Iridium Communications (NASDAQ:IRDM) Announces Earnings Results

Iridium Communications (NASDAQ:IRDM) released its 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 net margin of 1.95% and a return on equity of 1.58%. The business had revenue of $203.80 million for the quarter, compared to analyst estimates of $193.84 million. During the same period last year, the company posted $0.08 EPS. The business’s revenue was down .7% on a year-over-year basis.

Iridium Communications Price Performance

Shares of IRDM opened at $24.71 on Thursday. The firm has a fifty day moving average price of $27.98 and a 200 day moving average price of $35.11. 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. The stock has a market cap of $3.02 billion, a PE ratio of 190.08 and a beta of 0.85.

Iridium Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.13 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.52 dividend on an annualized basis and a yield of 2.10%. Iridium Communications’s dividend payout ratio (DPR) is presently 400.00%.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Iridium Communications

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Advisor Partners II LLC raised its holdings in shares of Iridium Communications by 1.9% in the first quarter. Advisor Partners II LLC now owns 8,589 shares of the technology company’s stock valued at $532,000 after buying an additional 163 shares during the last quarter. O Shaughnessy Asset Management LLC increased its stake in shares of Iridium Communications by 2.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 9,371 shares of the technology company’s stock worth $580,000 after acquiring an additional 192 shares during the period. Captrust Financial Advisors increased its stake in shares of Iridium Communications by 0.8% during the second quarter. Captrust Financial Advisors now owns 24,362 shares of the technology company’s stock worth $1,513,000 after acquiring an additional 202 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Iridium Communications by 1.7% during the third quarter. Envestnet Asset Management Inc. now owns 13,582 shares of the technology company’s stock worth $603,000 after acquiring an additional 223 shares during the period. Finally, HighTower Advisors LLC increased its stake in shares of Iridium Communications by 1.0% during the first quarter. HighTower Advisors LLC now owns 30,063 shares of the technology company’s stock worth $1,865,000 after acquiring an additional 290 shares during the period. 84.36% of the stock is owned by hedge funds and other institutional investors.

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.