Iridium Communications (NASDAQ:IRDM – Get Free Report) released its quarterly earnings results on Thursday. The technology company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01, RTT News reports. The firm had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. Iridium Communications had a return on equity of 2.70% and a net margin of 3.20%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.08 EPS.
Iridium Communications Stock Performance
NASDAQ IRDM opened at $27.40 on Friday. The stock has a 50-day moving average of $27.66 and a 200 day moving average of $34.93. Iridium Communications has a twelve month low of $24.14 and a twelve month high of $68.34. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of 130.48 and a beta of 0.85. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 1.65.
Iridium Communications Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.13 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.52 dividend on an annualized basis and a yield of 1.90%. Iridium Communications’s payout ratio is 247.62%.
Analysts Set New Price Targets
Check Out Our Latest Analysis on Iridium Communications
Hedge Funds Weigh In On Iridium Communications
A number of hedge funds have recently made changes to their positions in the company. ICA Group Wealth Management LLC purchased a new stake in shares of Iridium Communications in the fourth quarter valued at approximately $36,000. Quarry LP purchased a new stake in shares of Iridium Communications in the second quarter valued at approximately $39,000. West Tower Group LLC purchased a new stake in shares of Iridium Communications in the fourth quarter valued at approximately $27,000. Belpointe Asset Management LLC grew its position in shares of Iridium Communications by 78.7% in the first quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock valued at $61,000 after purchasing an additional 436 shares in the last quarter. Finally, Point72 Middle East FZE purchased a new stake in shares of Iridium Communications in the fourth quarter valued at approximately $64,000. Institutional investors and hedge funds own 84.36% of the company’s stock.
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.
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