Iridium Communications (NASDAQ:IRDM) Issues Quarterly Earnings Results

Iridium Communications (NASDAQ:IRDM) posted its quarterly earnings results on Tuesday. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.17 by $0.10, Briefing.com reports. The company had revenue of $201.07 million during the quarter, compared to analysts’ expectations of $204.01 million. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The firm’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.24) EPS.

Iridium Communications Trading Up 4.7 %

Shares of NASDAQ:IRDM traded up $1.31 during trading on Friday, reaching $29.11. 851,842 shares of the stock were exchanged, compared to its average volume of 1,092,339. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 132.38 and a beta of 0.65. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $54.42. The firm’s 50-day moving average price is $27.49 and its 200 day moving average price is $29.53. The company has a debt-to-equity ratio of 2.08, a quick ratio of 2.52 and a current ratio of 2.25.

Iridium Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.92%. This is a boost from Iridium Communications’s previous quarterly dividend of $0.13. Iridium Communications’s payout ratio is presently 266.67%.

Wall Street Analysts Forecast Growth

Several research firms have commented on IRDM. BWS Financial restated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a report on Wednesday. Barclays boosted their target price on Iridium Communications from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

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.