Zacks Investment Research lowered shares of InterDigital (NASDAQ:IDCC) from a hold rating to a sell rating in a research note released on Wednesday, January 10th.
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 equities analysts also recently commented on IDCC. B. Riley reissued a buy rating and set a $100.00 target price on shares of InterDigital in a research report on Friday, October 27th. ValuEngine raised shares of InterDigital from a hold rating to a buy rating in a research report on Thursday, November 16th. Finally, BidaskClub raised shares of InterDigital from a strong sell rating to a sell rating in a research report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. InterDigital has a consensus rating of Buy and a consensus target price of $93.67.
InterDigital (NASDAQ:IDCC) traded down $0.05 during midday trading on Wednesday, hitting $79.50. 222,688 shares of the stock were exchanged, compared to its average volume of 295,700. InterDigital has a 1-year low of $67.55 and a 1-year high of $102.30. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.22 and a quick ratio of 3.22. The firm has a market capitalization of $2,760.00, a P/E ratio of 10.98 and a beta of 0.97.
InterDigital (NASDAQ:IDCC) last posted its quarterly earnings results on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.34. InterDigital had a net margin of 42.94% and a return on equity of 32.77%. The business had revenue of $97.30 million for the quarter, compared to the consensus estimate of $94.13 million. During the same period in the prior year, the business posted $2.99 earnings per share. InterDigital’s revenue for the quarter was down 53.3% compared to the same quarter last year. analysts anticipate that InterDigital will post 5.72 EPS for the current fiscal year.
The company 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 dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Tuesday, January 9th. InterDigital’s dividend payout ratio (DPR) is 19.34%.
In other InterDigital news, EVP Scott A. Mcquilkin sold 500 shares of the company’s stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $76.50, for a total transaction of $38,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James J. Nolan sold 5,020 shares of the company’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $75.00, for a total transaction of $376,500.00. Following the sale, the executive vice president now owns 49,063 shares of the company’s stock, valued at $3,679,725. The disclosure for this sale can be found here. Insiders have sold 8,581 shares of company stock valued at $638,186 over the last 90 days. Corporate insiders own 1.90% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in IDCC. Vanguard Group Inc. lifted its stake in shares of InterDigital by 1.4% in the second quarter. Vanguard Group Inc. now owns 2,865,421 shares of the Wireless communications provider’s stock valued at $221,497,000 after buying an additional 40,030 shares during the period. State Street Corp lifted its stake in shares of InterDigital by 8.2% in the second quarter. State Street Corp now owns 1,199,522 shares of the Wireless communications provider’s stock valued at $92,724,000 after buying an additional 91,286 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of InterDigital by 6.7% in the third quarter. Dimensional Fund Advisors LP now owns 985,849 shares of the Wireless communications provider’s stock valued at $72,708,000 after buying an additional 62,291 shares during the period. Northern Trust Corp lifted its stake in shares of InterDigital by 2.7% in the second quarter. Northern Trust Corp now owns 614,152 shares of the Wireless communications provider’s stock valued at $47,473,000 after buying an additional 16,034 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of InterDigital by 20.8% in the second quarter. Renaissance Technologies LLC now owns 574,574 shares of the Wireless communications provider’s stock valued at $44,415,000 after buying an additional 98,874 shares during the period. Institutional investors own 72.84% of the company’s stock.
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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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