Iridium Communications Inc (NASDAQ:IRDM) Declares $0.15 Quarterly Dividend

Iridium Communications Inc (NASDAQ:IRDM) announced a quarterly dividend on Wednesday, May 20th. Stockholders of record on Monday, June 15th will be given a dividend of 0.15 per share by the technology company on Tuesday, June 30th. This represents a c) annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Monday, June 15th.

Iridium Communications has a payout ratio of 45.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Iridium Communications to earn $1.23 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 48.8%.

Iridium Communications Trading Up 0.9%

Shares of Iridium Communications stock traded up $0.42 during trading on Thursday, hitting $45.70. The stock had a trading volume of 2,010,224 shares, compared to its average volume of 2,323,810. Iridium Communications has a 12 month low of $15.65 and a 12 month high of $47.26. The firm’s fifty day simple moving average is $34.84 and its 200-day simple moving average is $24.71. The stock has a market cap of $4.83 billion, a PE ratio of 46.16, a PEG ratio of 2.97 and a beta of 0.79. The company has a debt-to-equity ratio of 3.74, a current ratio of 2.85 and a quick ratio of 2.21.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, April 23rd. The technology company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.07). Iridium Communications had a net margin of 12.05% and a return on equity of 22.76%. The company had revenue of $219.06 million for the quarter, compared to the consensus estimate of $218.39 million. During the same quarter in the previous year, the business earned $0.27 EPS. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. As a group, sell-side analysts expect that Iridium Communications will post 1.04 EPS for the current fiscal year.

Insider Buying and Selling

In other Iridium Communications news, CAO Timothy Kapalka sold 3,790 shares of the firm’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $31.00, for a total transaction of $117,490.00. Following the transaction, the chief accounting officer owned 47,764 shares of the company’s stock, valued at approximately $1,480,684. This trade represents a 7.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Quantinno Capital Management LP increased its position in Iridium Communications by 3.1% during the 2nd quarter. Quantinno Capital Management LP now owns 15,199 shares of the technology company’s stock valued at $459,000 after purchasing an additional 461 shares during the period. Empowered Funds LLC increased its position in Iridium Communications by 4.4% during the 4th quarter. Empowered Funds LLC now owns 11,350 shares of the technology company’s stock valued at $197,000 after purchasing an additional 478 shares during the period. Allworth Financial LP increased its position in Iridium Communications by 11.2% during the 4th quarter. Allworth Financial LP now owns 5,677 shares of the technology company’s stock valued at $99,000 after purchasing an additional 572 shares during the period. Quadrant Capital Group LLC increased its position in Iridium Communications by 107.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,430 shares of the technology company’s stock valued at $25,000 after purchasing an additional 741 shares during the period. Finally, Pictet Asset Management Holding SA grew its position in shares of Iridium Communications by 5.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 14,971 shares of the technology company’s stock worth $415,000 after buying an additional 753 shares during the last quarter. Hedge funds and other institutional investors own 84.36% of the company’s stock.

About Iridium Communications

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.