Dimensional Fund Advisors LP lifted its position in InterDigital, Inc. (NASDAQ:IDCC) by 4.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 923,558 shares of the Wireless communications provider’s stock after purchasing an additional 37,058 shares during the period. Dimensional Fund Advisors LP owned 2.66% of InterDigital worth $71,394,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in IDCC. Russell Investments Group Ltd. boosted its holdings in shares of InterDigital by 131.1% in the first quarter. Russell Investments Group Ltd. now owns 22,983 shares of the Wireless communications provider’s stock valued at $1,984,000 after purchasing an additional 13,037 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of InterDigital by 5.8% in the first quarter. Envestnet Asset Management Inc. now owns 3,944 shares of the Wireless communications provider’s stock valued at $340,000 after purchasing an additional 216 shares during the period. Prudential Financial Inc. boosted its holdings in shares of InterDigital by 11.6% in the first quarter. Prudential Financial Inc. now owns 24,178 shares of the Wireless communications provider’s stock valued at $2,087,000 after purchasing an additional 2,522 shares during the period. Schroder Investment Management Group purchased a new stake in shares of InterDigital in the first quarter valued at approximately $1,050,000. Finally, Arizona State Retirement System boosted its holdings in shares of InterDigital by 8.3% in the first quarter. Arizona State Retirement System now owns 14,300 shares of the Wireless communications provider’s stock valued at $1,234,000 after purchasing an additional 1,092 shares during the period. Hedge funds and other institutional investors own 70.97% of the company’s stock.
In other InterDigital news, 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 transaction, the executive vice president now directly owns 54,042 shares in the company, valued at $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 InterDigital 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 completion of the transaction, the executive vice president now owns 79,319 shares in the company, valued at $5,948,925. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.
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A number of brokerages recently issued reports on IDCC. ValuEngine lowered InterDigital from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. Zacks Investment Research upgraded InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price target for the company in a report on Friday, August 18th. Sidoti upgraded InterDigital from a “neutral” rating to a “buy” rating in a report on Tuesday, August 8th. B. Riley reiterated a “buy” rating and issued a $100.00 price target on shares of InterDigital in a report on Saturday, July 29th. Finally, BidaskClub lowered InterDigital from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $87.75.
InterDigital, Inc. (NASDAQ IDCC) opened at 75.20 on Wednesday. InterDigital, Inc. has a 12 month low of $67.55 and a 12 month high of $102.30. The firm has a market capitalization of $2.61 billion, a P/E ratio of 8.20 and a beta of 0.93. The stock’s 50 day moving average price is $72.20 and its 200-day moving average price is $78.56.
InterDigital (NASDAQ:IDCC) last announced its quarterly earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.05. InterDigital had a net margin of 45.92% and a return on equity of 44.58%. The firm had revenue of $135.78 million for the quarter, compared to analyst estimates of $133.69 million. During the same period last year, the business earned $1.14 EPS. InterDigital’s revenue for the quarter was up 78.8% compared to the same quarter last year. Equities analysts forecast that InterDigital, Inc. will post $3.61 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Wednesday, October 11th will be paid a dividend of $0.35 per share. This is a positive change from InterDigital’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Tuesday, October 10th. InterDigital’s dividend payout ratio (DPR) is currently 13.00%.
InterDigital declared that its board has approved a share repurchase 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 repurchase up to 4.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is 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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