Russell Investments Group Ltd. Reduces Stake in InterDigital, Inc. (IDCC)

Russell Investments Group Ltd. lowered its position in shares of InterDigital, Inc. (NASDAQ:IDCC) by 62.9% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 52,778 shares of the Wireless communications provider’s stock after selling 89,310 shares during the quarter. Russell Investments Group Ltd. owned about 0.15% of InterDigital worth $4,271,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of InterDigital by 2.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,021,035 shares of the Wireless communications provider’s stock worth $75,148,000 after buying an additional 28,245 shares in the last quarter. Cardinal Capital Management LLC CT raised its stake in InterDigital by 104.6% in the first quarter. Cardinal Capital Management LLC CT now owns 690,168 shares of the Wireless communications provider’s stock valued at $50,796,000 after purchasing an additional 352,816 shares in the last quarter. First Pacific Advisors LLC raised its stake in InterDigital by 9.4% in the first quarter. First Pacific Advisors LLC now owns 613,898 shares of the Wireless communications provider’s stock valued at $45,183,000 after purchasing an additional 52,596 shares in the last quarter. New York State Common Retirement Fund raised its stake in InterDigital by 24.5% in the first quarter. New York State Common Retirement Fund now owns 313,264 shares of the Wireless communications provider’s stock valued at $23,056,000 after purchasing an additional 61,587 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in InterDigital by 5.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 239,131 shares of the Wireless communications provider’s stock valued at $17,601,000 after purchasing an additional 12,582 shares in the last quarter. 74.83% of the stock is owned by institutional investors.

IDCC stock opened at $80.15 on Monday. InterDigital, Inc. has a 52 week low of $69.32 and a 52 week high of $85.85. The company has a debt-to-equity ratio of 0.28, a current ratio of 9.36 and a quick ratio of 9.36. The stock has a market capitalization of $2.85 billion, a P/E ratio of 13.23, a P/E/G ratio of 3.41 and a beta of 0.98.

InterDigital (NASDAQ:IDCC) last released its earnings results on Thursday, August 2nd. The Wireless communications provider reported $0.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.08. InterDigital had a return on equity of 19.85% and a net margin of 27.99%. The firm had revenue of $69.56 million for the quarter, compared to analysts’ expectations of $64.39 million. During the same quarter in the previous year, the business posted $1.46 earnings per share. The business’s revenue for the quarter was down 48.8% on a year-over-year basis. sell-side analysts predict that InterDigital, Inc. will post 1.92 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 24th. Shareholders of record on Wednesday, October 10th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Tuesday, October 9th. InterDigital’s dividend payout ratio is presently 23.10%.

A number of research analysts recently commented on the company. BidaskClub raised InterDigital from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 19th. National Securities assumed coverage on InterDigital in a research note on Monday, July 23rd. They issued a “buy” rating and a $103.00 price target for the company. ValuEngine raised InterDigital from a “hold” rating to a “buy” rating in a research note on Thursday, July 5th. Roth Capital assumed coverage on InterDigital in a research note on Tuesday, June 12th. They issued a “buy” rating and a $104.00 price target for the company. Finally, Zacks Investment Research downgraded InterDigital from a “hold” rating to a “strong sell” rating in a research note on Monday, August 6th. Two equities research analysts have rated the stock with a sell rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $94.40.

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.

Read More: Relative Strength Index

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).

Institutional Ownership by Quarter for InterDigital (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.


Leave a Reply