First Trust Advisors LP Reduces Stake in InterDigital, Inc. (IDCC)
First Trust Advisors LP cut its position in InterDigital, Inc. (NASDAQ:IDCC) by 42.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,533 shares of the Wireless communications provider’s stock after selling 49,895 shares during the quarter. First Trust Advisors LP owned 0.20% of InterDigital worth $5,483,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James & Associates purchased a new position in InterDigital in the second quarter valued at $210,000. Oakbrook Investments LLC purchased a new stake in InterDigital during the 3rd quarter worth about $212,000. Fox Run Management L.L.C. purchased a new stake in InterDigital during the 2nd quarter worth about $219,000. Itau Unibanco Holding S.A. purchased a new stake in InterDigital during the 2nd quarter worth about $262,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in InterDigital during the 2nd quarter worth about $263,000. 77.45% of the stock is owned by institutional investors and hedge funds.
In other news, EVP James J. Nolan sold 5,093 shares of the business’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $79.82, for a total value of $406,523.26. Following the completion of the sale, the executive vice president now directly owns 39,560 shares of the company’s stock, valued at approximately $3,157,679.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is currently owned by insiders.
InterDigital (NASDAQ:IDCC) last announced its quarterly earnings results on Thursday, November 1st. The Wireless communications provider reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.36. InterDigital had a return on equity of 17.50% and a net margin of 26.19%. The company had revenue of $75.08 million during the quarter, compared to the consensus estimate of $72.59 million. During the same period in the previous year, the business earned $1.00 EPS. InterDigital’s revenue for the quarter was down 22.9% on a year-over-year basis. On average, equities research analysts expect that InterDigital, Inc. will post 2.05 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 24th. Stockholders of record on Wednesday, October 10th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.87%. The ex-dividend date was Tuesday, October 9th. InterDigital’s payout ratio is currently 23.10%.
A number of analysts have issued reports on IDCC shares. ValuEngine downgraded InterDigital from a “buy” rating to a “hold” rating in a report on Friday, October 12th. BidaskClub downgraded InterDigital from a “hold” rating to a “sell” rating in a report on Thursday, August 30th. National Securities started coverage on InterDigital in a report on Monday, July 23rd. They set a “buy” rating and a $103.00 price target for the company. Zacks Investment Research downgraded InterDigital from a “hold” rating to a “strong sell” rating in a report on Monday, August 6th. Finally, TheStreet downgraded InterDigital from a “b-” rating to a “c+” rating in a report on Monday, October 29th. Two analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. InterDigital currently has an average rating of “Hold” and an average price target of $94.40.
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InterDigital, Inc designs and develops technologies that enable and enhance wireless communications in the United States and internationally. It offers technology solutions for use in digital cellular and wireless products and networks, including 2G, 3G, 4G, and IEEE 802-related products and networks.
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