Stockman Asset Management Takes Position in InterDigital, Inc. (IDCC)
Stockman Asset Management purchased a new stake in shares of InterDigital, Inc. (NASDAQ:IDCC) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 30,850 shares of the company’s stock, valued at approximately $2,443,000. InterDigital comprises 1.5% of Stockman Asset Management’s investment portfolio, making the stock its 22nd largest position. Stockman Asset Management owned 0.09% of InterDigital at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of IDCC. Victory Capital Management Inc. raised its position in InterDigital by 77.1% in the second quarter. Victory Capital Management Inc. now owns 1,801 shares of the company’s stock valued at $100,000 after buying an additional 784 shares during the period. LS Investment Advisors LLC raised 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 period. Smith Asset Management Group LP raised 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 period. Public Employees Retirement System of Ohio raised its position 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 valued at $120,000 after buying an additional 188 shares during the period. Finally, Summit Securities Group LLC acquired a new position in InterDigital during the second quarter valued at approximately $201,000. 68.61% of the stock is owned by institutional investors and hedge funds.
InterDigital, Inc. (NASDAQ:IDCC) traded down 0.06% during mid-day trading on Friday, hitting $90.00. 185,015 shares of the company’s stock were exchanged. The stock has a market capitalization of $3.09 billion, a P/E ratio of 15.44 and a beta of 1.13. The firm has a 50 day moving average of $85.72 and a 200 day moving average of $72.85. InterDigital, Inc. has a 52 week low of $41.01 and a 52 week high of $98.00.
InterDigital (NASDAQ:IDCC) last announced its quarterly earnings results on Thursday, October 27th. The company reported $2.99 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.08 by $0.09. The business earned $208.30 million during the quarter, compared to the consensus estimate of $210.68 million. InterDigital had a net margin of 40.78% and a return on equity of 33.71%. The company’s quarterly revenue was up 107.5% compared to the same quarter last year. During the same period last year, the firm earned $0.68 EPS. Equities analysts forecast that InterDigital, Inc. will post $8.71 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 25th. Shareholders of record on Wednesday, January 11th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Monday, January 9th. InterDigital’s dividend payout ratio (DPR) is presently 20.55%.
Several analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of InterDigital from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a research report on Tuesday, November 1st. B. Riley reiterated a “buy” rating and issued a $80.00 price objective on shares of InterDigital in a research report on Friday, September 16th. Barclays PLC reiterated an “equal weight” rating and issued a $80.00 price objective (up from $75.00) on shares of InterDigital in a research report on Friday, September 23rd. Finally, Sidoti downgraded shares of InterDigital from a “buy” rating to a “neutral” rating and set a $86.00 price objective on the stock. in a research report on Wednesday, December 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. InterDigital has a consensus rating of “Hold” and an average target price of $82.63.
In other InterDigital news, CFO Richard Brezski sold 6,807 shares of the business’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $70.00, for a total value of $476,490.00. Following the sale, the chief financial officer now owns 20,556 shares of the company’s stock, valued at approximately $1,438,920. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is currently owned by company insiders.
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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