BlueMountain Capital Management LLC Has $2.84 Million Position in InterDigital, Inc. (IDCC)
BlueMountain Capital Management LLC boosted its stake in InterDigital, Inc. (NASDAQ:IDCC) by 35.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 36,753 shares of the Wireless communications provider’s stock after buying an additional 9,581 shares during the quarter. BlueMountain Capital Management LLC owned approximately 0.11% of InterDigital worth $2,841,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tyers Asset Management LLC raised its position in InterDigital by 2.8% in the 1st quarter. Tyers Asset Management LLC now owns 1,168 shares of the Wireless communications provider’s stock valued at $101,000 after buying an additional 32 shares during the last quarter. Riverhead Capital Management LLC raised its position in InterDigital by 74.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 1,397 shares of the Wireless communications provider’s stock valued at $108,000 after buying an additional 597 shares during the last quarter. Financial Architects Inc raised its position in InterDigital by 180.0% in the 2nd quarter. Financial Architects Inc now owns 1,400 shares of the Wireless communications provider’s stock valued at $108,000 after buying an additional 900 shares during the last quarter. Segantii Capital Management Ltd purchased a new stake in InterDigital in the 1st quarter valued at $129,000. Finally, Elkfork Partners LLC raised its position in InterDigital by 2.8% in the 1st quarter. Elkfork Partners LLC now owns 1,606 shares of the Wireless communications provider’s stock valued at $139,000 after buying an additional 44 shares during the last quarter. 70.97% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently commented on IDCC shares. ValuEngine raised InterDigital from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 25th. BidaskClub lowered InterDigital from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. B. Riley reissued a “buy” rating and issued a $100.00 price target on shares of InterDigital in a research report on Wednesday, August 23rd. Zacks Investment Research raised InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price target for the company in a research report on Friday, August 18th. Finally, Sidoti raised InterDigital from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. InterDigital currently has a consensus rating of “Hold” and an average price target of $87.75.
Shares of InterDigital, Inc. (NASDAQ IDCC) opened at 74.65 on Friday. The stock’s 50 day moving average price is $70.74 and its 200 day moving average price is $79.95. InterDigital, Inc. has a 12 month low of $67.55 and a 12 month high of $102.30. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 8.14 and a beta of 0.95.
InterDigital (NASDAQ:IDCC) last released its 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 business had revenue of $135.78 million for the quarter, compared to the consensus estimate of $133.69 million. During the same period in the previous year, the company posted $1.14 earnings per share. The company’s revenue for the quarter was up 78.8% compared to the same quarter last year. Analysts expect that InterDigital, Inc. will post $3.61 EPS for the current year.
InterDigital declared that its board has authorized a stock buyback program on Thursday, September 14th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the Wireless communications provider to buy up to 4.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Wednesday, October 11th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.88%. This is an increase from InterDigital’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, October 10th. InterDigital’s payout ratio is 13.00%.
In other news, EVP James J. Nolan sold 2,294 shares of the business’s stock in a transaction on 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 in the company, valued at $3,853,194.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott A. Mcquilkin sold 500 shares of the business’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $79.15, for a total value of $39,575.00. Following the completion of the transaction, the executive vice president now owns 79,768 shares of the company’s stock, valued at approximately $6,313,637.20. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.
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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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