InterDigital, Inc. (NASDAQ:IDCC) Shares Sold by Teachers Retirement System of The State of Kentucky
Teachers Retirement System of The State of Kentucky reduced its position in InterDigital, Inc. (NASDAQ:IDCC) by 8.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,530 shares of the Wireless communications provider’s stock after selling 770 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in InterDigital were worth $736,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in IDCC. Russell Investments Group Ltd. purchased a new stake in InterDigital during the fourth quarter worth $913,000. Capstone Asset Management Co. increased its stake in InterDigital by 3.0% in the first quarter. Capstone Asset Management Co. now owns 6,119 shares of the Wireless communications provider’s stock worth $528,000 after buying an additional 180 shares during the last quarter. Algert Global LLC purchased a new stake in InterDigital during the first quarter worth $895,000. AQR Capital Management LLC increased its stake in shares of InterDigital by 17.7% in the first quarter. AQR Capital Management LLC now owns 658,561 shares of the Wireless communications provider’s stock valued at $56,834,000 after buying an additional 99,018 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of InterDigital by 9.5% in the first quarter. Alliancebernstein L.P. now owns 123,197 shares of the Wireless communications provider’s stock valued at $10,632,000 after buying an additional 10,690 shares during the last quarter. Institutional investors own 68.49% of the company’s stock.
Shares of InterDigital, Inc. (IDCC) traded down 0.36% during trading on Friday, hitting $68.90. The company had a trading volume of 293,591 shares. The stock’s 50-day moving average price is $74.74 and its 200 day moving average price is $83.35. The company has a market capitalization of $2.39 billion, a P/E ratio of 7.51 and a beta of 1.00. InterDigital, Inc. has a 52 week low of $67.05 and a 52 week high of $102.30.
InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.05. InterDigital had a return on equity of 44.58% and a net margin of 45.92%. The firm had revenue of $135.78 million during the quarter, compared to analyst estimates of $133.69 million. During the same period in the previous year, the company posted $1.14 EPS. The business’s revenue for the quarter was up 78.8% compared to the same quarter last year. On average, equities research analysts forecast that InterDigital, Inc. will post $3.59 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Wednesday, July 12th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, July 10th. This represents a $1.20 annualized dividend and a yield of 1.74%. InterDigital’s payout ratio is presently 13.00%.
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Several analysts have weighed in on the company. B. Riley reiterated a “buy” rating and issued a $100.00 price objective on shares of InterDigital in a research report on Thursday, June 8th. ValuEngine upgraded InterDigital from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 25th. Zacks Investment Research upgraded InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research report on Friday. Sidoti upgraded InterDigital from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 8th. Finally, BidaskClub downgraded InterDigital from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $87.75.
In related news, EVP James J. Nolan sold 2,294 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $71.30, for a total value of $163,562.20. Following the completion of the transaction, the executive vice president now owns 54,042 shares of the company’s stock, valued at approximately $3,853,194.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey K. Belk sold 800 shares of the company’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $84.39, for a total value of $67,512.00. Following the completion of the transaction, the director now directly owns 17,801 shares of the company’s stock, valued at approximately $1,502,226.39. The disclosure for this sale can be found here. In the last three months, insiders sold 3,594 shares of company stock valued at $270,649. Insiders own 1.90% of the company’s stock.
InterDigital Company Profile
InterDigital, Inc designs and develops technologies for wireless communications. The Company is focused on three technology areas: cellular wireless technology, Internet of things (IoT) technology, and, through its Hillcrest Laboratories, Inc (Hillcrest Labs) subsidiary, sensor and sensor fusion technology.
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