B. Riley reaffirmed their buy rating on shares of InterDigital (NASDAQ:IDCC) in a research note released on Wednesday, January 3rd. B. Riley currently has a $100.00 price objective on the Wireless communications provider’s stock. B. Riley also issued estimates for InterDigital’s Q4 2017 earnings at $2.26 EPS and FY2017 earnings at $5.66 EPS.
IDCC has been the subject of a number of other reports. Zacks Investment Research raised shares of InterDigital from a hold rating to a buy rating and set a $82.00 price objective for the company in a research note on Wednesday, November 1st. ValuEngine raised shares of InterDigital from a hold rating to a buy rating in a research note on Thursday, November 16th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $90.00.
InterDigital (IDCC) traded up $1.40 on Wednesday, reaching $80.90. 640,300 shares of the company’s stock traded hands, compared to its average volume of 371,837. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.34. InterDigital has a fifty-two week low of $67.55 and a fifty-two week high of $102.30. The company has a market capitalization of $2,800.00, a P/E ratio of 11.17 and a beta of 0.97.
InterDigital (NASDAQ:IDCC) last announced its quarterly earnings data on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.34. The firm had revenue of $97.30 million during the quarter, compared to analysts’ expectations of $94.13 million. InterDigital had a net margin of 42.94% and a return on equity of 32.77%. The company’s revenue for the quarter was down 53.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.99 earnings per share. research analysts expect that InterDigital will post 5.72 earnings per share for the current year.
InterDigital declared that its Board of Directors has approved a share repurchase program on Thursday, September 14th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the Wireless communications provider to repurchase up to 4.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Shareholders of record on Wednesday, January 10th will be paid a $0.35 dividend. The ex-dividend date is Tuesday, January 9th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.73%. InterDigital’s payout ratio is currently 19.34%.
In other news, EVP James J. Nolan sold 5,020 shares of the firm’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $75.00, for a total value of $376,500.00. Following the completion of the sale, the executive vice president now owns 49,063 shares in the company, valued at approximately $3,679,725. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott A. Mcquilkin sold 500 shares of the firm’s stock in a transaction dated Saturday, December 29th. The stock was sold at an average price of $76.50, for a total transaction of $38,250.00. Following the completion of the sale, the executive vice president now owns 78,881 shares of the company’s stock, valued at approximately $6,034,396.50. The disclosure for this sale can be found here. Insiders sold a total of 8,581 shares of company stock valued at $638,186 over the last three months. Corporate insiders own 1.90% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in InterDigital by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 2,865,421 shares of the Wireless communications provider’s stock valued at $221,497,000 after buying an additional 40,030 shares in the last quarter. State Street Corp lifted its holdings in InterDigital by 8.2% during the 2nd quarter. State Street Corp now owns 1,199,522 shares of the Wireless communications provider’s stock valued at $92,724,000 after buying an additional 91,286 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in InterDigital by 6.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 985,849 shares of the Wireless communications provider’s stock valued at $72,708,000 after buying an additional 62,291 shares in the last quarter. Northern Trust Corp lifted its holdings in InterDigital by 2.7% during the 2nd quarter. Northern Trust Corp now owns 614,152 shares of the Wireless communications provider’s stock valued at $47,473,000 after buying an additional 16,034 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in InterDigital by 20.8% during the 2nd quarter. Renaissance Technologies LLC now owns 574,574 shares of the Wireless communications provider’s stock valued at $44,415,000 after buying an additional 98,874 shares in the last quarter. Institutional investors own 72.88% of the company’s stock.
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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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