Iridium Communications (NASDAQ:IRDM) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

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

Iridium Communications Stock Performance

Shares of Iridium Communications stock opened at $27.40 on Friday. The stock has a market cap of $3.35 billion, a price-to-earnings ratio of 130.48 and a beta of 0.85. The firm’s 50-day moving average is $27.66 and its 200 day moving average is $34.93. Iridium Communications has a 1 year low of $24.14 and a 1 year high of $68.34. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.06 and a quick ratio of 1.37.

Iridium Communications Announces Dividend

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

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Iridium Communications

Hedge funds and other institutional investors have recently bought and sold shares of the stock. West Tower Group LLC bought a new position in Iridium Communications during the 4th quarter valued at about $27,000. ICA Group Wealth Management LLC bought a new position in Iridium Communications during the 4th quarter valued at about $36,000. Quarry LP bought a new position in Iridium Communications during the 2nd quarter valued at about $39,000. Belpointe Asset Management LLC increased its position in shares of Iridium Communications by 78.7% during the 1st quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock valued at $61,000 after purchasing an additional 436 shares during the last quarter. Finally, Point72 Middle East FZE purchased a new stake in shares of Iridium Communications during the 4th quarter valued at about $64,000. Institutional investors own 84.36% of the company’s stock.

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.