Victory Capital Management Inc. increased its position in InterDigital Inc. (NASDAQ:IDCC) by 77.1% during the second quarter, Holdings Channel reports. The institutional investor owned 1,801 shares of the company’s stock after buying an additional 784 shares during the period. Victory Capital Management Inc.’s holdings in InterDigital were worth $100,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Ulysses Management LLC raised its position in InterDigital by 4.2% in the first quarter. Ulysses Management LLC now owns 495,000 shares of the company’s stock valued at $27,547,000 after buying an additional 20,000 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in InterDigital by 1.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,034,062 shares of the company’s stock valued at $57,546,000 after buying an additional 13,188 shares during the period. Aperio Group LLC acquired a new position in InterDigital during the first quarter valued at approximately $255,000. HL Financial Services LLC raised its position in InterDigital by 0.6% in the second quarter. HL Financial Services LLC now owns 4,755 shares of the company’s stock valued at $265,000 after buying an additional 27 shares during the period. Finally, State Street Corp raised its position in InterDigital by 0.7% in the first quarter. State Street Corp now owns 1,090,975 shares of the company’s stock valued at $60,710,000 after buying an additional 7,093 shares during the period. 69.14% of the stock is currently owned by institutional investors and hedge funds.
Shares of InterDigital Inc. (NASDAQ:IDCC) traded down 0.24% during midday trading on Friday, hitting $78.35. 397,931 shares of the stock traded hands. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 22.16 and a beta of 0.73. InterDigital Inc. has a one year low of $41.01 and a one year high of $79.97. The firm has a 50-day moving average price of $74.39 and a 200 day moving average price of $61.87.
InterDigital (NASDAQ:IDCC) last posted its earnings results on Tuesday, August 2nd. The company reported $1.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.83. The business had revenue of $75.90 million for the quarter, compared to analyst estimates of $76.60 million. InterDigital had a net margin of 31.71% and a return on equity of 20.08%. The business’s quarterly revenue was down 36.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.89 EPS. Analysts anticipate that InterDigital Inc. will post $5.71 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Wednesday, October 12th will be issued a dividend of $0.30 per share. This is a positive change from InterDigital’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, October 7th. This represents a $1.20 annualized dividend and a dividend yield of 1.53%. InterDigital’s payout ratio is presently 22.66%.
Several research firms recently commented on IDCC. TheStreet raised InterDigital from a “hold” rating to a “buy” rating in a report on Wednesday, August 3rd. B. Riley lowered InterDigital from a “buy” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a report on Monday, September 26th. Barclays PLC raised their price objective on InterDigital from $65.00 to $75.00 and gave the stock an “equal weight” rating in a report on Friday, September 9th. Dougherty & Co lowered InterDigital from a “buy” rating to a “neutral” rating in a report on Wednesday. Finally, Zacks Investment Research lowered InterDigital from a “hold” rating to a “sell” rating in a report on Thursday, June 30th. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. InterDigital presently has an average rating of “Buy” and a consensus price target of $78.33.
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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