Crossmark Global Holdings Inc. Purchases Shares of 7,019 InterDigital, Inc. (IDCC)
Crossmark Global Holdings Inc. purchased a new position in InterDigital, Inc. (NASDAQ:IDCC) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 7,019 shares of the Wireless communications provider’s stock, valued at approximately $518,000.
Several other institutional investors and hedge funds also recently modified their holdings of IDCC. Koch Industries Inc. boosted its position in shares of InterDigital by 5,919.7% in the 2nd quarter. Koch Industries Inc. now owns 473,089 shares of the Wireless communications provider’s stock worth $467,000 after purchasing an additional 465,230 shares in the last quarter. Schroder Investment Management Group boosted its position in shares of InterDigital by 1,149.0% in the 2nd quarter. Schroder Investment Management Group now owns 152,815 shares of the Wireless communications provider’s stock worth $12,103,000 after purchasing an additional 140,580 shares in the last quarter. Renaissance Technologies LLC raised its holdings in InterDigital by 20.8% in the 2nd quarter. Renaissance Technologies LLC now owns 574,574 shares of the Wireless communications provider’s stock worth $44,415,000 after acquiring an additional 98,874 shares during the last quarter. State Street Corp raised its holdings in InterDigital by 8.2% in the 2nd quarter. State Street Corp now owns 1,199,522 shares of the Wireless communications provider’s stock worth $92,724,000 after acquiring an additional 91,286 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in InterDigital in the 3rd quarter worth approximately $4,587,000. 74.76% of the stock is currently owned by hedge funds and other institutional investors.
Shares of InterDigital, Inc. (IDCC) opened at $74.20 on Friday. InterDigital, Inc. has a 1 year low of $67.55 and a 1 year high of $102.30. The company has a debt-to-equity ratio of 0.34, a quick ratio of 3.22 and a current ratio of 3.22. The stock has a market cap of $2,575.56, a price-to-earnings ratio of 10.25 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, 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 firm had revenue of $97.30 million during the quarter, compared to the consensus estimate of $94.13 million. During the same quarter in the previous year, the firm posted $2.99 EPS. The company’s revenue for the quarter was down 53.3% compared to the same quarter last year. sell-side analysts forecast that InterDigital, Inc. will post 4.02 earnings per share for the current year.
InterDigital declared that its board has approved a stock repurchase plan on Thursday, September 14th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the Wireless communications provider to reacquire up to 4.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Wednesday, October 11th were issued a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, October 10th. This represents a $1.40 annualized dividend and a yield of 1.89%. This is an increase from InterDigital’s previous quarterly dividend of $0.30. InterDigital’s dividend payout ratio is currently 19.34%.
A number of equities analysts recently weighed in on IDCC shares. B. Riley restated a “buy” rating and issued a $100.00 price objective on shares of InterDigital in a report on Monday, July 24th. Sidoti upgraded shares of InterDigital from a “neutral” rating to a “buy” rating in a report on Tuesday, August 8th. ValuEngine lowered shares of InterDigital from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. Finally, Zacks Investment Research upgraded shares of InterDigital from a “hold” rating to a “buy” rating and set a $77.00 target price for the company in a research note on Friday, August 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $89.00.
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In related news, EVP Scott A. Mcquilkin sold 500 shares of the company’s stock in a transaction 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 completion of 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 Securities & Exchange Commission, which is available at this link. Also, EVP Jannie K. Lau sold 2,561 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $1,409,755.76. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.
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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