InterDigital, Inc. (NASDAQ:IDCC) – Equities researchers at B. Riley increased their FY2017 earnings per share estimates for shares of InterDigital in a research note issued to investors on Wednesday. B. Riley analyst E. Wold now forecasts that the Wireless communications provider will post earnings per share of $5.66 for the year, up from their prior estimate of $4.04. B. Riley currently has a “Buy” rating and a $100.00 price objective on the stock. B. Riley also issued estimates for InterDigital’s Q4 2017 earnings at $2.26 EPS.
A number of other brokerages also recently issued reports on IDCC. Zacks Investment Research upgraded shares of InterDigital from a “hold” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Wednesday, November 1st. ValuEngine upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a report on Thursday, November 16th. Finally, BidaskClub upgraded shares of InterDigital from a “strong sell” rating to a “sell” rating in a report on Thursday. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. InterDigital currently has a consensus rating of “Hold” and a consensus price target 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, beating analysts’ consensus estimates 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 earned $2.99 EPS. InterDigital’s revenue for the quarter was down 53.3% on a year-over-year basis.
InterDigital announced that its board has authorized a share repurchase program on Thursday, September 14th that allows the company to repurchase $100.00 million in outstanding shares. 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 generally an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Wednesday, January 10th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $1.40 dividend on an annualized basis and a yield of 1.78%. InterDigital’s dividend payout ratio is currently 19.34%.
In other InterDigital news, EVP Scott A. Mcquilkin sold 500 shares of InterDigital stock in a transaction on Saturday, December 29th. The shares were sold at an average price of $76.50, for a total value of $38,250.00. Following the sale, the executive vice president now directly owns 78,881 shares in the company, valued at approximately $6,034,396.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP James J. Nolan sold 5,020 shares of InterDigital stock in a transaction on Monday, November 27th. The shares were sold at an average price of $75.00, for a total transaction of $376,500.00. Following the completion of the sale, the executive vice president now owns 49,063 shares in the company, valued at $3,679,725. The disclosure for this sale can be found here. Over the last quarter, insiders sold 8,581 shares of company stock worth $638,186. 1.90% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. Riverhead Capital Management LLC increased its holdings in shares of InterDigital by 74.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 1,397 shares of the Wireless communications provider’s stock worth $108,000 after buying an additional 597 shares during the last quarter. Mountain Capital Investment Advisors Inc bought a new stake in shares of InterDigital in the 2nd quarter worth about $118,000. Victory Capital Management Inc. increased its holdings in shares of InterDigital by 17.5% in the 2nd quarter. Victory Capital Management Inc. now owns 1,616 shares of the Wireless communications provider’s stock worth $125,000 after buying an additional 241 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of InterDigital by 107.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,182 shares of the Wireless communications provider’s stock worth $160,000 after buying an additional 1,129 shares during the last quarter. Finally, Advisor Group Inc. increased its holdings in shares of InterDigital by 29.5% in the 2nd quarter. Advisor Group Inc. now owns 2,342 shares of the Wireless communications provider’s stock worth $181,000 after buying an additional 534 shares during the last quarter. Hedge funds and other institutional investors own 72.88% 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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