Ameriprise Financial Inc. Cuts Stake in InterDigital, Inc. (IDCC)
Ameriprise Financial Inc. lessened its position in shares of InterDigital, Inc. (NASDAQ:IDCC) by 3.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 129,694 shares of the Wireless communications provider’s stock after selling 4,696 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.37% of InterDigital worth $10,026,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in IDCC. Bank of Nova Scotia acquired a new position in shares of InterDigital during the 1st quarter worth $21,151,000. Schroder Investment Management Group raised its stake in shares of InterDigital by 1,149.0% during the 2nd quarter. Schroder Investment Management Group now owns 152,815 shares of the Wireless communications provider’s stock worth $12,103,000 after buying an additional 140,580 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in shares of InterDigital during the 1st quarter worth $11,378,000. AQR Capital Management LLC raised its stake in shares of InterDigital by 17.7% during the 1st quarter. AQR Capital Management LLC now owns 658,561 shares of the Wireless communications provider’s stock worth $56,834,000 after buying an additional 99,018 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of InterDigital by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 2,825,391 shares of the Wireless communications provider’s stock worth $243,831,000 after buying an additional 89,997 shares during the last quarter. 70.97% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently issued reports on the company. B. Riley reaffirmed a “buy” rating and set a $100.00 price target on shares of InterDigital in a research note on Monday, August 28th. Zacks Investment Research raised InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price target for the company in a research note on Friday, August 18th. ValuEngine downgraded InterDigital from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. Sidoti raised InterDigital from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 8th. Finally, BidaskClub downgraded InterDigital from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $87.75.
InterDigital, Inc. (NASDAQ:IDCC) opened at 74.75 on Friday. The firm has a market cap of $2.59 billion, a P/E ratio of 8.15 and a beta of 0.93. The company has a 50-day moving average of $72.44 and a 200 day moving average of $78.51. InterDigital, Inc. has a 52 week low of $67.55 and a 52 week high of $102.30.
InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.05. The firm had revenue of $135.78 million during the quarter, compared to analyst estimates of $133.69 million. InterDigital had a net margin of 45.92% and a return on equity of 44.58%. The business’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.14 EPS. On average, equities analysts predict that InterDigital, Inc. will post $3.61 earnings per share for the current year.
InterDigital declared that its Board of Directors has initiated a stock repurchase 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 purchase up to 4.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 11th will be given a dividend of $0.35 per share. This is a positive change from InterDigital’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Tuesday, October 10th. InterDigital’s payout ratio is 15.17%.
In related news, EVP James J. Nolan sold 2,294 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $71.30, for a total value of $163,562.20. Following the completion of the transaction, the executive vice president now directly owns 54,042 shares in the company, valued at $3,853,194.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott A. Mcquilkin sold 500 shares of the company’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $75.00, for a total transaction of $37,500.00. Following the completion of the transaction, the executive vice president now owns 79,319 shares of the company’s stock, valued at $5,948,925. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.
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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