Iridium Communications Inc. (NASDAQ:IRDM – Free Report) – Equities research analysts at Zacks Research decreased their Q3 2024 earnings estimates for Iridium Communications in a research note issued on Monday, October 14th. Zacks Research analyst R. Department now forecasts that the technology company will earn $0.18 per share for the quarter, down from their previous forecast of $0.19. The consensus estimate for Iridium Communications’ current full-year earnings is $0.81 per share. Zacks Research also issued estimates for Iridium Communications’ FY2024 earnings at $0.80 EPS, FY2025 earnings at $0.77 EPS and Q1 2026 earnings at $0.20 EPS.
Iridium Communications (NASDAQ:IRDM – Get Free Report) last announced its earnings results on Tuesday, July 23rd. The technology company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.17 by $0.10. Iridium Communications had a return on equity of 10.23% and a net margin of 11.08%. The business had revenue of $201.07 million for the quarter, compared to analysts’ expectations of $204.01 million. During the same period in the prior year, the business posted ($0.24) earnings per share. The firm’s revenue was up 4.1% on a year-over-year basis.
Get Our Latest Analysis on IRDM
Iridium Communications Trading Up 0.1 %
Shares of IRDM stock opened at $30.07 on Tuesday. The company has a 50 day moving average of $28.01 and a 200-day moving average of $27.87. The firm has a market cap of $3.65 billion, a P/E ratio of 143.19 and a beta of 0.65. The company has a quick ratio of 1.52, a current ratio of 2.25 and a debt-to-equity ratio of 2.08. Iridium Communications has a 12-month low of $24.14 and a 12-month high of $44.63.
Iridium Communications Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date was Friday, September 13th. Iridium Communications’s dividend payout ratio (DPR) is presently 266.67%.
Iridium Communications declared that its Board of Directors has initiated a share repurchase program on Thursday, September 19th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 14.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Iridium Communications by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 12,090,326 shares of the technology company’s stock valued at $316,283,000 after buying an additional 336,989 shares in the last quarter. Van Berkom & Associates Inc. increased its position in Iridium Communications by 4.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 3,480,051 shares of the technology company’s stock worth $92,639,000 after purchasing an additional 152,232 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Iridium Communications by 18.5% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,475,472 shares of the technology company’s stock valued at $65,897,000 after purchasing an additional 385,872 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its holdings in Iridium Communications by 19.9% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 2,089,600 shares of the technology company’s stock worth $54,664,000 after acquiring an additional 346,118 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Iridium Communications by 6,491.3% during the second quarter. Victory Capital Management Inc. now owns 1,598,532 shares of the technology company’s stock worth $42,553,000 after buying an additional 1,574,280 shares in the last quarter. 84.36% of the stock is currently owned by hedge funds and other institutional investors.
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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