InterDigital Inc (IDCC)

[Gamco]

InterDigital Inc. (IDCC) Receives “Equal Weight” Rating from Barclays PLC

Posted by Carolyn Dwyer on Sep 26th, 2016

Barclays PLC reaffirmed their equal weight rating on shares of InterDigital Inc. (NASDAQ:IDCC) in a research note issued to investors on Friday morning. They currently have a $80.00 price objective on the stock, up from their prior price objective of $75.00.

Several other research firms have also recently commented on IDCC. TheStreet upgraded shares of InterDigital from a hold rating to a buy rating in a report on Wednesday, August 3rd. Zacks Investment Research cut shares of InterDigital from a hold rating to a sell rating in a report on Thursday, June 30th. Finally, B. Riley restated a buy rating and set a $73.00 price target (up from $69.00) on shares of InterDigital in a report on Wednesday, August 3rd. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $75.00.

Shares of InterDigital (NASDAQ:IDCC) traded down 1.64% during mid-day trading on Friday, hitting $76.92. The stock had a trading volume of 170,585 shares. InterDigital has a one year low of $41.01 and a one year high of $79.80. The firm’s 50 day moving average price is $71.34 and its 200-day moving average price is $60.05. The company has a market cap of $2.63 billion, a PE ratio of 21.76 and a beta of 1.11.

InterDigital (NASDAQ:IDCC) last announced its earnings results on Tuesday, August 2nd. The company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.83. InterDigital had a net margin of 31.71% and a return on equity of 20.08%. The company had revenue of $75.90 million for the quarter, compared to the consensus estimate of $76.60 million. During the same period in the previous year, the business earned $0.89 EPS. The company’s revenue was down 36.0% on a year-over-year basis. On average, equities research analysts anticipate that InterDigital will post $4.34 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Wednesday, October 12th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.53%. This is a boost from InterDigital’s previous quarterly dividend of $0.20. The ex-dividend date is Friday, October 7th. InterDigital’s dividend payout ratio is 22.66%.

A number of large investors have recently added to or reduced their stakes in IDCC. Ulysses Management LLC boosted its stake in InterDigital by 4.2% in the first quarter. Ulysses Management LLC now owns 495,000 shares of the company’s stock worth $27,547,000 after buying an additional 20,000 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in InterDigital by 1.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,034,062 shares of the company’s stock worth $57,546,000 after buying an additional 13,188 shares during the period. Envestnet Asset Management Inc. boosted its stake in InterDigital by 8.8% in the first quarter. Envestnet Asset Management Inc. now owns 2,038 shares of the company’s stock worth $113,000 after buying an additional 164 shares during the period. Aperio Group LLC purchased a new stake in InterDigital during the first quarter worth about $255,000. Finally, Nomura Holdings Inc. boosted its stake in InterDigital by 1,495.2% in the second quarter. Nomura Holdings Inc. now owns 143,660 shares of the company’s stock worth $8,024,000 after buying an additional 134,654 shares during the period. Institutional investors own 69.14% of the company’s stock.

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