InterDigital, Inc. (IDCC) Shares Bought by First Trust Advisors LP
First Trust Advisors LP raised its holdings in shares of InterDigital, Inc. (NASDAQ:IDCC) by 58.9% during the third quarter, according to its most recent filing with the SEC. The firm owned 62,460 shares of the Wireless communications provider’s stock after purchasing an additional 23,156 shares during the period. First Trust Advisors LP owned 0.18% of InterDigital worth $4,606,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Seizert Capital Partners LLC increased its position 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 purchasing an additional 8,890 shares during the period. Arizona State Retirement System increased its position 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 purchasing an additional 300 shares during the period. Strid Group LLC purchased a new position in InterDigital during the 2nd quarter valued at about $4,514,000. Cubist Systematic Strategies LLC increased its position in InterDigital by 116.3% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 23,618 shares of the Wireless communications provider’s stock valued at $1,826,000 after purchasing an additional 12,697 shares during the period. Finally, Vanguard Group Inc. increased its position in InterDigital by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 2,865,421 shares of the Wireless communications provider’s stock valued at $221,497,000 after purchasing an additional 40,030 shares during the period. 74.76% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have commented on IDCC shares. Zacks Investment Research raised shares of InterDigital from a “hold” rating to a “buy” rating and set a $77.00 target price on the stock in a research report on Friday, August 18th. B. Riley reissued a “buy” rating and set a $100.00 target price on shares of InterDigital in a research report on Friday, October 27th. Sidoti raised shares of InterDigital from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 8th. Finally, ValuEngine raised shares of InterDigital from a “hold” rating to a “buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. InterDigital currently has an average rating of “Hold” and an average target price of $89.00.
In other news, EVP Scott A. Mcquilkin sold 500 shares of InterDigital stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $75.00, for a total value of $37,500.00. Following the transaction, the executive vice president now owns 79,319 shares of the company’s stock, valued at approximately $5,948,925. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Jannie K. Lau sold 2,561 shares of InterDigital stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $72.31, for a total transaction of $185,185.91. Following the completion of the transaction, the executive vice president now directly owns 19,496 shares in the company, valued at approximately $1,409,755.76. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.
InterDigital, Inc. (NASDAQ IDCC) opened at $74.20 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.22 and a quick ratio of 3.22. InterDigital, Inc. has a 12-month low of $67.55 and a 12-month high of $102.30. The stock has a market cap of $2,570.00, a P/E ratio of 9.88 and a beta of 0.95.
InterDigital (NASDAQ:IDCC) last issued its quarterly earnings data on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $97.30 million for the quarter, compared to the consensus estimate of $94.13 million. During the same quarter in the previous year, the firm earned $2.99 EPS. The company’s quarterly revenue was down 53.3% compared to the same quarter last year. research analysts forecast that InterDigital, Inc. will post 4.02 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 11th were given a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, October 10th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.89%. This is an increase from InterDigital’s previous quarterly dividend of $0.30. InterDigital’s payout ratio is presently 19.34%.
InterDigital announced that its board has authorized a stock repurchase program on Thursday, September 14th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the Wireless communications provider to buy up to 4.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
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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