Iridium Communications (NASDAQ:IRDM) Releases Quarterly Earnings Results, Beats Expectations By $0.64 EPS

Iridium Communications (NASDAQ:IRDM) released its quarterly earnings data on Tuesday. The technology company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.64, FiscalAI reports. The business had revenue of $245.73 million during the quarter, compared to analysts’ expectations of $236.30 million. Iridium Communications had a net margin of 18.06% and a return on equity of 23.33%. During the same period in the previous year, the company earned $0.35 EPS.

Iridium Communications Stock Performance

Shares of IRDM stock opened at $44.25 on Thursday. The stock’s 50-day moving average is $47.45 and its two-hundred day moving average is $45.94. The firm has a market cap of $4.69 billion, a price-to-earnings ratio of 29.30, a PEG ratio of 3.55 and a beta of 0.84. Iridium Communications has a 1 year low of $15.65 and a 1 year high of $57.18. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.31 and a current ratio of 2.78.

Iridium Communications Dividend Announcement

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

Analyst Upgrades and Downgrades

IRDM has been the topic of a number of analyst reports. New Street Research upgraded Iridium Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 22nd. Weiss Ratings upgraded Iridium Communications from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday. William Blair downgraded Iridium Communications from an “outperform” rating to a “hold” rating in a report on Monday, June 29th. Finally, Morgan Stanley raised their target price 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 equities 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $41.20.

Insider Buying and Selling at Iridium Communications

In related news, insider Kathleen A. Morgan sold 33,192 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.35, for a total transaction of $1,671,217.20. Following the transaction, the insider owned 124,871 shares in the company, valued at $6,287,254.85. This trade represents a 21.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Suzanne Mcbride sold 85,454 shares of Iridium Communications stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $50.28, for a total value of $4,296,627.12. Following the transaction, the insider directly owned 282,017 shares in the company, valued at approximately $14,179,814.76. This trade represents a 23.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 381,688 shares of company stock valued at $19,146,390. 2.70% of the stock is owned by insiders.

About Iridium Communications

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.