Rafferty Asset Management LLC Boosts Stake in InterDigital, Inc. (IDCC)
Rafferty Asset Management LLC lifted its holdings in InterDigital, Inc. (NASDAQ:IDCC) by 53.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,377 shares of the Wireless communications provider’s stock after buying an additional 5,673 shares during the period. Rafferty Asset Management LLC’s holdings in InterDigital were worth $1,266,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Seizert Capital Partners LLC lifted its stake in shares of InterDigital by 22.8% in the second quarter. Seizert Capital Partners LLC now owns 47,916 shares of the Wireless communications provider’s stock worth $3,704,000 after buying an additional 8,890 shares in the last quarter. Arizona State Retirement System increased its position in InterDigital by 2.1% during the second quarter. Arizona State Retirement System now owns 14,600 shares of the Wireless communications provider’s stock worth $1,129,000 after purchasing an additional 300 shares during the last quarter. Strid Group LLC acquired a new stake in InterDigital during the second quarter worth about $4,514,000. AQR Capital Management LLC increased its position in InterDigital by 17.7% during the first quarter. AQR Capital Management LLC now owns 658,561 shares of the Wireless communications provider’s stock worth $56,834,000 after purchasing an additional 99,018 shares during the last quarter. Finally, Smithbridge Asset Management Inc. DE acquired a new stake in InterDigital during the second quarter worth about $3,556,000. 70.97% of the stock is currently owned by hedge funds and other institutional investors.
Shares of InterDigital, Inc. (NASDAQ IDCC) opened at 72.35 on Friday. The firm’s 50 day moving average is $70.76 and its 200-day moving average is $79.73. InterDigital, Inc. has a 12 month low of $67.55 and a 12 month high of $102.30. The firm has a market capitalization of $2.51 billion, a PE ratio of 7.89 and a beta of 0.95.
InterDigital (NASDAQ:IDCC) last announced its quarterly earnings data 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 for 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 company’s revenue was up 78.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.14 EPS. On average, analysts expect that InterDigital, Inc. will post $3.61 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 11th will be issued 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 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Tuesday, October 10th. InterDigital’s dividend payout ratio is presently 13.00%.
InterDigital announced that its board has initiated a share buyback program on Thursday, September 14th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the Wireless communications provider to buy up to 4.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
Several research firms recently issued reports on IDCC. 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. BidaskClub cut shares of InterDigital from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Sidoti upgraded shares of InterDigital from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 8th. ValuEngine cut shares of InterDigital from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. Finally, Zacks Investment Research upgraded shares of InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price target for the company in a research report on Friday, August 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. InterDigital presently has a consensus rating of “Hold” and an average target price of $87.75.
In related news, EVP James J. Nolan sold 2,294 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $71.30, for a total transaction of $163,562.20. Following the completion of the sale, the executive vice president now owns 54,042 shares of the company’s stock, valued at approximately $3,853,194.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott A. Mcquilkin sold 500 shares of the stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $79.15, for a total transaction of $39,575.00. Following the sale, the executive vice president now directly owns 79,768 shares of the company’s stock, valued at approximately $6,313,637.20. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.
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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