Zacks Investment Research upgraded shares of InterDigital, Inc. (NASDAQ:IDCC) from a hold rating to a buy rating in a research note published on Wednesday, November 1st. The brokerage currently has $82.00 target price on the Wireless communications provider’s stock.
According to Zacks, “InterDigital develops fundamental wireless technologies that are at the core of mobile devices, networks, and services worldwide. Since their founding in 1972, their engineers have designed and developed a wide range of innovations that are used in digital cellular and wireless products and networks, including 2G, 3G, 4G and IEEE 802-related products and networks. They solve many of the industry’s most critical and complex technical challenges, inventing solutions for more efficient broadband networks and a richer multimedia experience years ahead of market deployment. InterDigital has licenses and strategic relationships with many of the world’s leading wireless companies. “
Several other research analysts have also issued reports on IDCC. BidaskClub lowered shares of InterDigital from a sell rating to a strong sell rating in a research note on Wednesday, July 12th. B. Riley reaffirmed a buy rating and issued a $100.00 target price on shares of InterDigital in a research note on Wednesday, July 19th. Sidoti raised shares of InterDigital from a neutral rating to a buy rating in a research note on Tuesday, August 8th. Finally, ValuEngine downgraded shares of InterDigital from a strong-buy rating to a buy rating in a research report on Friday, August 11th. One research 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. InterDigital has a consensus rating of Hold and a consensus target price of $89.00.
Shares of InterDigital (NASDAQ IDCC) traded up $0.20 during trading hours on Wednesday, reaching $74.40. 243,382 shares of the company’s stock were exchanged, compared to its average volume of 335,325. InterDigital has a 12-month low of $67.55 and a 12-month high of $102.30. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.34. The company has a market cap of $2,580.00, a price-to-earnings ratio of 10.25 and a beta of 0.95.
InterDigital (NASDAQ:IDCC) last issued its quarterly earnings data on Thursday, October 26th. The Wireless communications provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.34. InterDigital had a net margin of 35.68% and a return on equity of 17.67%. The firm had revenue of $97.30 million for the quarter, compared to analyst estimates of $94.13 million. During the same quarter in the prior year, the firm earned $2.99 EPS. The company’s revenue was down 53.3% on a year-over-year basis. analysts expect that InterDigital will post 4.02 EPS for the current year.
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The company also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Wednesday, October 11th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.88%. This is an increase from InterDigital’s previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, October 10th. InterDigital’s dividend payout ratio (DPR) is currently 19.34%.
InterDigital announced that its Board of Directors 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 repurchase up to 4.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.
In related news, EVP Jannie K. Lau sold 2,561 shares of the firm’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $72.31, for a total value of $185,185.91. Following the completion of the transaction, the executive vice president now directly owns 19,496 shares of the company’s stock, valued at $1,409,755.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott A. Mcquilkin sold 500 shares of the firm’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $75.00, for a total transaction of $37,500.00. Following the completion of the transaction, the executive vice president now directly owns 79,319 shares of the company’s stock, valued at $5,948,925. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Seizert Capital Partners LLC boosted its position in InterDigital by 22.8% during the second quarter. Seizert Capital Partners LLC now owns 47,916 shares of the Wireless communications provider’s stock worth $3,704,000 after purchasing an additional 8,890 shares during the period. Arizona State Retirement System boosted its position in InterDigital by 2.1% during the second quarter. Arizona State Retirement System now owns 14,600 shares of the Wireless communications provider’s stock worth $1,129,000 after purchasing an additional 300 shares during the period. Strid Group LLC bought a new position in InterDigital during the second quarter worth $4,514,000. Smithbridge Asset Management Inc. DE bought a new position in InterDigital during the second quarter worth $3,556,000. Finally, Cubist Systematic Strategies LLC lifted its holdings in shares of InterDigital by 116.3% during the second quarter. Cubist Systematic Strategies LLC now owns 23,618 shares of the Wireless communications provider’s stock worth $1,826,000 after buying an additional 12,697 shares in the last quarter. 73.07% of the stock is owned by hedge funds and other institutional investors.
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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