Dougherty & Co Weighs in on InterDigital, Inc.’s FY2018 Earnings (IDCC)
InterDigital, Inc. (NASDAQ:IDCC) – Research analysts at Dougherty & Co increased their FY2018 EPS estimates for InterDigital in a report released on Wednesday. Dougherty & Co analyst C. Anderson now expects that the Wireless communications provider will post earnings of $1.70 per share for the year, up from their previous estimate of $1.21.
Several other brokerages also recently commented on IDCC. Zacks Investment Research raised shares of 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. B. Riley reaffirmed a “buy” rating and set a $100.00 price target on shares of InterDigital in a report on Friday, October 27th. Finally, ValuEngine raised shares of InterDigital from a “hold” rating to a “buy” rating in a report on Thursday, November 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. InterDigital presently has an average rating of “Hold” and a consensus target price of $90.00.
InterDigital (NASDAQ:IDCC) last released its earnings results on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.34. The firm had revenue of $97.30 million for the quarter, compared to the consensus estimate of $94.13 million. InterDigital had a net margin of 42.94% and a return on equity of 32.77%. The company’s revenue was down 53.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.99 EPS.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Stockholders of record on Wednesday, January 10th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Tuesday, January 9th. InterDigital’s dividend payout ratio (DPR) is presently 19.34%.
InterDigital declared that its Board of Directors has approved a share buyback program on Thursday, September 14th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the Wireless communications provider to purchase up to 4.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other InterDigital news, EVP Jannie K. Lau sold 2,561 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $72.31, for a total transaction of $185,185.91. Following the sale, the executive vice president now owns 19,496 shares in the company, valued at approximately $1,409,755.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott A. Mcquilkin sold 500 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 79,319 shares in the company, valued at approximately $5,948,925. The disclosure for this sale can be found here. Insiders sold a total of 8,081 shares of company stock worth $599,186 in the last quarter. Company insiders own 1.90% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in IDCC. Riverhead Capital Management LLC lifted its position in shares of InterDigital by 74.6% during the second quarter. Riverhead Capital Management LLC now owns 1,397 shares of the Wireless communications provider’s stock worth $108,000 after purchasing an additional 597 shares during the last quarter. Mountain Capital Investment Advisors Inc bought a new stake in shares of InterDigital in the second quarter valued at about $118,000. Victory Capital Management Inc. raised its holdings in InterDigital by 17.5% in the second quarter. Victory Capital Management Inc. now owns 1,616 shares of the Wireless communications provider’s stock worth $125,000 after purchasing an additional 241 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its holdings in InterDigital by 107.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,182 shares of the Wireless communications provider’s stock worth $160,000 after purchasing an additional 1,129 shares in the last quarter. Finally, Advisor Group Inc. raised its holdings in InterDigital by 29.5% in the second quarter. Advisor Group Inc. now owns 2,342 shares of the Wireless communications provider’s stock worth $181,000 after purchasing an additional 534 shares in the last quarter. 72.91% of the stock is owned by institutional investors and hedge funds.
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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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