Adams Asset Advisors LLC bought a new stake in shares of InterDigital, Inc. (NASDAQ:IDCC) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 12,678 shares of the Wireless communications provider’s stock, valued at approximately $935,000.
Several other institutional investors have also added to or reduced their stakes in IDCC. Koch Industries Inc. boosted its stake in shares of InterDigital by 5,919.7% during the 2nd quarter. Koch Industries Inc. now owns 473,089 shares of the Wireless communications provider’s stock valued at $467,000 after buying an additional 465,230 shares during the last quarter. Schroder Investment Management Group boosted its stake in shares of InterDigital by 1,149.0% during the 2nd quarter. Schroder Investment Management Group now owns 152,815 shares of the Wireless communications provider’s stock valued at $12,103,000 after buying an additional 140,580 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of InterDigital by 20.8% during the 2nd quarter. Renaissance Technologies LLC now owns 574,574 shares of the Wireless communications provider’s stock valued at $44,415,000 after buying an additional 98,874 shares during the last quarter. State Street Corp boosted its stake in shares of InterDigital by 8.2% during the 2nd quarter. State Street Corp now owns 1,199,522 shares of the Wireless communications provider’s stock valued at $92,724,000 after buying an additional 91,286 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of InterDigital by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 2,825,391 shares of the Wireless communications provider’s stock valued at $243,831,000 after buying an additional 89,997 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.
In other InterDigital news, EVP Scott A. Mcquilkin sold 500 shares of the business’s stock in a transaction on Friday, September 29th. The stock was 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 $5,948,925. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP James J. Nolan sold 2,294 shares of the business’s stock in a transaction on Monday, August 7th. The stock was 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 directly owns 54,042 shares in the company, valued at approximately $3,853,194.60. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.
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Shares of InterDigital, Inc. (NASDAQ:IDCC) traded up 0.13% during midday trading on Monday, reaching $75.25. The company’s stock had a trading volume of 16,700 shares. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 8.21 and a beta of 0.93. InterDigital, Inc. has a 52-week low of $67.55 and a 52-week high of $102.30. The stock has a 50 day moving average price of $73.23 and a 200-day moving average price of $78.05.
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 Thomson Reuters’ consensus estimate of $1.41 by $0.05. The business had revenue of $135.78 million for the quarter, compared to analyst estimates of $133.69 million. InterDigital had a return on equity of 44.58% and a net margin of 45.92%. InterDigital’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.14 EPS. Equities research analysts expect that InterDigital, Inc. will post $3.61 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Wednesday, October 11th will be paid a $0.35 dividend. The ex-dividend date is Tuesday, October 10th. This represents a $1.40 dividend on an annualized basis and a yield of 1.86%. This is a positive change from InterDigital’s previous quarterly dividend of $0.30. InterDigital’s payout ratio is currently 15.17%.
InterDigital declared that its board has approved a share repurchase program 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 buy up to 4.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
Several research firms have recently commented on IDCC. B. Riley reiterated a “buy” rating and set a $100.00 target price on shares of InterDigital in a research note on Monday, July 24th. BidaskClub cut InterDigital from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Sidoti upgraded InterDigital from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 8th. ValuEngine cut InterDigital from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. Finally, Zacks Investment Research upgraded 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 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 a consensus price target of $87.75.
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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