SignalPoint Asset Management LLC Acquires New Position in InterDigital, Inc. (IDCC)
SignalPoint Asset Management LLC acquired a new stake in shares of InterDigital, Inc. (NASDAQ:IDCC) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,162 shares of the Wireless communications provider’s stock, valued at approximately $454,000.
Several other large investors have also recently modified their holdings of IDCC. Prudential Financial Inc. raised its stake in shares of InterDigital by 11.6% during the first quarter. Prudential Financial Inc. now owns 24,178 shares of the Wireless communications provider’s stock valued at $2,087,000 after acquiring an additional 2,522 shares during the last quarter. OppenheimerFunds Inc. bought a new position in shares of InterDigital during the first quarter valued at about $229,000. Teachers Advisors LLC raised its stake in shares of InterDigital by 5.3% during the first quarter. Teachers Advisors LLC now owns 60,779 shares of the Wireless communications provider’s stock valued at $5,245,000 after acquiring an additional 3,053 shares during the last quarter. Legal & General Group Plc raised its stake in shares of InterDigital by 24.2% during the first quarter. Legal & General Group Plc now owns 21,879 shares of the Wireless communications provider’s stock valued at $1,886,000 after acquiring an additional 4,270 shares during the last quarter. Finally, Thrivent Financial For Lutherans raised its stake in shares of InterDigital by 10.8% during the first quarter. Thrivent Financial For Lutherans now owns 7,073 shares of the Wireless communications provider’s stock valued at $612,000 after acquiring an additional 690 shares during the last quarter. 75.33% of the stock is owned by hedge funds and other institutional investors.
IDCC has been the subject of a number of research reports. B. Riley reissued a “buy” rating and issued a $100.00 price target on shares of InterDigital in a research note on Monday, July 24th. BidaskClub downgraded shares of InterDigital from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Zacks Investment Research downgraded shares of InterDigital from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 24th. Sidoti raised shares of InterDigital from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 8th. Finally, ValuEngine downgraded shares of InterDigital from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $89.00.
In other news, EVP James J. Nolan sold 2,294 shares of the business’s stock in a transaction dated 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott A. Mcquilkin sold 500 shares of the business’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $75.00, for a total transaction of $37,500.00. Following the completion of the sale, the executive vice president now owns 79,319 shares of the company’s stock, valued at approximately $5,948,925. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,355 shares of company stock valued at $386,248. Company insiders own 1.90% of the company’s stock.
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InterDigital (NASDAQ:IDCC) last announced its quarterly earnings data on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.34. InterDigital had a net margin of 42.94% and a return on equity of 32.77%. The company had revenue of $97.30 million during the quarter, compared to analyst estimates of $94.13 million. During the same quarter last year, the business posted $2.99 EPS. The firm’s revenue for the quarter was down 53.3% on a year-over-year basis.
InterDigital announced that its board has approved a stock repurchase plan 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 plans are generally an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Wednesday, October 11th were issued a dividend of $0.35 per share. This is a positive change from InterDigital’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, October 10th. This represents a $1.40 dividend on an annualized basis and a yield of 1.92%. InterDigital’s dividend payout ratio (DPR) is presently 19.34%.
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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