Ameriprise Financial Inc. Lowers Stake in InterDigital Inc. (IDCC)
Ameriprise Financial Inc. decreased its stake in InterDigital Inc. (NASDAQ:IDCC) by 7.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 162,519 shares of the company’s stock after selling 12,521 shares during the period. Ameriprise Financial Inc. owned approximately 0.47% of InterDigital worth $9,050,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IDCC. Envestnet Asset Management Inc. increased its position in InterDigital by 8.8% in the first quarter. Envestnet Asset Management Inc. now owns 2,038 shares of the company’s stock valued at $113,000 after buying an additional 164 shares during the last quarter. LS Investment Advisors LLC increased its position in InterDigital by 73.8% in the second quarter. LS Investment Advisors LLC now owns 2,084 shares of the company’s stock valued at $116,000 after buying an additional 885 shares during the last quarter. Smith Asset Management Group LP increased its position in InterDigital by 8,400.0% in the second quarter. Smith Asset Management Group LP now owns 2,125 shares of the company’s stock valued at $118,000 after buying an additional 2,100 shares during the last quarter. Bank of Montreal Can acquired a new position in InterDigital during the second quarter valued at $189,000. Finally, Commonwealth Equity Services Inc increased its position in InterDigital by 16.2% in the second quarter. Commonwealth Equity Services Inc now owns 4,305 shares of the company’s stock valued at $240,000 after buying an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 69.14% of the company’s stock.
InterDigital Inc. (NASDAQ:IDCC) traded up 0.51% during trading on Tuesday, reaching $78.88. 59,047 shares of the company traded hands. The company’s 50-day moving average price is $73.28 and its 200 day moving average price is $61.28. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 22.31 and a beta of 0.73. InterDigital Inc. has a 52 week low of $41.01 and a 52 week high of $79.97.
InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.83. The business had revenue of $75.90 million for the quarter, compared to analysts’ expectations of $76.60 million. InterDigital had a net margin of 31.71% and a return on equity of 20.08%. The firm’s revenue for the quarter was down 36.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.89 earnings per share. On average, equities research analysts expect that InterDigital Inc. will post $4.34 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Wednesday, October 12th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, October 7th. This represents a $1.20 annualized dividend and a yield of 1.53%. This is a boost from InterDigital’s previous quarterly dividend of $0.20. InterDigital’s payout ratio is 22.66%.
IDCC has been the subject of several recent analyst reports. Barclays PLC upped their target price on shares of InterDigital from $65.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, September 9th. TheStreet upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a research note on Wednesday, August 3rd. Zacks Investment Research lowered shares of InterDigital from a “hold” rating to a “sell” rating in a research note on Thursday, June 30th. Finally, B. Riley lowered shares of InterDigital from a “buy” rating to a “neutral” rating and set a $80.00 target price for the company. in a research note on Monday, September 26th.
InterDigital Company Profile
InterDigital, Inc designs and develops technologies for wireless communications. The Company has designed and developed a range of technologies that are used in digital cellular and wireless products and networks, including second generation (2G), third generation (3G), fourth generation (4G) and IEEE 802 related products and networks.
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