Iridium Communications (NASDAQ:IRDM) Posts Earnings Results

Iridium Communications (NASDAQ:IRDM) posted its earnings results on Tuesday. The technology company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.64, FiscalAI reports. The firm had revenue of $245.73 million during the quarter, compared to the consensus estimate of $236.30 million. Iridium Communications had a net margin of 10.55% and a return on equity of 22.57%.

Iridium Communications Trading Up 1.0%

IRDM opened at $44.18 on Tuesday. Iridium Communications has a one year low of $15.65 and a one year high of $57.18. The company has a market cap of $4.68 billion, a P/E ratio of 50.21, a PEG ratio of 3.53 and a beta of 0.84. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78. The business’s 50-day simple moving average is $47.67 and its 200-day simple moving average is $45.75.

Iridium Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a $0.15 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Iridium Communications’s dividend payout ratio is presently 68.18%.

Insider Buying and Selling at Iridium Communications

In related news, Director Thomas Fitzpatrick sold 15,046 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $49.20, for a total transaction of $740,263.20. Following the completion of the sale, the director owned 43,260 shares in the company, valued at $2,128,392. The trade was a 25.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Timothy Kapalka sold 13,473 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.51, for a total value of $680,521.23. Following the sale, the chief accounting officer owned 35,731 shares of the company’s stock, valued at approximately $1,804,772.81. The trade was a 27.38% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 381,688 shares of company stock worth $19,146,390. 2.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on IRDM shares. William Blair lowered shares of Iridium Communications from an “outperform” rating to a “hold” rating in a research note on Monday, June 29th. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Iridium Communications in a research note on Tuesday, October 6th. Finally, Morgan Stanley boosted their price objective on Iridium Communications from $26.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 30th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $41.20.

Iridium Communications Company Profile

Iridium Communications Inc provides global satellite communications services through the Iridium satellite network. The company offers voice and data connectivity for customers in remote and difficult-to-reach locations, supporting applications in maritime, aviation, government, emergency services, transportation, industrial, and recreational markets.

Its product portfolio includes satellite phones, broadband services, specialized voice and data terminals, and Internet of Things connectivity for tracking, monitoring, and machine-to-machine communications.