InterDigital Inc. (IDCC) Downgraded by Dougherty & Co to Neutral
IDCC has been the topic of a number of other reports. TheStreet upgraded InterDigital from a hold rating to a buy rating in a research report on Wednesday, August 3rd. B. Riley lowered InterDigital from a buy rating to a neutral rating and set a $80.00 price target on the stock. in a research report on Monday, September 26th. Barclays PLC increased their price target on InterDigital from $65.00 to $75.00 and gave the stock an equal weight rating in a research report on Friday, September 9th. Finally, Zacks Investment Research lowered InterDigital from a hold rating to a sell rating in a research report on Thursday, June 30th. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. InterDigital has an average rating of Buy and an average target price of $78.33.
InterDigital (NASDAQ:IDCC) traded up 0.29% during midday trading on Wednesday, reaching $78.56. The company had a trading volume of 59,424 shares. InterDigital has a 12 month low of $41.01 and a 12 month high of $79.97. The firm’s 50-day moving average price is $73.84 and its 200 day moving average price is $61.57. The firm has a market capitalization of $2.69 billion, a PE ratio of 22.22 and a beta of 0.73.
InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.14 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.83. The business had revenue of $75.90 million for the quarter, compared to analyst estimates of $76.60 million. InterDigital had a return on equity of 20.08% and a net margin of 31.71%. InterDigital’s revenue for the quarter was down 36.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.89 EPS. Equities analysts anticipate that InterDigital will post $4.34 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Wednesday, October 12th will be paid a $0.30 dividend. The ex-dividend date is Friday, October 7th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.53%. This is an increase from InterDigital’s previous quarterly dividend of $0.20. InterDigital’s dividend payout ratio is 22.66%.
Several hedge funds and other institutional investors have recently bought and sold shares of IDCC. Victory Capital Management Inc. boosted its position in InterDigital by 77.1% in the second quarter. Victory Capital Management Inc. now owns 1,801 shares of the company’s stock worth $100,000 after buying an additional 784 shares during the period. LS Investment Advisors LLC boosted its position in InterDigital by 73.8% in the second quarter. LS Investment Advisors LLC now owns 2,084 shares of the company’s stock worth $116,000 after buying an additional 885 shares during the period. Smith Asset Management Group LP boosted its position in InterDigital by 8,400.0% in the second quarter. Smith Asset Management Group LP now owns 2,125 shares of the company’s stock worth $118,000 after buying an additional 2,100 shares during the period. Public Employees Retirement System of Ohio boosted its position in InterDigital by 9.5% in the second quarter. Public Employees Retirement System of Ohio now owns 2,163 shares of the company’s stock worth $120,000 after buying an additional 188 shares during the period. Finally, Bank of Montreal Can purchased a new position in InterDigital during the second quarter worth about $189,000. 69.14% of the stock is currently owned by institutional investors.
InterDigital, Inc designs and develops technologies for wireless communications. The Company has designed and developed a range of technologies that are used in digital cellular and wireless products and networks, including second generation (2G), third generation (3G), fourth generation (4G) and IEEE 802 related products and networks.
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