Arrowstreet Capital Limited Partnership lifted its holdings in InterDigital, Inc. (NASDAQ:IDCC) by 9.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 47,773 shares of the Wireless communications provider’s stock after acquiring an additional 4,100 shares during the period. Arrowstreet Capital Limited Partnership owned 0.14% of InterDigital worth $3,693,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in the stock. Envestnet Asset Management Inc. lifted its stake in InterDigital by 5.8% in the first quarter. Envestnet Asset Management Inc. now owns 3,944 shares of the Wireless communications provider’s stock worth $340,000 after purchasing an additional 216 shares during the last quarter. Prudential Financial Inc. lifted its stake in InterDigital by 11.6% in the first quarter. Prudential Financial Inc. now owns 24,178 shares of the Wireless communications provider’s stock worth $2,087,000 after purchasing an additional 2,522 shares during the last quarter. Neuberger Berman Group LLC lifted its stake in InterDigital by 78.4% in the first quarter. Neuberger Berman Group LLC now owns 10,404 shares of the Wireless communications provider’s stock worth $898,000 after purchasing an additional 4,573 shares during the last quarter. Cornerstone Capital Management Holdings LLC. bought a new stake in InterDigital in the first quarter worth about $969,000. Finally, Alliancebernstein L.P. lifted its stake in InterDigital by 9.5% in the first quarter. Alliancebernstein L.P. now owns 123,197 shares of the Wireless communications provider’s stock worth $10,632,000 after purchasing an additional 10,690 shares during the last quarter. 74.92% of the stock is owned by hedge funds and other institutional investors.
IDCC has been the subject of several analyst reports. B. Riley reissued a “buy” rating and issued a $100.00 price objective on shares of InterDigital in a research note on Monday, August 28th. Zacks Investment Research raised shares of InterDigital from a “hold” rating to a “buy” rating and set a $77.00 target price on the stock in a research report on Friday, August 18th. ValuEngine lowered shares of InterDigital from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. Sidoti raised shares of InterDigital from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 8th. Finally, BidaskClub lowered shares of InterDigital from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $87.75.
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In other InterDigital news, EVP James J. Nolan sold 2,294 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $71.30, for a total transaction of $163,562.20. Following the transaction, the executive vice president now directly owns 54,042 shares of the company’s stock, valued at approximately $3,853,194.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott A. Mcquilkin sold 500 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 79,319 shares in the company, valued at $5,948,925. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.
InterDigital, Inc. (NASDAQ IDCC) traded down 1.58% during trading on Friday, reaching $74.65. 26,445 shares of the company’s stock traded hands. The company has a market cap of $2.59 billion, a PE ratio of 8.14 and a beta of 0.93. The company has a 50 day moving average price of $73.56 and a 200-day moving average price of $77.75. InterDigital, Inc. has a 12-month low of $67.55 and a 12-month high of $102.30.
InterDigital (NASDAQ:IDCC) last announced its quarterly earnings data on Thursday, October 26th. The Wireless communications provider reported $1.00 EPS for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.34. The company had revenue of $97.30 million for the quarter, compared to the consensus estimate of $94.13 million. InterDigital had a net margin of 45.92% and a return on equity of 44.58%. The company’s quarterly revenue was down 53.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.99 EPS. On average, equities research analysts forecast that InterDigital, Inc. will post $3.61 EPS for the current fiscal year.
InterDigital announced that its board has approved a stock 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 buy up to 4.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently announced 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 1.85%. This is an increase from InterDigital’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, October 10th. InterDigital’s dividend payout ratio (DPR) is 15.17%.
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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