Cubist Systematic Strategies LLC increased its position in shares of InterDigital, Inc. (NASDAQ:IDCC) by 116.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,618 shares of the Wireless communications provider’s stock after purchasing an additional 12,697 shares during the period. Cubist Systematic Strategies LLC owned about 0.07% of InterDigital worth $1,826,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Financial Architects Inc increased its position in shares of InterDigital by 180.0% during the second quarter. Financial Architects Inc now owns 1,400 shares of the Wireless communications provider’s stock valued at $108,000 after purchasing an additional 900 shares during the period. Riverhead Capital Management LLC increased its position in shares of InterDigital by 74.6% during the second quarter. Riverhead Capital Management LLC now owns 1,397 shares of the Wireless communications provider’s stock valued at $108,000 after purchasing an additional 597 shares during the period. Victory Capital Management Inc. increased its position in shares of InterDigital by 17.5% during the second quarter. Victory Capital Management Inc. now owns 1,616 shares of the Wireless communications provider’s stock valued at $125,000 after purchasing an additional 241 shares during the period. Advisor Group Inc. increased its position in shares of InterDigital by 29.5% during the second quarter. Advisor Group Inc. now owns 2,342 shares of the Wireless communications provider’s stock valued at $181,000 after purchasing an additional 534 shares during the period. Finally, Seven Eight Capital LP increased its position in shares of InterDigital by 60.0% during the second quarter. Seven Eight Capital LP now owns 2,400 shares of the Wireless communications provider’s stock valued at $186,000 after purchasing an additional 900 shares during the period. Institutional investors and hedge funds 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 InterDigital stock in a transaction on Monday, August 7th. The stock was 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 of the company’s stock, valued at approximately $3,853,194.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott A. Mcquilkin sold 500 shares of InterDigital stock in a transaction on Friday, September 29th. The shares were sold at an average price of $75.00, for a total value of $37,500.00. Following the completion of the transaction, the executive vice president now directly 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. (IDCC) traded down 0.27% during mid-day trading on Wednesday, hitting $75.00. The stock had a trading volume of 6,093 shares. The stock’s 50 day moving average price is $72.20 and its 200 day moving average price is $78.56. InterDigital, Inc. has a one year low of $67.55 and a one year high of $102.30. The firm has a market capitalization of $2.60 billion, a price-to-earnings ratio of 8.18 and a beta of 0.93.
InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.05. The business had revenue of $135.78 million during the quarter, compared to analysts’ expectations of $133.69 million. InterDigital had a return on equity of 44.58% and a net margin of 45.92%. The firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same period last year, the firm posted $1.14 EPS. Analysts forecast that InterDigital, Inc. will post $3.61 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Wednesday, October 11th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, October 10th. This is a boost from InterDigital’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 1.86%. InterDigital’s payout ratio is currently 13.00%.
InterDigital declared that its Board of Directors has authorized a stock buyback plan 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 plans are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of analysts have recently issued reports on the company. B. Riley restated a “buy” rating and set a $100.00 price objective on shares of InterDigital in a research report on Tuesday, June 13th. ValuEngine cut InterDigital from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. Sidoti upgraded InterDigital from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 8th. BidaskClub cut InterDigital from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. 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 research report on Friday, August 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. InterDigital presently has an average rating of “Hold” and a consensus price target 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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