Strs Ohio reduced its holdings in shares of InterDigital, Inc. (NASDAQ:IDCC) by 31.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,800 shares of the Wireless communications provider’s stock after selling 5,300 shares during the period. Strs Ohio’s holdings in InterDigital were worth $870,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. Adams Asset Advisors LLC acquired a new stake in shares of InterDigital during the 3rd quarter valued at about $935,000. Assenagon Asset Management S.A. acquired a new stake in shares of InterDigital during the 3rd quarter valued at about $4,587,000. Midas Management Corp acquired a new stake in shares of InterDigital during the 3rd quarter valued at about $1,734,000. U S Global Investors Inc. acquired a new stake in shares of InterDigital during the 2nd quarter valued at about $1,161,000. Finally, Dynamic Technology Lab Private Ltd boosted its position in shares of InterDigital by 2.4% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 6,405 shares of the Wireless communications provider’s stock valued at $495,000 after acquiring an additional 153 shares in the last quarter. Institutional investors and hedge funds own 75.33% of the company’s stock.
Several analysts have recently weighed in on the stock. B. Riley reiterated a “buy” rating and set a $100.00 target price on shares of InterDigital in a research report on Monday, July 24th. BidaskClub lowered shares of InterDigital from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Zacks Investment Research lowered shares of InterDigital from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 24th. Sidoti upgraded shares of InterDigital from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 8th. Finally, ValuEngine lowered shares of InterDigital from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. InterDigital has an average rating of “Hold” and a consensus price target of $89.00.
InterDigital, Inc. (NASDAQ:IDCC) opened at $72.65 on Friday. The company has a market cap of $2,521.75, a PE ratio of 10.03 and a beta of 0.95. InterDigital, Inc. has a 12-month low of $67.55 and a 12-month high of $102.30. 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 (NASDAQ:IDCC) last released its quarterly earnings results on Thursday, October 26th. The Wireless communications provider reported $1.00 EPS for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.34. The firm had revenue of $97.30 million for the quarter, compared to analyst estimates of $94.13 million. InterDigital had a net margin of 42.94% and a return on equity of 32.77%. The company’s revenue for the quarter was down 53.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.99 earnings per share. equities research analysts predict that InterDigital, Inc. will post 3.88 EPS for the current year.
InterDigital declared that its Board of Directors has initiated a share buyback 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 repurchase up to 4.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Wednesday, October 11th were given a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, October 10th. This is a positive change from InterDigital’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a yield of 1.93%. InterDigital’s payout ratio is 19.34%.
In other news, EVP Scott A. Mcquilkin sold 500 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 79,319 shares in the company, valued at $5,948,925. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jannie K. Lau sold 2,561 shares of the company’s 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 transaction, the executive vice president now owns 19,496 shares in the company, valued at $1,409,755.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,355 shares of company stock worth $386,248. Company insiders own 1.90% of the company’s stock.
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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