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

Iridium Communications (NASDAQ:IRDM) released its quarterly earnings results on Thursday. The technology company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates 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 Trading Down 1.1 %

Shares of Iridium Communications stock opened at $31.63 on Friday. Iridium Communications has a fifty-two week low of $24.14 and a fifty-two week high of $36.32. The firm has a market cap of $3.60 billion, a PE ratio of 33.65 and a beta of 0.65. The business’s fifty day moving average is $29.18 and its two-hundred day moving average is $28.85. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68.

Iridium Communications Announces Dividend

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

Insiders Place Their Bets

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the 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 transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on IRDM shares. BWS Financial reiterated a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a report on Monday, October 21st. Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price on the stock. Two 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. According to data from MarketBeat, the stock has an average 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.