InterDigital (NASDAQ:IDCC) Shares Gap Up After Dividend Announcement

InterDigital, Inc. (NASDAQ:IDCC) shares gapped up prior to trading on Tuesday after the company announced a dividend. The stock had previously closed at $130.42, but opened at $133.55. InterDigital shares last traded at $132.80, with a volume of 34,639 shares changing hands.

The newly announced dividend which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th will be paid a dividend of $0.45 per share. This is an increase from InterDigital’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $1.80 dividend on an annualized basis and a yield of 1.36%. InterDigital’s dividend payout ratio is presently 23.53%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Roth Mkm upped their price objective on InterDigital from $146.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday. StockNews.com upgraded InterDigital from a “hold” rating to a “buy” rating in a research report on Thursday, August 22nd.

InterDigital Stock Up 0.7 %

The company has a market cap of $3.34 billion, a P/E ratio of 19.44, a price-to-earnings-growth ratio of 0.84 and a beta of 1.39. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.51 and a current ratio of 1.51. The business’s fifty day moving average is $130.12 and its two-hundred day moving average is $115.11.

InterDigital (NASDAQ:IDCC) last posted its quarterly earnings results on Thursday, August 1st. The Wireless communications provider reported $4.20 earnings per share for the quarter, beating the consensus estimate of $0.43 by $3.77. The firm had revenue of $223.49 million during the quarter, compared to the consensus estimate of $95.63 million. InterDigital had a net margin of 37.99% and a return on equity of 44.57%. Equities analysts predict that InterDigital, Inc. will post 9.05 EPS for the current year.

Insider Buying and Selling at InterDigital

In other InterDigital news, Director Derek K. Aberle sold 2,005 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $134.40, for a total transaction of $269,472.00. Following the transaction, the director now owns 7,639 shares of the company’s stock, valued at approximately $1,026,681.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On InterDigital

A number of large investors have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new position in InterDigital during the 2nd quarter worth $596,000. Truist Financial Corp grew its stake in InterDigital by 1.5% during the 2nd quarter. Truist Financial Corp now owns 22,149 shares of the Wireless communications provider’s stock valued at $2,582,000 after purchasing an additional 322 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of InterDigital in the second quarter valued at about $322,000. Disciplined Growth Investors Inc. MN increased its holdings in shares of InterDigital by 1.0% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,092,927 shares of the Wireless communications provider’s stock valued at $127,392,000 after purchasing an additional 10,532 shares during the period. Finally, Creative Planning raised its stake in shares of InterDigital by 4.2% in the second quarter. Creative Planning now owns 13,637 shares of the Wireless communications provider’s stock worth $1,590,000 after purchasing an additional 551 shares during the last quarter. 99.83% of the stock is owned by institutional investors and hedge funds.

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.