B. Riley Reiterates $100.00 Price Target for InterDigital, Inc. (IDCC)
B. Riley set a $100.00 price objective on InterDigital, Inc. (NASDAQ:IDCC) in a research note released on Tuesday morning. The firm currently has a buy rating on the Wireless communications provider’s stock. B. Riley also issued estimates for InterDigital’s Q4 2017 earnings at $0.64 EPS, FY2017 earnings at $4.04 EPS, Q1 2018 earnings at $0.29 EPS, Q2 2018 earnings at $0.23 EPS, Q3 2018 earnings at $0.46 EPS, Q4 2018 earnings at $0.47 EPS, FY2018 earnings at $1.44 EPS, Q1 2019 earnings at $0.38 EPS, Q2 2019 earnings at $0.31 EPS, Q3 2019 earnings at $0.53 EPS and FY2019 earnings at $1.75 EPS.
IDCC has been the topic of a number of other reports. Zacks Investment Research raised shares of InterDigital from a hold rating to a buy rating and set a $77.00 price target on the stock in a research report on Friday, August 18th. Sidoti raised shares of InterDigital from a neutral rating to a buy rating in a research report on Tuesday, August 8th. Finally, ValuEngine cut shares of InterDigital from a strong-buy rating to a buy rating in a research report on Friday, August 11th. One 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 stock. InterDigital has a consensus rating of Hold and a consensus price target of $89.00.
Shares of InterDigital (NASDAQ:IDCC) traded down $0.15 during midday trading on Tuesday, hitting $74.20. 195,246 shares of the stock were exchanged, compared to its average volume of 335,738. The stock has a market capitalization of $2,570.00, a P/E ratio of 9.88 and a beta of 0.95. InterDigital has a 1-year low of $67.55 and a 1-year high of $102.30. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.34.
InterDigital (NASDAQ:IDCC) last released its earnings results on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.34. InterDigital had a net margin of 42.94% and a return on equity of 32.77%. The business had revenue of $97.30 million for the quarter, compared to analysts’ expectations of $94.13 million. During the same period last year, the company earned $2.99 earnings per share. The company’s quarterly revenue was down 53.3% on a year-over-year basis. analysts expect that InterDigital will post 4.02 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Wednesday, October 11th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Tuesday, October 10th. This is a positive change from InterDigital’s previous quarterly dividend of $0.30. InterDigital’s payout ratio is 19.34%.
InterDigital announced that its Board of Directors has initiated a share repurchase program on Thursday, September 14th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the Wireless communications provider to buy up to 4.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other InterDigital news, EVP Jannie K. Lau sold 2,561 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $72.31, for a total transaction of $185,185.91. Following the completion of the sale, the executive vice president now owns 19,496 shares in the company, valued at $1,409,755.76. The transaction was disclosed in a legal filing with the SEC, 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, September 29th. The shares were sold at an average price of $75.00, for a total transaction of $37,500.00. Following 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. 1.90% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in IDCC. Financial Architects Inc grew its position in shares of InterDigital by 180.0% during the second quarter. Financial Architects Inc now owns 1,400 shares of the Wireless communications provider’s stock worth $108,000 after acquiring an additional 900 shares during the last quarter. Riverhead Capital Management LLC lifted its holdings in InterDigital by 74.6% in the second quarter. Riverhead Capital Management LLC now owns 1,397 shares of the Wireless communications provider’s stock worth $108,000 after purchasing an additional 597 shares during the period. Mountain Capital Investment Advisors Inc acquired a new stake in InterDigital in the second quarter worth about $118,000. Victory Capital Management Inc. lifted its holdings in InterDigital by 17.5% in the second quarter. Victory Capital Management Inc. now owns 1,616 shares of the Wireless communications provider’s stock worth $125,000 after purchasing an additional 241 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its holdings in InterDigital by 107.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,182 shares of the Wireless communications provider’s stock worth $160,000 after purchasing an additional 1,129 shares during the period. Institutional investors and hedge funds own 74.76% 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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