buy” rating to an “outperform” rating and cut their target price for the company from $39.00 to $26.00 in a research report on Thursday, September 11th. BWS Financial restated a “sell” rating and issued a $16.00 target price on shares of Iridium Communications in a research note on Friday, October 24th. Finally, Weiss Ratings cut Iridium Communications from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.67.

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.