InterDigital (IDCC) Upgraded to Buy by ValuEngine

ValuEngine upgraded shares of InterDigital (NASDAQ:IDCC) from a hold rating to a buy rating in a research note published on Thursday morning.

Several other analysts also recently commented on the stock. National Securities initiated coverage on shares of InterDigital in a research report on Monday, July 23rd. They set a buy rating and a $103.00 price objective on the stock. BidaskClub downgraded shares of InterDigital from a buy rating to a hold rating in a research report on Wednesday, July 18th. Zacks Investment Research downgraded shares of InterDigital from a hold rating to a strong sell rating in a report on Monday, August 6th. Finally, TheStreet downgraded shares of InterDigital from a b- rating to a c+ rating in a report on Monday, October 29th. Two analysts have rated the stock with a sell rating and five have issued a buy rating to the stock. InterDigital has an average rating of Hold and an average target price of $94.40.

Shares of InterDigital stock traded up $1.37 during trading on Thursday, hitting $75.68. The company’s stock had a trading volume of 6,010 shares, compared to its average volume of 272,398. The company has a debt-to-equity ratio of 0.31, a current ratio of 4.06 and a quick ratio of 4.06. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 2.98 and a beta of 1.06. InterDigital has a 52 week low of $68.22 and a 52 week high of $85.85.

InterDigital (NASDAQ:IDCC) last issued its quarterly earnings results on Thursday, November 1st. The Wireless communications provider reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.36. The company had revenue of $75.08 million during the quarter, compared to analyst estimates of $72.59 million. InterDigital had a net margin of 26.19% and a return on equity of 17.50%. InterDigital’s quarterly revenue was down 22.9% compared to the same quarter last year. During the same period last year, the business earned $1.00 EPS. On average, equities analysts anticipate that InterDigital will post 1.66 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 24th. Stockholders of record on Wednesday, October 10th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date was Tuesday, October 9th. InterDigital’s payout ratio is presently 23.10%.

In other news, EVP James J. Nolan sold 5,093 shares of the firm’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $79.82, for a total transaction of $406,523.26. Following the sale, the executive vice president now owns 39,560 shares of the company’s stock, valued at approximately $3,157,679.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in IDCC. Segall Bryant & Hamill LLC purchased a new position in shares of InterDigital in the second quarter worth approximately $23,853,000. Voya Investment Management LLC boosted its holdings in shares of InterDigital by 126.3% in the second quarter. Voya Investment Management LLC now owns 117,111 shares of the Wireless communications provider’s stock worth $9,474,000 after buying an additional 65,371 shares during the last quarter. Dean Investment Associates LLC purchased a new position in shares of InterDigital in the second quarter worth approximately $4,313,000. Dupont Capital Management Corp boosted its holdings in shares of InterDigital by 494.5% in the second quarter. Dupont Capital Management Corp now owns 48,317 shares of the Wireless communications provider’s stock worth $3,909,000 after buying an additional 40,190 shares during the last quarter. Finally, Fort L.P. boosted its holdings in shares of InterDigital by 163.0% in the second quarter. Fort L.P. now owns 60,955 shares of the Wireless communications provider’s stock worth $4,931,000 after buying an additional 37,781 shares during the last quarter. 74.13% of the stock is currently owned by hedge funds and other institutional investors.

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.

Further Reading: Diversification Important in Investing

To view ValuEngine’s full report, visit ValuEngine’s official website.

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