Iridium Communications (NASDAQ:IRDM) Issues Earnings Results

Iridium Communications (NASDAQ:IRDM) issued its quarterly earnings data on Thursday. The technology company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01, RTT News reports. Iridium Communications had a return on equity of 1.58% and a net margin of 1.95%. The firm had revenue of $203.80 million for the quarter, compared to analyst estimates of $193.84 million. During the same period in the prior year, the firm posted $0.08 EPS. The company’s revenue for the quarter was down .7% on a year-over-year basis.

Iridium Communications Price Performance

Shares of IRDM opened at $26.06 on Friday. 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 company has a market capitalization of $3.19 billion, a price-to-earnings ratio of 200.46 and a beta of 0.85. The business has a 50-day moving average of $27.81 and a 200-day moving average of $35.05.

Iridium Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders 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 annualized dividend and a yield of 2.00%. Iridium Communications’s dividend payout ratio is presently 400.00%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Iridium Communications

A number of hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its position in shares of Iridium Communications by 45.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 199,313 shares of the technology company’s stock worth $8,204,000 after acquiring an additional 62,558 shares during the last quarter. Barclays PLC raised its position in shares of Iridium Communications by 52.6% during the fourth quarter. Barclays PLC now owns 105,170 shares of the technology company’s stock worth $4,329,000 after acquiring an additional 36,244 shares during the last quarter. Voloridge Investment Management LLC raised its position in shares of Iridium Communications by 4.0% during the fourth quarter. Voloridge Investment Management LLC now owns 277,851 shares of the technology company’s stock worth $11,436,000 after acquiring an additional 10,656 shares during the last quarter. Vident Advisory LLC raised its position in shares of Iridium Communications by 2.4% during the fourth quarter. Vident Advisory LLC now owns 84,245 shares of the technology company’s stock worth $3,468,000 after acquiring an additional 1,963 shares during the last quarter. Finally, West Tower Group LLC bought a new position in shares of Iridium Communications during the fourth quarter worth about $27,000. 84.36% of the stock is currently owned by institutional investors.

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.