InterDigital, Inc. (IDCC) Given Average Recommendation of “Hold” by Brokerages
Shares of InterDigital, Inc. (NASDAQ:IDCC) have earned a consensus recommendation of “Hold” from the seven analysts that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $94.00.
IDCC has been the topic of several recent research reports. BidaskClub cut shares of InterDigital from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Zacks Investment Research cut shares of InterDigital from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 24th. B. Riley reaffirmed a “buy” rating and set a $100.00 target price on shares of InterDigital in a research note on Wednesday, August 23rd. ValuEngine cut shares of InterDigital from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. Finally, Sidoti raised shares of InterDigital from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 8th.
Shares of InterDigital (NASDAQ IDCC) opened at 72.50 on Friday. InterDigital has a 1-year low of $67.55 and a 1-year high of $102.30. The company’s 50-day moving average is $73.82 and its 200-day moving average is $77.63. The stock has a market cap of $2.52 billion, a P/E ratio of 7.91 and a beta of 0.93.
InterDigital (NASDAQ:IDCC) last announced its earnings results on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.34. InterDigital had a net margin of 42.94% and a return on equity of 32.77%. The company had revenue of $97.30 million for the quarter, compared to analysts’ expectations of $94.13 million. During the same quarter in the previous year, the company posted $2.99 EPS. The firm’s quarterly revenue was down 53.3% on a year-over-year basis. Equities analysts expect that InterDigital will post $3.61 EPS for the current fiscal year.
InterDigital declared that its board has approved a stock repurchase 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 buy up to 4.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Wednesday, October 11th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.93%. The ex-dividend date was Tuesday, October 10th. This is a boost from InterDigital’s previous quarterly dividend of $0.30. InterDigital’s payout ratio is 19.34%.
In other news, EVP Scott A. Mcquilkin sold 500 shares of InterDigital 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP James J. Nolan sold 2,294 shares of InterDigital 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. 1.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Seizert Capital Partners LLC raised its holdings in shares of InterDigital by 22.8% during the 2nd quarter. Seizert Capital Partners LLC now owns 47,916 shares of the Wireless communications provider’s stock worth $3,704,000 after acquiring an additional 8,890 shares during the period. Arizona State Retirement System raised 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. Strid Group LLC purchased a new position in shares of InterDigital during the 2nd quarter worth $4,514,000. Smithbridge Asset Management Inc. DE purchased a new position in shares of InterDigital during the 2nd quarter worth $3,556,000. Finally, Cubist Systematic Strategies LLC raised its holdings in shares of InterDigital by 116.3% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 23,618 shares of the Wireless communications provider’s stock worth $1,826,000 after acquiring an additional 12,697 shares during the period. Institutional investors and hedge funds own 74.92% of the company’s stock.
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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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