Iridium Communications (NASDAQ:IRDM) Announces Earnings Results

Iridium Communications (NASDAQ:IRDM) issued its quarterly earnings results on Thursday. The technology company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01, RTT News reports. Iridium Communications had a return on equity of 2.70% and a net margin of 3.20%. The firm had revenue of $203.80 million during the quarter, compared to the consensus estimate of $193.84 million. During the same period last year, the business posted $0.08 EPS. The business’s revenue was down .7% compared to the same quarter last year.

Iridium Communications Price Performance

Iridium Communications stock opened at $27.40 on Friday. Iridium Communications has a 52 week low of $24.14 and a 52 week high of $68.34. The company’s 50 day moving average price is $27.66 and its two-hundred day moving average price is $34.93. The company has a quick ratio of 1.37, a current ratio of 2.06 and a debt-to-equity ratio of 1.65. The stock has a market cap of $3.35 billion, a P/E ratio of 130.48 and a beta of 0.85.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 annualized dividend and a dividend yield of 1.90%. Iridium Communications’s dividend payout ratio is currently 247.62%.

Hedge Funds Weigh In On Iridium Communications

Several hedge funds have recently modified their holdings of IRDM. West Tower Group LLC bought a new position in shares of Iridium Communications during the 4th quarter worth approximately $27,000. ICA Group Wealth Management LLC bought a new stake in shares of Iridium Communications in the 4th quarter worth approximately $36,000. Quarry LP bought a new stake in shares of Iridium Communications in the 2nd quarter worth approximately $39,000. Belpointe Asset Management LLC raised its holdings in shares of 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 purchasing an additional 436 shares during the period. Finally, Point72 Middle East FZE bought a new stake in shares of Iridium Communications in the 4th quarter worth approximately $64,000. Institutional investors own 84.36% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on IRDM. TheStreet upgraded Iridium Communications from a “d+” rating to a “c-” rating in a report on Thursday, February 15th. Barclays reduced their target price on Iridium Communications from $45.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, February 23rd. Raymond James reduced their target price on Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. William Blair downgraded Iridium Communications from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 15th. Finally, BWS Financial downgraded Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 target price for the company. in a research note on Friday, February 16th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Iridium Communications presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.80.

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.