InterDigital Inc. (IDCC) Downgraded by Dougherty & Co
InterDigital Inc. (NASDAQ:IDCC) was downgraded by research analysts at Dougherty & Co from a “buy” rating to a “neutral” rating in a report issued on Wednesday, The Fly reports.
IDCC has been the topic of a number of other research reports. TheStreet raised InterDigital from a “hold” rating to a “buy” rating in a research note on Wednesday, August 3rd. B. Riley lowered InterDigital from a “buy” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research note on Monday, September 26th. Barclays PLC increased their price target on InterDigital from $65.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, September 9th. Finally, Zacks Investment Research lowered InterDigital from a “hold” rating to a “sell” rating in a research note on Thursday, June 30th. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $78.33.
InterDigital (NASDAQ:IDCC) opened at 78.08 on Wednesday. The company has a 50-day moving average price of $73.55 and a 200-day moving average price of $61.45. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of 22.09 and a beta of 0.73. InterDigital has a 12-month low of $41.01 and a 12-month high of $79.97.
InterDigital (NASDAQ:IDCC) last posted its earnings results on Tuesday, August 2nd. The company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.83. InterDigital had a return on equity of 20.08% and a net margin of 31.71%. The firm had revenue of $75.90 million for the quarter, compared to analyst estimates of $76.60 million. During the same quarter in the prior year, the company earned $0.89 EPS. InterDigital’s revenue was down 36.0% on a year-over-year basis. On average, equities research analysts forecast that InterDigital will post $4.34 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Shareholders of record on Wednesday, October 12th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend is Friday, October 7th. This is a positive change from InterDigital’s previous quarterly dividend of $0.20. InterDigital’s dividend payout ratio is currently 22.66%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. increased its stake in InterDigital by 77.1% in the second quarter. Victory Capital Management Inc. now owns 1,801 shares of the company’s stock worth $100,000 after buying an additional 784 shares during the last quarter. LS Investment Advisors LLC increased its stake in InterDigital by 73.8% in the second quarter. LS Investment Advisors LLC now owns 2,084 shares of the company’s stock worth $116,000 after buying an additional 885 shares during the last quarter. Smith Asset Management Group LP increased its stake 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 worth $118,000 after buying an additional 2,100 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in InterDigital by 9.5% in the second quarter. Public Employees Retirement System of Ohio now owns 2,163 shares of the company’s stock worth $120,000 after buying an additional 188 shares during the last quarter. Finally, Bank of Montreal Can purchased a new stake in InterDigital during the second quarter worth approximately $189,000. 69.14% of the stock is currently owned by institutional investors.
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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