InterDigital Inc (IDCC)

[FISH21049]

From American Banking and Market News on InterDigital

https://www.americanbankingnews.com/2017/04/24/interdigital-inc-idcc-upgraded-to-buy-by-b-riley.html

InterDigital, Inc. (NASDAQ:IDCC) was upgraded by equities research analysts at B. Riley from a “neutral” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $100.00 price objective on the Wireless communications provider’s stock, up from their previous price objective of $86.00. B. Riley’s target price suggests a potential upside of 10.74% from the company’s current price.

A number of other research analysts also recently issued reports on the company. Zacks Investment Research downgraded InterDigital from a “hold” rating to a “strong sell” rating in a report on Friday, March 10th. Barclays PLC reissued an “equal weight” rating and issued a $88.00 price target (down from $94.00) on shares of InterDigital in a report on Friday, February 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. InterDigital has a consensus rating of “Hold” and an average price target of $92.50.

Shares of InterDigital (NASDAQ:IDCC) traded up 5.74% during mid-day trading on Monday, reaching $90.30. The company had a trading volume of 564,261 shares. InterDigital has a 1-year low of $51.97 and a 1-year high of $102.30. The company has a market capitalization of $3.10 billion, a PE ratio of 10.28 and a beta of 1.25. The stock’s 50-day moving average price is $85.14 and its 200 day moving average price is $85.08.

InterDigital (NASDAQ:IDCC) last announced its quarterly earnings results on Thursday, February 23rd. The Wireless communications provider reported $3.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.84 by $0.01. InterDigital had a return on equity of 33.71% and a net margin of 40.78%. The company earned $273.90 million during the quarter, compared to the consensus estimate of $262.57 million. During the same period in the previous year, the company posted $0.92 earnings per share. InterDigital’s revenue for the quarter was up 144.3% on a year-over-year basis. Equities analysts expect that InterDigital will post $2.47 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 26th. Stockholders of record on Wednesday, April 12th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.33%. The ex-dividend date is Monday, April 10th. InterDigital’s payout ratio is 20.55%.

In other news, insider William J. Merritt sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $84.92, for a total transaction of $169,840.00. Following the completion of the transaction, the insider now directly owns 134,477 shares of the company’s stock, valued at approximately $11,419,786.84. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Scott A. Mcquilkin sold 500 shares of the company’s stock in a transaction that occurred on Friday, March 31st. The stock was sold at an average price of $85.75, for a total value of $42,875.00. Following the transaction, the executive vice president now directly owns 80,724 shares of the company’s stock, valued at $6,922,083. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,500 shares of company stock valued at $1,872,555. Corporate insiders own 1.50% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Chicago Equity Partners LLC increased its position in shares of InterDigital by 261.3% in the third quarter. Chicago Equity Partners LLC now owns 58,100 shares of the Wireless communications provider’s stock valued at $4,602,000 after buying an additional 42,020 shares during the last quarter. BRC Investment Management LLC acquired a new position in shares of InterDigital during the third quarter valued at $788,000. Stockman Asset Management acquired a new position in shares of InterDigital during the third quarter valued at $2,443,000. DUPONT CAPITAL MANAGEMENT Corp increased its position in shares of InterDigital by 829.0% in the third quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 90,774 shares of the Wireless communications provider’s stock valued at $7,189,000 after buying an additional 81,003 shares during the last quarter. Finally, Aperio Group LLC increased its position in shares of InterDigital by 9.4% in the third quarter. Aperio Group LLC now owns 5,544 shares of the Wireless communications provider’s stock valued at $439,000 after buying an additional 478 shares during the last quarter. 69.84% of the stock is owned by institutional investors and hedge funds.

About InterDigital

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.