Fort L.P. decreased its stake in shares of InterDigital, Inc. (NASDAQ:IDCC) by 32.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 162,960 shares of the Wireless communications provider’s stock after selling 76,617 shares during the quarter. InterDigital comprises about 3.1% of Fort L.P.’s investment portfolio, making the stock its 13th biggest holding. Fort L.P. owned about 0.47% of InterDigital worth $12,597,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently made changes to their positions in the company. Bank of Nova Scotia purchased a new position in shares of InterDigital in the first quarter worth $21,151,000. Schroder Investment Management Group raised its stake in shares of InterDigital by 1,149.0% in the second quarter. Schroder Investment Management Group now owns 152,815 shares of the Wireless communications provider’s stock worth $12,103,000 after purchasing an additional 140,580 shares during the last quarter. Highbridge Capital Management LLC purchased a new position in shares of InterDigital in the first quarter worth $11,378,000. AQR Capital Management LLC raised its stake in shares of InterDigital by 17.7% in the first quarter. AQR Capital Management LLC now owns 658,561 shares of the Wireless communications provider’s stock worth $56,834,000 after purchasing an additional 99,018 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of InterDigital by 3.3% in the first quarter. Vanguard Group Inc. now owns 2,825,391 shares of the Wireless communications provider’s stock worth $243,831,000 after purchasing an additional 89,997 shares during the last quarter. Institutional investors and hedge funds own 70.97% of the company’s stock.
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In related news, EVP James J. Nolan sold 2,294 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $71.30, for a total value of $163,562.20. Following the completion of the transaction, the executive vice president now owns 54,042 shares in the company, valued at approximately $3,853,194.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott A. Mcquilkin sold 500 shares of the firm’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $79.15, for a total value of $39,575.00. Following the completion of the transaction, the executive vice president now owns 79,768 shares of the company’s stock, valued at approximately $6,313,637.20. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.
InterDigital, Inc. (IDCC) traded up 0.40% on Monday, hitting $74.95. The stock had a trading volume of 89,704 shares. The firm has a market cap of $2.60 billion, a PE ratio of 8.17 and a beta of 0.95. InterDigital, Inc. has a 52-week low of $67.55 and a 52-week high of $102.30. The company has a 50-day moving average price of $70.74 and a 200 day moving average price of $79.95.
InterDigital (NASDAQ:IDCC) last posted its quarterly earnings data on Thursday, July 27th. The Wireless communications provider reported $1.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.41 by $0.05. The firm had revenue of $135.78 million during the quarter, compared to analysts’ expectations of $133.69 million. InterDigital had a return on equity of 44.58% and a net margin of 45.92%. The business’s quarterly revenue was up 78.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.14 EPS. Equities analysts forecast that InterDigital, Inc. will post $3.61 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Wednesday, October 11th will be paid a $0.35 dividend. This is a positive change from InterDigital’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, October 10th. This represents a $1.40 dividend on an annualized basis and a yield of 1.88%. InterDigital’s dividend payout ratio (DPR) is 13.00%.
InterDigital declared that its Board of Directors has initiated a share buyback program on Thursday, September 14th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the Wireless communications provider to reacquire up to 4.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Several research firms have recently weighed in on IDCC. ValuEngine cut InterDigital from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. Sidoti upgraded InterDigital from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 8th. B. Riley restated a “buy” rating and issued a $100.00 price target on shares of InterDigital in a research note on Saturday, July 29th. Zacks Investment Research upgraded InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price target for the company in a research note on Friday, August 18th. Finally, BidaskClub cut InterDigital from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. InterDigital currently has a consensus rating of “Hold” and an average target price of $87.75.
InterDigital Company Profile
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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