Iridium Communications (NASDAQ:IRDM) Announces Earnings Results

Iridium Communications (NASDAQ:IRDM) announced 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. The company 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 business’s quarterly revenue was down .7% compared to the same quarter last year. During the same period last year, the firm posted $0.08 earnings per share.

Iridium Communications Stock Up 5.1 %

Shares of IRDM stock opened at $27.40 on Friday. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 1.65. Iridium Communications has a 1 year low of $24.14 and a 1 year high of $68.34. The firm’s fifty day moving average price is $27.66 and its two-hundred day moving average price is $34.87. The firm has a market capitalization of $3.35 billion, a P/E ratio of 130.48 and a beta of 0.85.

Iridium Communications Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on IRDM shares. BWS Financial cut shares of Iridium Communications from a “buy” rating to a “neutral” rating and set a $30.00 price target 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. William Blair cut shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 15th. Raymond James cut their price objective 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. Finally, Barclays cut their price objective on shares of Iridium Communications from $45.00 to $42.00 and set an “overweight” rating on the stock in a research report on Friday, February 23rd. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.80.

Institutional Investors Weigh In On Iridium Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in Iridium Communications by 0.5% in the 1st quarter. BlackRock Inc. now owns 15,739,982 shares of the technology company’s stock valued at $634,635,000 after buying an additional 71,031 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Iridium Communications by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 12,774,070 shares of the technology company’s stock worth $566,786,000 after purchasing an additional 213,935 shares during the last quarter. Capital International Investors increased its stake in shares of Iridium Communications by 0.4% during the 1st quarter. Capital International Investors now owns 7,722,754 shares of the technology company’s stock worth $311,381,000 after purchasing an additional 26,978 shares during the last quarter. State Street Corp increased its stake in shares of Iridium Communications by 2.2% during the 3rd quarter. State Street Corp now owns 5,120,966 shares of the technology company’s stock worth $227,217,000 after purchasing an additional 110,188 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Iridium Communications by 7.6% during the 1st quarter. Invesco Ltd. now owns 2,756,866 shares of the technology company’s stock worth $111,157,000 after purchasing an additional 195,093 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

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.