Iridium Communications (NASDAQ:IRDM) Issues Quarterly Earnings Results

Iridium Communications (NASDAQ:IRDM) released its earnings results on Thursday. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $203.80 million for the quarter, compared to analysts’ expectations of $193.84 million. During the same quarter in the previous year, the firm posted $0.08 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis.

Iridium Communications Trading Down 0.3 %

NASDAQ:IRDM opened at $24.71 on Thursday. The business’s 50-day moving average is $27.98 and its two-hundred day moving average is $35.11. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.06 and a quick ratio of 1.37. Iridium Communications has a 12 month low of $24.14 and a 12 month high of $68.34. The firm has a market capitalization of $3.02 billion, a PE ratio of 190.08 and a beta of 0.85.

Iridium Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications’s payout ratio is currently 400.00%.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Bridgefront Capital LLC purchased a new position in Iridium Communications in the fourth quarter valued at about $254,000. Numerai GP LLC purchased a new position in Iridium Communications in the fourth quarter valued at about $253,000. Blueshift Asset Management LLC purchased a new stake in shares of Iridium Communications during the second quarter worth about $223,000. ExodusPoint Capital Management LP purchased a new stake in shares of Iridium Communications during the fourth quarter worth about $221,000. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of Iridium Communications during the third quarter worth about $210,000. 84.36% of the stock is owned by hedge funds and other 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.