Stock Buyback Plan Authorized by InterDigital (IDCC)
InterDigital (NASDAQ:IDCC) declared that its Board of Directors has authorized a stock repurchase program, which allows the company to repurchase $100.00 million in shares on Thursday, September 14th, EventVestor reports. This repurchase authorization allows the Wireless communications provider to repurchase up to 4.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
Several brokerages recently weighed in on IDCC. B. Riley reiterated a “buy” rating and issued a $100.00 price objective on shares of InterDigital in a research report on Monday, August 28th. ValuEngine lowered InterDigital from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. Sidoti upgraded InterDigital from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 8th. BidaskClub lowered InterDigital from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Finally, Zacks Investment Research upgraded InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research report on Friday, August 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. InterDigital has a consensus rating of “Hold” and an average price target of $87.75.
InterDigital (NASDAQ:IDCC) traded up 4.20% on Friday, reaching $73.20. The company’s stock had a trading volume of 182,016 shares. The firm has a 50 day moving average price of $70.78 and a 200 day moving average price of $80.03. InterDigital has a 52 week low of $67.55 and a 52 week high of $102.30. The stock has a market capitalization of $2.54 billion, a P/E ratio of 7.98 and a beta of 0.95.
InterDigital (NASDAQ:IDCC) last announced its quarterly earnings data on Thursday, July 27th. The Wireless communications provider reported $1.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $135.78 million during the quarter, compared to analysts’ expectations of $133.69 million. During the same period in the previous year, the company earned $1.14 EPS. The business’s quarterly revenue was up 78.8% compared to the same quarter last year. On average, equities analysts anticipate that InterDigital will post $3.61 EPS for the current year.
In other news, EVP James J. Nolan sold 2,294 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $71.30, for a total transaction of $163,562.20. Following the completion of the sale, the executive vice president now directly owns 54,042 shares of the company’s stock, valued at approximately $3,853,194.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott A. Mcquilkin sold 500 shares of the business’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $79.15, for a total transaction of $39,575.00. Following the sale, the executive vice president now directly owns 79,768 shares of the company’s stock, valued at $6,313,637.20. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.
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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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