InterDigital, Inc. (NASDAQ:IDCC) – Analysts at Dougherty & Co boosted their FY2017 EPS estimates for InterDigital in a note issued to investors on Monday. Dougherty & Co analyst C. Anderson now anticipates that the Wireless communications provider will post earnings per share of $5.13 for the year, up from their previous forecast of $4.00. Dougherty & Co also issued estimates for InterDigital’s Q4 2017 earnings at $1.92 EPS.
A number of other brokerages have also recently weighed in on IDCC. ValuEngine cut shares of InterDigital from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 11th. Sidoti upgraded shares of InterDigital from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 8th. B. Riley restated a “buy” rating and issued a $100.00 price objective on shares of InterDigital in a research note on Saturday, July 29th. Finally, Zacks Investment Research upgraded shares of InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research note on Friday, August 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $89.00.
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Shares of InterDigital (IDCC) opened at $74.25 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.22 and a quick ratio of 3.22. The company has a market cap of $2,577.32, a P/E ratio of 10.26 and a beta of 0.95. InterDigital has a 1 year low of $67.55 and a 1 year high of $102.30.
InterDigital (NASDAQ:IDCC) last announced its quarterly earnings data on Thursday, October 26th. The Wireless communications provider reported $1.00 EPS for the quarter, beating the Zacks’ 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 period in the previous year, the firm posted $2.99 earnings per share. The firm’s revenue was down 53.3% on a year-over-year basis.
A number of hedge funds have recently made changes to their positions in IDCC. Public Employees Retirement System of Ohio lifted its stake in InterDigital by 374.9% in the third quarter. Public Employees Retirement System of Ohio now owns 8,624 shares of the Wireless communications provider’s stock valued at $636,000 after buying an additional 6,808 shares during the period. Janney Montgomery Scott LLC raised its position in InterDigital by 81.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 9,399 shares of the Wireless communications provider’s stock valued at $693,000 after buying an additional 4,217 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in InterDigital by 3.4% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 24,420 shares of the Wireless communications provider’s stock valued at $1,801,000 after purchasing an additional 802 shares during the period. Vident Investment Advisory LLC bought a new position in InterDigital in the 3rd quarter valued at $2,934,000. Finally, Cornerstone Capital Management Holdings LLC. grew its stake in InterDigital by 169.5% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 30,300 shares of the Wireless communications provider’s stock valued at $2,234,000 after purchasing an additional 19,059 shares during the period. Institutional investors and hedge funds own 73.07% of the company’s stock.
In other news, EVP Scott A. Mcquilkin sold 500 shares of InterDigital 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 sale, the executive vice president now owns 79,319 shares of the company’s stock, valued at $5,948,925. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jannie K. Lau sold 2,561 shares of the business’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $72.31, for a total value of $185,185.91. Following the completion of the transaction, the executive vice president now directly 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. 1.90% of the stock is owned by company insiders.
InterDigital declared that its Board of Directors has approved 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 buy up to 4.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 11th were paid a dividend of $0.35 per share. This is a boost from InterDigital’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend was Tuesday, October 10th. InterDigital’s dividend payout ratio (DPR) is currently 19.34%.
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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