Voya Investment Management LLC boosted its holdings in shares of InterDigital, Inc. (NASDAQ:IDCC) by 0.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 58,827 shares of the Wireless communications provider’s stock after buying an additional 309 shares during the period. Voya Investment Management LLC owned approximately 0.17% of InterDigital worth $4,547,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of IDCC. Russell Investments Group Ltd. lifted its stake in InterDigital by 131.1% during the first quarter. Russell Investments Group Ltd. now owns 22,983 shares of the Wireless communications provider’s stock worth $1,984,000 after purchasing an additional 13,037 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in InterDigital by 5.8% during the first quarter. Envestnet Asset Management Inc. now owns 3,944 shares of the Wireless communications provider’s stock worth $340,000 after purchasing an additional 216 shares during the last quarter. Prudential Financial Inc. lifted its stake in InterDigital by 11.6% during the first quarter. Prudential Financial Inc. now owns 24,178 shares of the Wireless communications provider’s stock worth $2,087,000 after purchasing an additional 2,522 shares during the last quarter. Schroder Investment Management Group bought a new stake in InterDigital during the first quarter worth about $1,050,000. Finally, Arizona State Retirement System lifted its stake in InterDigital by 8.3% during the first quarter. Arizona State Retirement System now owns 14,300 shares of the Wireless communications provider’s stock worth $1,234,000 after purchasing an additional 1,092 shares during the last quarter. 70.97% of the stock is owned by institutional investors.
In related news, EVP James J. Nolan sold 2,294 shares of the 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 transaction, the executive vice president now owns 54,042 shares of the company’s stock, valued at approximately $3,853,194.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott A. Mcquilkin sold 500 shares of the 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 transaction, the executive vice president now directly 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 company insiders.
Several equities research analysts have issued reports on the company. ValuEngine lowered InterDigital from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. Sidoti raised InterDigital from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 8th. B. Riley reaffirmed a “buy” rating and set a $100.00 price target on shares of InterDigital in a research note on Saturday, July 29th. Zacks Investment Research raised InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price target for the company in a research note on Friday, August 18th. Finally, BidaskClub lowered InterDigital from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. One investment 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. The stock presently has a consensus rating of “Hold” and an average price target of $87.75.
Shares of InterDigital, Inc. (NASDAQ:IDCC) opened at 74.75 on Friday. The firm’s 50-day moving average price is $72.44 and its 200 day moving average price is $78.51. InterDigital, Inc. has a 52 week low of $67.55 and a 52 week high of $102.30. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 8.15 and a beta of 0.93.
InterDigital (NASDAQ:IDCC) last announced its quarterly earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 EPS for the quarter, beating the Zacks’ 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 during the quarter, compared to the consensus estimate of $133.69 million. During the same quarter last year, the firm earned $1.14 EPS. The firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. On average, equities research analysts forecast that InterDigital, Inc. will post $3.61 EPS for the current year.
InterDigital declared that its Board of Directors has approved a share buyback 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Wednesday, October 11th will be issued a $0.35 dividend. This is an increase from InterDigital’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, October 10th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.87%. InterDigital’s dividend payout ratio (DPR) is presently 15.17%.
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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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