InterDigital Inc. (IDCC) Position Boosted by Teacher Retirement System of Texas
Teacher Retirement System of Texas boosted its position in shares of InterDigital Inc. (NASDAQ:IDCC) by 13.7% during the second quarter, Holdings Channel reports. The fund owned 4,964 shares of the company’s stock after buying an additional 598 shares during the period. Teacher Retirement System of Texas’ holdings in InterDigital were worth $276,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the stock. Denver Investment Advisors LLC boosted its stake in InterDigital by 2.6% in the second quarter. Denver Investment Advisors LLC now owns 478,353 shares of the company’s stock worth $26,635,000 after buying an additional 11,904 shares during the last quarter. Rafferty Asset Management LLC bought a new position in shares of InterDigital during the second quarter worth $273,000. Victory Capital Management Inc. increased its position in shares of 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 period. Blair William & Co. IL increased its position in shares of InterDigital by 1.8% in the second quarter. Blair William & Co. IL now owns 11,069 shares of the company’s stock worth $616,000 after buying an additional 200 shares during the period. Finally, Twin Capital Management Inc. bought a new position in shares of InterDigital during the second quarter worth $1,556,000. Hedge funds and other institutional investors own 69.14% of the company’s stock.
InterDigital Inc. (NASDAQ:IDCC) opened at 76.86 on Friday. The firm has a 50-day moving average of $75.60 and a 200 day moving average of $62.67. The company has a market capitalization of $2.63 billion, a P/E ratio of 21.74 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 issued its quarterly earnings data on Tuesday, August 2nd. The company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.83. InterDigital had a net margin of 31.71% and a return on equity of 20.08%. The firm had revenue of $75.90 million for the quarter, compared to the consensus estimate of $76.60 million. During the same quarter in the previous year, the firm earned $0.89 EPS. The company’s quarterly revenue was down 36.0% compared to the same quarter last year. Equities analysts predict that InterDigital Inc. will post $5.71 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Wednesday, October 12th will be given a $0.30 dividend. The ex-dividend date is Friday, October 7th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.56%. This is an increase from InterDigital’s previous quarterly dividend of $0.20. InterDigital’s payout ratio is presently 33.99%.
A number of research analysts recently weighed in on the stock. B. Riley restated a “buy” rating and set a $69.00 price objective on shares of InterDigital in a research report on Monday, June 27th. Barclays PLC restated an “equal weight” rating and set a $80.00 price objective (up previously from $75.00) on shares of InterDigital in a research report on Friday, September 23rd. Finally, Zacks Investment Research downgraded shares of InterDigital from a “hold” rating to a “sell” rating in a research report on Thursday, June 30th. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $78.33.
In other news, Director Robert S. Roath sold 6,901 shares of InterDigital stock in a transaction that occurred on Wednesday, October 12th. The shares were sold at an average price of $77.34, for a total value of $533,723.34. Following the transaction, the director now owns 15,967 shares of the company’s stock, valued at approximately $1,234,887.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William J. Merritt sold 5,000 shares of InterDigital stock in a transaction that occurred on Monday, October 10th. The stock was sold at an average price of $78.35, for a total transaction of $391,750.00. Following the completion of the transaction, the insider now directly owns 136,072 shares in the company, valued at approximately $10,661,241.20. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.
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.
Want to see what other hedge funds are holding IDCC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for InterDigital Inc. (NASDAQ:IDCC).
Receive News & Ratings for InterDigital Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for InterDigital Inc. and related companies with MarketBeat.com's FREE daily email newsletter.