Legal & General Group Plc boosted its stake in shares of InterDigital, Inc. (NASDAQ:IDCC) by 21.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,601 shares of the Wireless communications provider’s stock after buying an additional 4,722 shares during the period. Legal & General Group Plc owned about 0.08% of InterDigital worth $2,062,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Alps Advisors Inc. raised its holdings in InterDigital by 11.7% during the 2nd quarter. Alps Advisors Inc. now owns 12,047 shares of the Wireless communications provider’s stock worth $931,000 after buying an additional 1,266 shares during the period. Gargoyle Investment Advisor L.L.C. raised its holdings in InterDigital by 18.8% during the 2nd quarter. Gargoyle Investment Advisor L.L.C. now owns 10,974 shares of the Wireless communications provider’s stock worth $848,000 after buying an additional 1,736 shares during the period. New Amsterdam Partners LLC NY raised its holdings in InterDigital by 17.9% during the 2nd quarter. New Amsterdam Partners LLC NY now owns 63,767 shares of the Wireless communications provider’s stock worth $4,929,000 after buying an additional 9,664 shares during the period. Sigma Planning Corp raised its holdings in InterDigital by 62.2% during the 2nd quarter. Sigma Planning Corp now owns 16,960 shares of the Wireless communications provider’s stock worth $1,311,000 after buying an additional 6,501 shares during the period. Finally, Smith Asset Management Group LP raised its holdings in InterDigital by 1.2% during the 2nd quarter. Smith Asset Management Group LP now owns 38,657 shares of the Wireless communications provider’s stock worth $2,988,000 after buying an additional 450 shares during the period. Hedge funds and other institutional investors own 70.97% of the company’s stock.

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In other InterDigital news, EVP James J. Nolan sold 2,294 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $71.30, for a total transaction of $163,562.20. Following the transaction, the executive vice president now owns 54,042 shares in the company, valued at $3,853,194.60. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scott A. Mcquilkin sold 500 shares of the firm’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $79.15, for a total value of $39,575.00. Following the transaction, the executive vice president now owns 79,768 shares in the company, valued at approximately $6,313,637.20. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.

Shares of InterDigital, Inc. (NASDAQ IDCC) opened at 72.35 on Friday. The firm has a market cap of $2.51 billion, a P/E ratio of 7.89 and a beta of 0.95. InterDigital, Inc. has a 12-month low of $67.55 and a 12-month high of $102.30. The firm’s 50-day moving average price is $70.76 and its 200 day moving average price is $79.73.

InterDigital (NASDAQ:IDCC) last issued its earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.41 by $0.05. InterDigital had a return on equity of 44.58% and a net margin of 45.92%. The firm had revenue of $135.78 million for the quarter, compared to analysts’ expectations of $133.69 million. During the same quarter last year, the business earned $1.14 earnings per share. The company’s revenue was up 78.8% compared to the same quarter last year. On average, equities analysts expect that InterDigital, Inc. will post $3.61 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Wednesday, October 11th will be issued a dividend of $0.35 per share. The ex-dividend date is Tuesday, October 10th. This represents a $1.40 dividend on an annualized basis and a yield of 1.94%. This is a boost from InterDigital’s previous quarterly dividend of $0.30. InterDigital’s dividend payout ratio (DPR) is 13.00%.

InterDigital announced that its board has approved a share buyback program on Thursday, September 14th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the Wireless communications provider to reacquire up to 4.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

IDCC has been the topic of several recent analyst reports. B. Riley restated a “buy” rating and set a $100.00 price objective on shares of InterDigital in a report on Thursday, June 8th. BidaskClub downgraded InterDigital from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Sidoti upgraded InterDigital from a “neutral” rating to a “buy” rating in a report on Tuesday, August 8th. ValuEngine downgraded InterDigital from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. Finally, Zacks Investment Research upgraded InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price objective on the stock in a report on Friday, August 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. InterDigital presently 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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Institutional Ownership by Quarter for InterDigital (NASDAQ:IDCC)

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