Iridium Communications (NASDAQ:IRDM) Announces Quarterly Earnings Results, Misses Expectations By $0.19 EPS

Iridium Communications (NASDAQ:IRDM) announced its quarterly earnings data on Wednesday. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.19), FiscalAI reports. Iridium Communications had a return on equity of 22.71% and a net margin of 10.55%.The business had revenue of $225.24 million during the quarter, compared to analysts’ expectations of $220.32 million. During the same period in the prior year, the company posted $0.20 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis.

Iridium Communications Stock Down 2.8%

NASDAQ:IRDM traded down $1.34 during mid-day trading on Friday, reaching $46.30. The stock had a trading volume of 157,985 shares, compared to its average volume of 2,458,455. The stock has a market cap of $4.90 billion, a P/E ratio of 52.63, a PEG ratio of 2.87 and a beta of 0.87. The business’s 50 day moving average is $47.93 and its 200 day moving average is $34.79. The company has a debt-to-equity ratio of 3.74, a current ratio of 2.85 and a quick ratio of 2.21. Iridium Communications has a fifty-two week low of $15.65 and a fifty-two week high of $57.18.

Iridium Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.15 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. Iridium Communications’s dividend payout ratio is currently 68.18%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on IRDM shares. Barclays upped their target price on Iridium Communications from $25.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research report on Monday, June 29th. Oppenheimer upped their price objective on shares of Iridium Communications from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Iridium Communications in a research note on Friday, July 10th. Finally, Morgan Stanley boosted their price target on shares of Iridium Communications from $26.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Iridium Communications currently has a consensus rating of “Hold” and a consensus price target of $38.67.

Institutional Trading of Iridium Communications

Several large investors have recently added to or reduced their stakes in the business. Quantinno Capital Management LP boosted its stake in Iridium Communications by 3.1% in the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock valued at $459,000 after buying an additional 461 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Iridium Communications by 4.4% in the 4th quarter. Empowered Funds LLC now owns 11,350 shares of the technology company’s stock valued at $197,000 after purchasing an additional 478 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Iridium Communications by 107.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after purchasing an additional 741 shares in the last quarter. CreativeOne Wealth LLC grew its holdings in shares of Iridium Communications by 6.0% in the 4th quarter. CreativeOne Wealth LLC now owns 17,440 shares of the technology company’s stock worth $303,000 after purchasing an additional 990 shares during the last quarter. Finally, Squarepoint Ops LLC grew its holdings in shares of Iridium Communications by 0.7% in the 4th quarter. Squarepoint Ops LLC now owns 153,756 shares of the technology company’s stock worth $2,672,000 after purchasing an additional 1,051 shares during the last quarter. 84.36% of the stock is owned by institutional investors.

About Iridium Communications

Iridium Communications Inc operates a global satellite communications network that delivers voice and data services across land, sea and air. The company’s unique architecture relies on a constellation of 66 low-Earth orbit satellites, enabling real-time connectivity in regions beyond the reach of terrestrial wireless networks. Iridium’s core offerings include satellite voice and messaging services, broadband data terminals, push-to-talk (PTT) interoperability and machine-to-machine (M2M) solutions for the Internet of Things (IoT).

Iridium serves a diverse range of markets, including maritime shipping, aviation, government and defense, energy, and enterprise.