InterDigital Inc. (IDCC) Insider William J. Merritt Sells 5,000 Shares
InterDigital Inc. (NASDAQ:IDCC) insider William J. Merritt sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $78.35, for a total transaction of $391,750.00. Following the completion of the sale, the insider now owns 136,072 shares of the company’s stock, valued at $10,661,241.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
InterDigital Inc. (NASDAQ:IDCC) opened at 77.81 on Wednesday. The stock has a market cap of $2.67 billion, a PE ratio of 22.01 and a beta of 0.73. The firm has a 50 day moving average of $74.91 and a 200-day moving average of $62.28. InterDigital Inc. has a 12-month low of $41.01 and a 12-month high of $79.97.
InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.83. The business had revenue of $75.90 million for the quarter, compared to the consensus estimate of $76.60 million. InterDigital had a net margin of 31.71% and a return on equity of 20.08%. The business’s revenue was down 36.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.89 EPS. On average, analysts expect that InterDigital Inc. will post $5.71 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Wednesday, October 12th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.54%. This is an increase from InterDigital’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, October 7th. InterDigital’s payout ratio is 33.99%.
Large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its stake in shares of InterDigital by 77.1% in the second quarter. Victory Capital Management Inc. now owns 1,801 shares of the company’s stock valued at $100,000 after buying an additional 784 shares during the last quarter. LS Investment Advisors LLC increased its stake in shares of InterDigital by 73.8% in the second quarter. LS Investment Advisors LLC now owns 2,084 shares of the company’s stock valued at $116,000 after buying an additional 885 shares during the last quarter. Smith Asset Management Group LP increased its stake in shares of InterDigital by 8,400.0% in the second quarter. Smith Asset Management Group LP now owns 2,125 shares of the company’s stock valued at $118,000 after buying an additional 2,100 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of InterDigital by 9.5% in the second quarter. Public Employees Retirement System of Ohio now owns 2,163 shares of the company’s stock valued at $120,000 after buying an additional 188 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of InterDigital during the second quarter valued at $189,000. 69.14% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have weighed in on IDCC. Barclays PLC restated an “equal weight” rating and issued a $80.00 target price (up from $75.00) on shares of InterDigital in a research note on Friday, September 23rd. B. Riley restated a “neutral” rating and issued a $80.00 target price on shares of InterDigital in a research note on Saturday, October 1st. Dougherty & Co downgraded shares of InterDigital from a “buy” rating to a “neutral” rating in a research note on Wednesday, October 5th. Zacks Investment Research upgraded shares of InterDigital from a “sell” rating to a “strong-buy” rating and set a $75.00 target price for the company in a research note on Saturday, August 6th. Finally, TheStreet upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a research note on Wednesday, August 3rd. Three investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $78.33.
InterDigital, Inc designs and develops technologies for wireless communications. The Company has designed and developed a range of technologies that are used in digital cellular and wireless products and networks, including second generation (2G), third generation (3G), fourth generation (4G) and IEEE 802 related products and networks.
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