Iridium Communications Inc. (NASDAQ:IRDM – Get Free Report)’s share price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $25.92, but opened at $28.00. Iridium Communications shares last traded at $27.96, with a volume of 419,183 shares.
The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.10. Iridium Communications had a return on equity of 9.94% and a net margin of 11.08%. The firm had revenue of $201.07 million during the quarter, compared to the consensus estimate of $204.01 million. During the same period in the previous year, the firm posted ($0.24) EPS. The company’s quarterly revenue was up 4.1% compared to the same quarter last year.
Iridium Communications Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.14 dividend. The ex-dividend date was Friday, June 14th. This is an increase from Iridium Communications’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 2.12%. Iridium Communications’s payout ratio is 266.67%.
Analyst Ratings Changes
Read Our Latest Stock Report on IRDM
Institutional Trading of Iridium Communications
Several institutional investors have recently made changes to their positions in the stock. Gilliland Jeter Wealth Management LLC grew its stake in shares of Iridium Communications by 27.7% during the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 32,247 shares of the technology company’s stock valued at $858,000 after buying an additional 6,989 shares during the period. Fifth Third Bancorp grew its stake in shares of Iridium Communications by 322.1% during the 2nd quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company’s stock valued at $46,000 after buying an additional 1,324 shares during the period. Neo Ivy Capital Management purchased a new stake in Iridium Communications during the 2nd quarter worth $195,000. Raymond James & Associates boosted its position in Iridium Communications by 23.6% during the 2nd quarter. Raymond James & Associates now owns 266,414 shares of the technology company’s stock worth $7,092,000 after purchasing an additional 50,953 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Iridium Communications during the 2nd quarter worth $745,000. 84.36% of the stock is owned by hedge funds and other institutional investors.
Iridium Communications Trading Down 4.8 %
The business’s 50-day moving average is $27.55 and its two-hundred day moving average is $29.54. The company has a current ratio of 3.33, a quick ratio of 2.52 and a debt-to-equity ratio of 1.86. The stock has a market capitalization of $3.21 billion, a PE ratio of 126.00 and a beta of 0.65.
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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