InterDigital (NASDAQ:IDCC) Hits New 12-Month High at $124.45

InterDigital, Inc. (NASDAQ:IDCC) reached a new 52-week high on Wednesday . The stock traded as high as $124.45 and last traded at $124.06, with a volume of 377973 shares changing hands. The stock had previously closed at $123.15.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. StockNews.com downgraded InterDigital from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. Jefferies Financial Group reissued a “hold” rating and set a $100.00 target price (down previously from $106.00) on shares of InterDigital in a research report on Monday, May 13th. Finally, Bank of America reissued an “underperform” rating and set a $100.00 target price (down previously from $140.00) on shares of InterDigital in a research report on Monday, April 1st.

InterDigital Stock Up 0.1 %

The company has a 50-day simple moving average of $114.97 and a 200 day simple moving average of $107.68. The company has a market cap of $3.11 billion, a P/E ratio of 18.11, a P/E/G ratio of 1.05 and a beta of 1.42. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.04.

InterDigital (NASDAQ:IDCC) last announced its quarterly earnings data on Thursday, May 2nd. The Wireless communications provider reported $3.22 EPS for the quarter, beating the consensus estimate of $3.16 by $0.06. The company had revenue of $263.54 million for the quarter, compared to the consensus estimate of $250.15 million. InterDigital had a return on equity of 32.57% and a net margin of 31.18%. On average, equities analysts anticipate that InterDigital, Inc. will post 6.65 EPS for the current year.

InterDigital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Stockholders of record on Wednesday, July 10th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend is Wednesday, July 10th. InterDigital’s payout ratio is 23.53%.

Insider Transactions at InterDigital

In other news, Director John D. Jr. Markley sold 750 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $115.28, for a total transaction of $86,460.00. Following the transaction, the director now owns 12,202 shares of the company’s stock, valued at approximately $1,406,646.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director John D. Jr. Markley sold 750 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $115.28, for a total transaction of $86,460.00. Following the transaction, the director now owns 12,202 shares of the company’s stock, valued at approximately $1,406,646.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Rajesh Pankaj sold 650 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $103.87, for a total value of $67,515.50. Following the transaction, the chief technology officer now directly owns 64,517 shares in the company, valued at approximately $6,701,380.79. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On InterDigital

A number of hedge funds have recently made changes to their positions in the stock. AlphaMark Advisors LLC lifted its stake in shares of InterDigital by 11.7% during the 2nd quarter. AlphaMark Advisors LLC now owns 3,134 shares of the Wireless communications provider’s stock worth $365,000 after purchasing an additional 329 shares during the last quarter. Cardinal Capital Management lifted its stake in shares of InterDigital by 6.6% during the 2nd quarter. Cardinal Capital Management now owns 12,597 shares of the Wireless communications provider’s stock worth $1,468,000 after purchasing an additional 780 shares during the last quarter. Juncture Wealth Strategies LLC lifted its stake in shares of InterDigital by 1.4% during the 2nd quarter. Juncture Wealth Strategies LLC now owns 9,943 shares of the Wireless communications provider’s stock worth $1,159,000 after purchasing an additional 134 shares during the last quarter. CWM LLC lifted its stake in shares of InterDigital by 41.7% during the 2nd quarter. CWM LLC now owns 635 shares of the Wireless communications provider’s stock worth $74,000 after purchasing an additional 187 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of InterDigital by 50.8% during the 2nd quarter. GAMMA Investing LLC now owns 368 shares of the Wireless communications provider’s stock worth $43,000 after purchasing an additional 124 shares during the last quarter. 99.83% of the stock is currently owned by hedge funds and other institutional investors.

About InterDigital

InterDigital, Inc operates as a global research and development company with focus primarily on wireless, visual, artificial intelligence (AI), and related technologies. The company engages in the design and development of technologies that enable connected in a range of communications and entertainment products and services, which are licensed to companies providing such products and services, including makers of wireless communications, consumer electronics, IoT devices, and cars and other motor vehicles, as well as providers of cloud-based services, such as video streaming.