InterDigital (IDCC) Downgraded to Buy at BidaskClub

BidaskClub cut shares of InterDigital (NASDAQ:IDCC) from a strong-buy rating to a buy rating in a research note released on Tuesday.

A number of other brokerages also recently issued reports on IDCC. Roth Capital initiated coverage on shares of InterDigital in a research note on Tuesday, June 12th. They issued a buy rating and a $104.00 price target for the company. Zacks Investment Research downgraded shares of InterDigital from a buy rating to a hold rating in a research note on Wednesday, February 28th. Finally, ValuEngine downgraded shares of InterDigital from a buy rating to a hold rating in a research note on Wednesday, May 2nd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. InterDigital has a consensus rating of Buy and a consensus target price of $92.25.

Shares of InterDigital stock opened at $82.15 on Tuesday. InterDigital has a 52-week low of $67.55 and a 52-week high of $85.50. The company has a quick ratio of 9.58, a current ratio of 9.58 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $2.84 billion, a P/E ratio of 13.56, a PEG ratio of 6.06 and a beta of 0.95.

InterDigital (NASDAQ:IDCC) last issued its quarterly earnings results on Thursday, April 26th. The Wireless communications provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $1.05. InterDigital had a net margin of 32.42% and a return on equity of 25.85%. The company had revenue of $87.40 million during the quarter, compared to the consensus estimate of $69.69 million. During the same quarter in the previous year, the firm earned $0.93 earnings per share. The firm’s quarterly revenue was down 7.5% on a year-over-year basis. equities research analysts anticipate that InterDigital will post 0.9 EPS for the current fiscal year.

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, July 10th. This represents a $1.40 annualized dividend and a dividend yield of 1.70%. InterDigital’s dividend payout ratio is presently 23.10%.

In other news, insider William J. Merritt sold 2,911 shares of the business’s stock in a transaction that occurred on Tuesday, May 1st. The shares were sold at an average price of $74.50, for a total transaction of $216,869.50. Following the completion of the sale, the insider now owns 151,104 shares in the company, valued at approximately $11,257,248. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey K. Belk sold 555 shares of the business’s stock in a transaction that occurred on Friday, June 15th. The stock was sold at an average price of $85.10, for a total transaction of $47,230.50. Following the sale, the director now owns 20,757 shares of the company’s stock, 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 valued at $2,121,678 in the last 90 days. Insiders own 2.00% of the company’s stock.

Several large investors have recently modified their holdings of IDCC. Cardinal Capital Management LLC CT lifted its position in shares of InterDigital by 104.6% during the 1st quarter. Cardinal Capital Management LLC CT now owns 690,168 shares of the Wireless communications provider’s stock worth $50,796,000 after buying an additional 352,816 shares during the last quarter. Two Sigma Advisers LP lifted its position in shares of InterDigital by 65.7% during the 4th quarter. Two Sigma Advisers LP now owns 300,228 shares of the Wireless communications provider’s stock worth $22,862,000 after buying an additional 119,000 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of InterDigital during the 1st quarter worth approximately $6,567,000. Goodman Financial Corp purchased a new stake in shares of InterDigital during the 1st quarter worth approximately $6,182,000. Finally, Russell Investments Group Ltd. lifted its position in shares of InterDigital by 136.5% during the 1st quarter. Russell Investments Group Ltd. now owns 142,088 shares of the Wireless communications provider’s stock worth $10,454,000 after buying an additional 82,001 shares during the last quarter. Institutional investors and hedge funds own 74.13% of the company’s stock.

InterDigital Company Profile

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.

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