Iridium Communications Inc. (NASDAQ:IRDM – Get Free Report)’s share price shot up 4.1% on Friday following a better than expected earnings announcement. The company traded as high as $27.16 and last traded at $27.14. 82,071 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 1,091,494 shares. The stock had previously closed at $26.06.
The technology company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a net margin of 1.95% and a return on equity of 1.58%. The firm had revenue of $203.80 million during the quarter, compared to analyst estimates of $193.84 million. During the same quarter in the previous year, the business earned $0.08 EPS. The business’s quarterly revenue was down .7% compared to the same quarter last year.
Iridium Communications Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend was Thursday, March 14th. Iridium Communications’s dividend payout ratio is presently 400.00%.
Analyst Upgrades and Downgrades
View Our Latest Stock Report on Iridium Communications
Institutional Investors Weigh In On Iridium Communications
Several institutional investors have recently added to or reduced their stakes in IRDM. Northwest Financial Advisors bought a new stake in Iridium Communications during the 4th quarter worth about $26,000. West Tower Group LLC acquired a new stake in Iridium Communications in the 4th quarter valued at about $27,000. ICA Group Wealth Management LLC acquired a new stake in Iridium Communications in the 4th quarter valued at about $36,000. Quarry LP acquired a new stake in Iridium Communications in the 2nd quarter valued at about $39,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Iridium Communications in the 4th quarter valued at about $41,000. 84.36% of the stock is owned by institutional investors.
Iridium Communications Price Performance
The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of 200.46 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. The company’s 50 day moving average is $27.81 and its 200-day moving average is $35.05.
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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