Iridium Communications Inc. Declares Quarterly Dividend of $0.14 (NASDAQ:IRDM)

Iridium Communications Inc. (NASDAQ:IRDM - Get Free Report) declared a quarterly dividend on Thursday, March 6th, Wall Street Journal reports. Stockholders of record on Monday, March 17th will be paid a dividend of 0.14 per share by the technology company on Monday, March 31st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend is Monday, March 17th.

Iridium Communications has a payout ratio of 42.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Iridium Communications to earn $1.24 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 45.2%.

Iridium Communications Stock Performance

Shares of NASDAQ:IRDM traded up $0.57 on Friday, reaching $27.44. The company's stock had a trading volume of 560,376 shares, compared to its average volume of 1,218,133. The stock has a market capitalization of $2.99 billion, a P/E ratio of 28.88, a PEG ratio of 1.28 and a beta of 0.70. Iridium Communications has a 52-week low of $24.14 and a 52-week high of $35.85. The stock's 50-day moving average is $29.62 and its two-hundred day moving average is $29.30. The company has a debt-to-equity ratio of 3.05, a current ratio of 1.73 and a quick ratio of 1.25.

Iridium Communications (NASDAQ:IRDM - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.16. Iridium Communications had a net margin of 13.58% and a return on equity of 15.66%. The company had revenue of $212.99 million for the quarter, compared to analysts' expectations of $203.78 million. As a group, sell-side analysts forecast that Iridium Communications will post 0.89 EPS for the current year.

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Analyst Ratings Changes

IRDM has been the topic of several recent analyst reports. Cantor Fitzgerald started coverage on Iridium Communications in a research report on Friday, January 24th. They set an "overweight" rating and a $40.00 target price on the stock. StockNews.com lowered Iridium Communications from a "buy" rating to a "hold" rating in a report on Thursday. Finally, Barclays reduced their target price on Iridium Communications from $45.00 to $38.00 and set an "overweight" rating for the company in a report on Monday.

Insider Buying and Selling

In other Iridium Communications news, Director Thomas Fitzpatrick sold 12,500 shares of the company's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $28.53, for a total value of $356,625.00. Following the sale, the director now owns 241,030 shares of the company's stock, valued at approximately $6,876,585.90. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.00% of the company's stock.

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.