InterDigital, Inc. (IDCC) Raises Dividend to $0.35 Per Share
InterDigital, Inc. (NASDAQ:IDCC) announced a quarterly dividend on Friday, September 15th, Wall Street Journal reports. Stockholders of record on Wednesday, October 11th will be paid a dividend of 0.35 per share by the Wireless communications provider on Wednesday, October 25th. This represents a $1.40 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Tuesday, October 10th. This is a positive change from InterDigital’s previous quarterly dividend of $0.30.
Shares of InterDigital (IDCC) traded up 6.26% during midday trading on Friday, reaching $74.65. The company had a trading volume of 797,722 shares. InterDigital has a 52-week low of $67.55 and a 52-week high of $102.30. The company’s 50-day moving average is $70.78 and its 200-day moving average is $80.03. The firm has a market cap of $2.59 billion, a P/E ratio of 8.14 and a beta of 0.95.
InterDigital (NASDAQ:IDCC) last posted its earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.05. The firm 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%. The company’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.14 earnings per share. Equities research analysts expect that InterDigital will post $3.61 EPS for the current fiscal year.
InterDigital announced that its Board of Directors has approved a share repurchase plan on Thursday, September 14th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the Wireless communications provider to repurchase up to 4.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, EVP Scott A. Mcquilkin sold 500 shares of the company’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $79.15, for a total value of $39,575.00. Following the transaction, the executive vice president now owns 79,768 shares of the company’s stock, valued at $6,313,637.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James J. Nolan sold 2,294 shares of the company’s stock in a transaction that occurred 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 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. Corporate insiders own 1.90% of the company’s stock.
A number of brokerages have recently commented on IDCC. B. Riley restated a “buy” rating and issued a $100.00 price target on shares of InterDigital in a report on Monday, August 28th. Zacks Investment Research upgraded InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a report on Friday, August 18th. ValuEngine lowered InterDigital from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. Sidoti upgraded InterDigital from a “neutral” rating to a “buy” rating in a report on Tuesday, August 8th. Finally, BidaskClub lowered InterDigital from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average 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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