InterDigital, Inc. (IDCC) Shares Sold by Donald L. Hagan LLC
Donald L. Hagan LLC cut its stake in shares of InterDigital, Inc. (NASDAQ:IDCC) by 9.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,933 shares of the Wireless communications provider’s stock after selling 921 shares during the quarter. Donald L. Hagan LLC’s holdings in InterDigital were worth $680,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Riverhead Capital Management LLC boosted its stake in InterDigital by 74.6% during the second quarter. Riverhead Capital Management LLC now owns 1,397 shares of the Wireless communications provider’s stock worth $108,000 after acquiring an additional 597 shares in the last quarter. Mountain Capital Investment Advisors Inc acquired a new position in InterDigital during the second quarter worth $118,000. Victory Capital Management Inc. raised its holdings in InterDigital by 17.5% during the second quarter. Victory Capital Management Inc. now owns 1,616 shares of the Wireless communications provider’s stock worth $125,000 after buying an additional 241 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its holdings in InterDigital by 107.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,182 shares of the Wireless communications provider’s stock worth $160,000 after buying an additional 1,129 shares during the last quarter. Finally, Advisor Group Inc. raised its holdings in InterDigital by 29.5% during the second quarter. Advisor Group Inc. now owns 2,342 shares of the Wireless communications provider’s stock worth $181,000 after buying an additional 534 shares during the last quarter. 72.88% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have weighed in on IDCC. Zacks Investment Research downgraded shares of InterDigital from a “hold” rating to a “sell” rating in a report on Wednesday. B. Riley restated a “buy” rating and set a $100.00 price objective on shares of InterDigital in a report on Wednesday, January 3rd. BidaskClub upgraded shares of InterDigital from a “strong sell” rating to a “sell” rating in a report on Thursday, January 4th. Finally, ValuEngine upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a report on Thursday, November 16th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $90.00.
InterDigital (NASDAQ:IDCC) last released its quarterly earnings data on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.34. InterDigital had a net margin of 42.94% and a return on equity of 32.77%. The firm had revenue of $97.30 million for the quarter, compared to the consensus estimate of $94.13 million. During the same quarter in the prior year, the company posted $2.99 earnings per share. The business’s revenue was down 53.3% on a year-over-year basis. analysts forecast that InterDigital, Inc. will post 5.72 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 24th. Stockholders of record on Wednesday, January 10th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $1.40 annualized dividend and a dividend yield of 1.73%. InterDigital’s dividend payout ratio is currently 19.34%.
InterDigital announced that its Board of Directors has approved a stock buyback plan on Thursday, September 14th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the Wireless communications provider to buy up to 4.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other news, EVP James J. Nolan sold 5,020 shares of the stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $75.00, for a total value of $376,500.00. Following the completion of the sale, the executive vice president now owns 49,063 shares in the company, valued at $3,679,725. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Jannie K. Lau sold 2,561 shares of the stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $72.31, for a total transaction of $185,185.91. Following the completion of the sale, the executive vice president now owns 19,496 shares of the company’s stock, valued at approximately $1,409,755.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,581 shares of company stock valued at $638,186. 1.90% of the stock is currently owned by corporate insiders.
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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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