First Trust Advisors LP reduced its position in shares of InterDigital Inc. (NASDAQ:IDCC) by 27.4% during the second quarter, Holdings Channel reports. The institutional investor owned 29,446 shares of the company’s stock after selling 11,119 shares during the period. First Trust Advisors LP owned about 0.09% of InterDigital worth $1,640,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in IDCC. Emerald Acquisition Ltd. purchased a new position in InterDigital during the second quarter worth approximately $10,714,000. BNP Paribas Arbitrage SA raised its position in InterDigital by 208.0% in the second quarter. BNP Paribas Arbitrage SA now owns 271,756 shares of the company’s stock worth $15,131,000 after buying an additional 183,532 shares in the last quarter. Renaissance Technologies LLC raised its position in InterDigital by 48.0% in the first quarter. Renaissance Technologies LLC now owns 223,693 shares of the company’s stock worth $12,449,000 after buying an additional 72,500 shares in the last quarter. Dean Investment Associates LLC bought a new stake in shares of InterDigital during the second quarter valued at about $3,257,000. Finally, TrimTabs Asset Management LLC bought a new stake in shares of InterDigital during the second quarter valued at about $1,556,000. 69.14% of the stock is currently owned by institutional investors.
InterDigital Inc. (NASDAQ:IDCC) traded up 1.877% during midday trading on Tuesday, reaching $78.955. 233,837 shares of the company’s stock were exchanged. InterDigital Inc. has a 12 month low of $41.01 and a 12 month high of $79.80. The company has a 50 day moving average price of $71.68 and a 200 day moving average price of $60.33. The company has a market cap of $2.70 billion, a P/E ratio of 22.335 and a beta of 1.11.
InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.83. InterDigital had a return on equity of 20.08% and a net margin of 31.71%. The firm earned $75.90 million during the quarter, compared to the consensus estimate of $76.60 million. During the same quarter in the prior year, the firm posted $0.89 EPS. The business’s revenue was down 36.0% on a year-over-year basis. On average, equities analysts anticipate that InterDigital Inc. will post $4.34 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Wednesday, October 12th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, October 7th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.55%. This is a boost from InterDigital’s previous quarterly dividend of $0.20. InterDigital’s dividend payout ratio is currently 22.66%.
Several equities research analysts have recently issued reports on the stock. Barclays PLC restated an “equal weight” rating and issued a $80.00 price objective (up previously from $75.00) on shares of InterDigital in a research note on Friday. B. Riley downgraded shares of InterDigital from a “buy” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a research note on Monday. Zacks Investment Research upgraded shares of InterDigital from a “sell” rating to a “strong-buy” rating and set a $75.00 price objective on the stock in a research note on Saturday, August 6th. Finally, TheStreet upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a research note on Wednesday, August 3rd. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. InterDigital has a consensus rating of “Buy” and an average target price of $75.00.
InterDigital Company Profile
InterDigital, Inc designs and develops technologies for wireless communications. The Company has designed and developed a range of technologies that are used in digital cellular and wireless products and networks, including second generation (2G), third generation (3G), fourth generation (4G) and IEEE 802 related products and networks.
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