InterDigital, Inc. (NASDAQ:IDCC)’s share price rose 0.8% during mid-day trading on Monday following a dividend announcement from the company. The stock traded as high as $74.65 and last traded at $75.28. Approximately 199,473 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 296,622 shares. The stock had previously closed at $74.65.
The newly announced dividend which will be paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 11th will be issued a $0.35 dividend. This is an increase from InterDigital’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Tuesday, October 10th. InterDigital’s payout ratio is presently 13.00%.
IDCC has been the subject of several research reports. B. Riley reissued a “buy” rating and issued a $100.00 target price on shares of InterDigital in a report on Tuesday, June 13th. BidaskClub downgraded InterDigital from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Sidoti raised InterDigital from a “neutral” rating to a “buy” rating in a report on Tuesday, August 8th. Zacks Investment Research raised InterDigital from a “hold” rating to a “buy” rating and set a $77.00 target price for the company in a report on Friday, August 18th. Finally, ValuEngine downgraded InterDigital from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. InterDigital presently has a consensus rating of “Hold” and an average price target of $87.75.
The stock’s 50-day moving average is $70.74 and its 200 day moving average is $79.95. The company has a market cap of $2.61 billion, a PE ratio of 8.19 and a beta of 0.95.
InterDigital (NASDAQ:IDCC) last issued its earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.41 by $0.05. InterDigital had a net margin of 45.92% and a return on equity of 44.58%. The firm had revenue of $135.78 million for the quarter, compared to analysts’ expectations of $133.69 million. During the same quarter last year, the company posted $1.14 earnings per share. InterDigital’s revenue was up 78.8% on a year-over-year basis. On average, equities analysts expect that InterDigital, Inc. will post $3.61 earnings per share for the current fiscal year.
InterDigital announced that its Board of Directors has approved a stock repurchase plan on Thursday, September 14th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the Wireless communications provider to reacquire up to 4.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In other InterDigital news, EVP James J. Nolan sold 2,294 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $71.30, for a total value of $163,562.20. Following the sale, the executive vice president now owns 54,042 shares in the company, valued at $3,853,194.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott A. Mcquilkin sold 500 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $79.15, for a total transaction of $39,575.00. Following the completion of the sale, the executive vice president now owns 79,768 shares in the company, valued at approximately $6,313,637.20. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the business. Riverhead Capital Management LLC increased its stake in shares of InterDigital by 74.6% in the second quarter. Riverhead Capital Management LLC now owns 1,397 shares of the Wireless communications provider’s stock valued at $108,000 after purchasing an additional 597 shares during the period. Financial Architects Inc increased its stake in shares of InterDigital by 180.0% in the second quarter. Financial Architects Inc now owns 1,400 shares of the Wireless communications provider’s stock valued at $108,000 after purchasing an additional 900 shares during the period. Segantii Capital Management Ltd acquired a new stake in shares of InterDigital in the first quarter valued at approximately $129,000. Mountain Capital Investment Advisors Inc acquired a new stake in shares of InterDigital in the second quarter valued at approximately $118,000. Finally, Elkfork Partners LLC increased its stake in shares of InterDigital by 2.8% in the first quarter. Elkfork Partners LLC now owns 1,606 shares of the Wireless communications provider’s stock valued at $139,000 after purchasing an additional 44 shares during the period. Institutional investors own 70.97% of the company’s stock.
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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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