Iridium Communications (NASDAQ:IRDM) Releases Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Iridium Communications (NASDAQ:IRDM) announced its quarterly earnings data on Thursday. The technology company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.16, Zacks reports. Iridium Communications had a return on equity of 14.34% and a net margin of 14.09%.

Iridium Communications Stock Performance

Shares of IRDM stock traded up $4.90 during mid-day trading on Thursday, reaching $32.62. The stock had a trading volume of 1,265,244 shares, compared to its average volume of 980,086. Iridium Communications has a one year low of $24.14 and a one year high of $36.32. The firm has a market cap of $3.71 billion, a PE ratio of 34.68 and a beta of 0.65. The firm’s 50 day simple moving average is $29.13 and its 200 day simple moving average is $28.81. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68.

Iridium Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were paid a dividend of $0.14 per share. The ex-dividend date was Monday, December 16th. This represents a $0.56 annualized dividend and a yield of 1.72%. Iridium Communications’s dividend payout ratio is 59.58%.

Insider Activity

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of Iridium Communications stock in a transaction on Friday, January 10th. The shares were sold at an average price of $28.53, for a total transaction of $356,625.00. Following the sale, the director now owns 241,030 shares in the company, valued at $6,876,585.90. The trade was a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on IRDM shares. Cantor Fitzgerald started coverage on Iridium Communications in a report on Friday, January 24th. They set an “overweight” rating and a $40.00 target price for the company. BWS Financial reiterated a “neutral” rating and set a $30.00 price target on shares of Iridium Communications in a research report on Monday, October 21st. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.75.

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.