Principal Financial Group Inc. cut its holdings in InterDigital, Inc. (NASDAQ:IDCC) by 6.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 149,733 shares of the Wireless communications provider’s stock after selling 10,718 shares during the period. Principal Financial Group Inc. owned approximately 0.43% of InterDigital worth $11,575,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the company. Cambridge Investment Research Advisors Inc. raised its position in shares of InterDigital by 0.5% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 2,796 shares of the Wireless communications provider’s stock worth $216,000 after acquiring an additional 15 shares in the last quarter. American Century Companies Inc. raised its position in shares of InterDigital by 1.2% in the 2nd quarter. American Century Companies Inc. now owns 102,517 shares of the Wireless communications provider’s stock worth $7,925,000 after acquiring an additional 1,229 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of InterDigital by 17.5% in the 2nd quarter. Victory Capital Management Inc. now owns 1,616 shares of the Wireless communications provider’s stock worth $125,000 after acquiring an additional 241 shares in the last quarter. TrimTabs Asset Management LLC raised its position in shares of InterDigital by 104.9% in the 2nd quarter. TrimTabs Asset Management LLC now owns 2,783 shares of the Wireless communications provider’s stock worth $215,000 after acquiring an additional 1,425 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its position in shares of InterDigital by 0.9% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 13,113 shares of the Wireless communications provider’s stock worth $1,014,000 after acquiring an additional 122 shares in the last quarter. 70.97% of the stock is owned by hedge funds and other institutional investors.

IDCC has been the subject of several research analyst reports. B. Riley reissued a “buy” rating and issued a $100.00 price objective on shares of InterDigital in a research report on Tuesday, June 13th. Zacks Investment Research raised InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research report on Friday, August 18th. ValuEngine lowered InterDigital from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. Sidoti raised InterDigital from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 8th. Finally, BidaskClub lowered InterDigital from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. InterDigital has a consensus rating of “Hold” and a consensus target price of $87.75.

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InterDigital, Inc. (NASDAQ IDCC) opened at 72.35 on Friday. InterDigital, Inc. has a 52-week low of $67.55 and a 52-week high of $102.30. The stock has a 50 day moving average price of $70.76 and a 200 day moving average price of $79.73. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 7.89 and a beta of 0.95.

InterDigital (NASDAQ:IDCC) last issued its quarterly earnings data on Thursday, July 27th. The Wireless communications provider reported $1.46 EPS for the quarter, beating the consensus estimate of $1.41 by $0.05. The firm had revenue of $135.78 million during the quarter, compared to the consensus estimate of $133.69 million. InterDigital had a net margin of 45.92% and a return on equity of 44.58%. The company’s quarterly revenue was up 78.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.14 earnings per share. Equities research analysts forecast that InterDigital, Inc. will post $3.61 earnings per share for the current year.

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

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 11th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.94%. This is an increase from InterDigital’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, October 10th. InterDigital’s dividend payout ratio is 13.00%.

In related news, EVP Scott A. Mcquilkin sold 500 shares of the stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $79.15, for a total value of $39,575.00. Following the completion of the transaction, the executive vice president now directly owns 79,768 shares of the company’s stock, valued at $6,313,637.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James J. Nolan sold 2,294 shares of the 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 completion of the transaction, the executive vice president now directly owns 54,042 shares of the company’s stock, valued at $3,853,194.60. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.

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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