InterDigital, Inc. (IDCC) Receives Average Rating of “Hold” from Analysts
Shares of InterDigital, Inc. (NASDAQ:IDCC) have earned an average rating of “Hold” from the eight research firms that are presently covering the company, MarketBeat reports. One investment 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. The average twelve-month price target among brokerages that have covered the stock in the last year is $88.33.
Several analysts recently issued reports on the company. B. Riley restated a “buy” rating and issued a $100.00 price target on shares of InterDigital in a research note on Tuesday, June 13th. Zacks Investment Research upgraded InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price objective on the stock in a research report on Friday, August 18th. ValuEngine cut 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. Finally, BidaskClub downgraded InterDigital from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th.
InterDigital (NASDAQ IDCC) opened at 75.15 on Wednesday. The stock has a 50 day moving average of $71.47 and a 200-day moving average of $78.94. The firm has a market cap of $2.61 billion, a PE ratio of 8.19 and a beta of 0.93. InterDigital has a 52 week low of $67.55 and a 52 week high of $102.30.
InterDigital (NASDAQ:IDCC) last announced its earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.41 by $0.05. The company 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 firm’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.14 earnings per share. Analysts expect that InterDigital will post $3.61 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 11th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.86%. This is an increase from InterDigital’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, October 10th. InterDigital’s payout ratio is presently 13.00%.
InterDigital announced that its Board of Directors has initiated a stock repurchase plan on Thursday, September 14th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the Wireless communications provider to purchase up to 4.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other InterDigital news, EVP Scott A. Mcquilkin sold 500 shares of the firm’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $75.00, for a total transaction of $37,500.00. Following the transaction, the executive vice president now owns 79,319 shares in the company, valued at approximately $5,948,925. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP James J. Nolan sold 2,294 shares of the firm’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 transaction, the executive vice president now owns 54,042 shares in the company, valued at approximately $3,853,194.60. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Strid Group LLC bought a new position in InterDigital in the 2nd quarter valued at about $4,514,000. Seizert Capital Partners LLC raised its position in shares of InterDigital by 22.8% in the 2nd quarter. Seizert Capital Partners LLC now owns 47,916 shares of the Wireless communications provider’s stock valued at $3,704,000 after buying an additional 8,890 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of InterDigital by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 14,600 shares of the Wireless communications provider’s stock worth $1,129,000 after acquiring an additional 300 shares during the period. AQR Capital Management LLC lifted its holdings in shares of InterDigital by 17.7% during the 1st quarter. AQR Capital Management LLC now owns 658,561 shares of the Wireless communications provider’s stock worth $56,834,000 after acquiring an additional 99,018 shares during the period. Finally, Smithbridge Asset Management Inc. DE bought a new stake in shares of InterDigital during the 2nd quarter worth approximately $3,556,000. 70.97% of the stock is owned by hedge funds and other institutional investors.
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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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