Bank of Nova Scotia Sells 46,228 Shares of InterDigital, Inc. (IDCC)
Bank of Nova Scotia trimmed its position in shares of InterDigital, Inc. (NASDAQ:IDCC) by 18.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 198,858 shares of the Wireless communications provider’s stock after selling 46,228 shares during the period. Bank of Nova Scotia owned approximately 0.57% of InterDigital worth $15,371,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently modified their holdings of IDCC. Seizert Capital Partners LLC raised its holdings in InterDigital by 22.8% during the 2nd quarter. Seizert Capital Partners LLC now owns 47,916 shares of the Wireless communications provider’s stock valued at $3,704,000 after buying an additional 8,890 shares during the period. Arizona State Retirement System raised its holdings in InterDigital by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 14,600 shares of the Wireless communications provider’s stock valued at $1,129,000 after buying an additional 300 shares during the period. Strid Group LLC purchased a new stake in InterDigital during the 2nd quarter valued at $4,514,000. AQR Capital Management LLC raised its holdings in InterDigital by 17.7% during the 1st 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 period. Finally, Smithbridge Asset Management Inc. DE purchased a new stake in InterDigital during the 2nd quarter valued at $3,556,000. 70.97% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently weighed in on IDCC. B. Riley restated a “buy” rating and set a $100.00 price target on shares of InterDigital in a report on Monday, July 24th. BidaskClub lowered InterDigital from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Sidoti upgraded InterDigital from a “neutral” rating to a “buy” rating in a report on Tuesday, August 8th. ValuEngine lowered InterDigital from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. Finally, Zacks Investment Research upgraded InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a report on Friday, August 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $87.75.
In other InterDigital news, EVP Scott A. Mcquilkin sold 500 shares of InterDigital stock in a transaction on Friday, September 29th. The stock was sold at an average price of $75.00, for a total value of $37,500.00. Following the sale, the executive vice president now owns 79,319 shares in the company, valued at $5,948,925. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James J. Nolan sold 2,294 shares of InterDigital stock in a transaction on Monday, August 7th. The shares were sold at an average price of $71.30, for a total value of $163,562.20. Following the completion of the sale, the executive vice president now owns 54,042 shares in the company, valued at approximately $3,853,194.60. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.
InterDigital (NASDAQ:IDCC) last posted its earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 EPS for the quarter, beating the Zacks’ 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 company had revenue of $135.78 million for the quarter, compared to the consensus estimate of $133.69 million. During the same quarter in the previous year, the business earned $1.14 earnings per share. The company’s revenue for the quarter was up 78.8% on a year-over-year basis.
InterDigital announced that its board has approved a share buyback plan on Thursday, September 14th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the Wireless communications provider to buy up to 4.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Wednesday, October 11th will be given a $0.35 dividend. The ex-dividend date is Tuesday, October 10th. This represents a $1.40 dividend on an annualized basis and a yield of 1.86%. This is an increase from InterDigital’s previous quarterly dividend of $0.30. InterDigital’s payout ratio is currently 15.17%.
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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