Iridium Communications Inc (NASDAQ:IRDM) to Issue Quarterly Dividend of $0.15

Iridium Communications Inc (NASDAQ:IRDM) announced a quarterly dividend on Monday, August 10th. Shareholders of record on Tuesday, September 15th will be paid a dividend of 0.15 per share by the technology company on Wednesday, September 30th. This represents a c) annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Tuesday, September 15th.

Iridium Communications has a payout ratio of 45.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Iridium Communications to earn $1.26 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 47.6%.

Iridium Communications Stock Performance

Shares of IRDM traded up $0.06 during mid-day trading on Wednesday, reaching $49.44. 207,748 shares of the company’s stock traded hands, compared to its average volume of 2,357,186. The business’s 50-day moving average price is $47.94 and its 200-day moving average price is $37.42. The stock has a market capitalization of $5.24 billion, a P/E ratio of 56.18, a price-to-earnings-growth ratio of 3.99 and a beta of 0.88. 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 has a 12 month low of $15.65 and a 12 month high of $57.18.

Iridium Communications (NASDAQ:IRDM) last issued its quarterly earnings data on Wednesday, July 22nd. The technology company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.19). The business had revenue of $225.24 million during the quarter, compared to the consensus estimate of $220.32 million. Iridium Communications had a return on equity of 22.57% and a net margin of 10.55%.The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company earned $0.20 earnings per share. Equities analysts predict that Iridium Communications will post 0.95 earnings per share for the current year.

Hedge Funds Weigh In On Iridium Communications

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Iridium Communications by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 10,157,227 shares of the technology company’s stock valued at $176,533,000 after purchasing an additional 677,258 shares in the last quarter. Silver Heights Capital Management Inc raised its holdings in shares of Iridium Communications by 1.2% in the 4th quarter. Silver Heights Capital Management Inc now owns 5,251,133 shares of the technology company’s stock worth $91,265,000 after purchasing an additional 61,430 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Iridium Communications by 130.2% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,642 shares of the technology company’s stock valued at $7,044,000 after purchasing an additional 224,322 shares during the last quarter. Maxi Investments CY Ltd acquired a new stake in Iridium Communications during the fourth quarter valued at approximately $7,369,000. Finally, Daiwa Securities Group Inc. boosted its holdings in Iridium Communications by 67.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 112,700 shares of the technology company’s stock worth $1,959,000 after buying an additional 45,400 shares in the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Iridium Communications Company Profile

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.