Iridium Communications Inc. (NASDAQ:IRDM – Get Free Report) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $24.71, but opened at $25.48. Iridium Communications shares last traded at $27.21, with a volume of 196,193 shares traded.
The technology company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.01. The business had revenue of $203.80 million during the quarter, compared to analysts’ expectations of $193.84 million. Iridium Communications had a return on equity of 1.58% and a net margin of 1.95%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter last year, the business posted $0.08 EPS.
Iridium Communications Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.90%. The ex-dividend date was Thursday, March 14th. Iridium Communications’s dividend payout ratio (DPR) is 400.00%.
Wall Street Analysts Forecast Growth
Check Out Our Latest Analysis on Iridium Communications
Hedge Funds Weigh In On Iridium Communications
Large investors have recently added to or reduced their stakes in the business. Northwest Financial Advisors purchased a new position in Iridium Communications during the fourth quarter worth about $26,000. ICA Group Wealth Management LLC purchased a new position in Iridium Communications during the fourth quarter worth about $36,000. Quarry LP purchased a new position in Iridium Communications during the second quarter worth about $39,000. West Tower Group LLC purchased a new position in Iridium Communications during the fourth quarter worth about $27,000. Finally, Belpointe Asset Management LLC lifted its position in Iridium Communications by 78.7% during the first quarter. Belpointe Asset Management LLC now owns 990 shares of the technology company’s stock worth $61,000 after buying an additional 436 shares during the period. 84.36% of the stock is currently owned by hedge funds and other institutional investors.
Iridium Communications Price Performance
The company has a 50-day moving average of $27.66 and a two-hundred day moving average of $34.93. The stock has a market capitalization of $3.35 billion, a PE ratio of 210.77 and a beta of 0.85. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.06 and a quick ratio of 1.37.
Iridium Communications Company Profile
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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