Royal Bank of Canada lowered its stake in InterDigital, Inc. (NASDAQ:IDCC) by 14.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 691,387 shares of the Wireless communications provider’s stock after selling 116,658 shares during the period. Royal Bank of Canada’s holdings in InterDigital were worth $50,886,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Cardinal Capital Management LLC CT acquired a new stake in InterDigital in the 4th quarter valued at about $25,689,000. Hikari Tsushin Inc. acquired a new stake in InterDigital in the 4th quarter valued at about $450,000. New Mexico Educational Retirement Board acquired a new stake in InterDigital in the 4th quarter valued at about $655,000. General American Investors Co. Inc. acquired a new stake in InterDigital in the 4th quarter valued at about $6,208,000. Finally, First Trust Advisors LP raised its position in InterDigital by 2.8% in the 4th quarter. First Trust Advisors LP now owns 64,222 shares of the Wireless communications provider’s stock valued at $4,891,000 after purchasing an additional 1,762 shares in the last quarter. 74.12% of the stock is currently owned by institutional investors.
A number of equities research analysts have issued reports on IDCC shares. Zacks Investment Research raised InterDigital from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Tuesday, February 27th. Roth Capital initiated coverage on InterDigital in a research report on Tuesday, June 12th. They set a “buy” rating and a $104.00 target price on the stock. BidaskClub raised InterDigital from a “hold” rating to a “buy” rating in a research report on Thursday, June 7th. Finally, ValuEngine lowered InterDigital from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. InterDigital presently has a consensus rating of “Buy” and a consensus target price of $92.25.
Shares of InterDigital opened at $83.90 on Friday, according to MarketBeat Ratings. The company has a current ratio of 9.58, a quick ratio of 9.58 and a debt-to-equity ratio of 0.28. InterDigital, Inc. has a fifty-two week low of $67.55 and a fifty-two week high of $85.50. The stock has a market cap of $2.92 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 6.22 and a beta of 0.95.
InterDigital (NASDAQ:IDCC) last issued its earnings results on Thursday, April 26th. The Wireless communications provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $0.24 by $1.05. InterDigital had a return on equity of 25.85% and a net margin of 32.42%. The business had revenue of $87.40 million for the quarter, compared to analyst estimates of $69.69 million. During the same quarter last year, the company earned $0.93 EPS. The business’s quarterly revenue was down 7.5% on a year-over-year basis. equities analysts forecast that InterDigital, Inc. will post 0.9 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 25th. Stockholders of record on Wednesday, July 11th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Tuesday, July 10th. InterDigital’s dividend payout ratio (DPR) is presently 23.10%.
In other news, insider Jannie K. Lau sold 9,700 shares of the firm’s stock in a transaction dated Tuesday, April 17th. The stock was sold at an average price of $79.34, for a total transaction of $769,598.00. Following the sale, the insider now owns 18,746 shares of the company’s stock, valued at approximately $1,487,307.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jeffrey K. Belk sold 555 shares of the firm’s stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $85.10, for a total value of $47,230.50. Following the sale, the director now directly owns 20,757 shares in the company, valued at approximately $1,766,420.70. The disclosure for this sale can be found here. Insiders have sold a total of 26,636 shares of company stock worth $2,121,678 in the last three months. Corporate insiders own 2.00% of the company’s stock.
InterDigital, Inc designs and develops technologies that enable and enhance wireless communications in the United States and internationally. It offers technology solutions for use in digital cellular and wireless products and networks, including 2G, 3G, 4G, and IEEE 802-related products and networks.
Want to see what other hedge funds are holding IDCC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for InterDigital, Inc. (NASDAQ:IDCC).
Receive News & Ratings for InterDigital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for InterDigital and related companies with MarketBeat.com's FREE daily email newsletter.