InterDigital, Inc. (NASDAQ:IDCC) Increases Dividend to $0.40 Per Share

InterDigital, Inc. (NASDAQ:IDCC) announced a quarterly dividend on Wednesday, September 13th, Zacks reports. Stockholders of record on Wednesday, October 11th will be given a dividend of 0.40 per share by the Wireless communications provider on Wednesday, October 25th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Tuesday, October 10th. This is an increase from InterDigital’s previous quarterly dividend of $0.35.

InterDigital has a dividend payout ratio of 35.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect InterDigital to earn $5.15 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 27.2%.

InterDigital Stock Up 3.4 %

Shares of NASDAQ:IDCC opened at $82.95 on Friday. The company has a market cap of $2.19 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 0.84 and a beta of 1.24. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 0.81. The company has a 50-day moving average price of $87.70 and a 200 day moving average price of $82.39. InterDigital has a 12 month low of $40.23 and a 12 month high of $98.69.

InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Thursday, August 3rd. The Wireless communications provider reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.12. InterDigital had a return on equity of 30.22% and a net margin of 33.91%. The company had revenue of $101.59 million for the quarter, compared to analyst estimates of $101.22 million. As a group, equities research analysts predict that InterDigital will post 6.84 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. William Blair started coverage on InterDigital in a research note on Tuesday, August 22nd. They set an “outperform” rating on the stock. StockNews.com started coverage on shares of InterDigital in a report on Thursday, August 17th. They set a “hold” rating on the stock. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, InterDigital presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.50.

Insider Buying and Selling at InterDigital

In related news, insider Eric Cohen sold 4,329 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $96.13, for a total transaction of $416,146.77. Following the completion of the transaction, the insider now owns 25,959 shares in the company, valued at approximately $2,495,438.67. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Eric Cohen sold 4,329 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $96.13, for a total transaction of $416,146.77. Following the sale, the insider now owns 25,959 shares in the company, valued at $2,495,438.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joshua D. Schmidt sold 364 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.52, for a total transaction of $30,401.28. Following the completion of the transaction, the insider now directly owns 19,690 shares of the company’s stock, valued at $1,644,508.80. The disclosure for this sale can be found here. Insiders have sold 5,343 shares of company stock worth $502,013 over the last quarter. Insiders own 1.50% of the company’s stock.

Institutional Trading of InterDigital

Several large investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. boosted its holdings in shares of InterDigital by 84.5% in the 2nd quarter. Osaic Holdings Inc. now owns 21,828 shares of the Wireless communications provider’s stock valued at $2,107,000 after acquiring an additional 9,997 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its position in InterDigital by 5.6% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 9,855 shares of the Wireless communications provider’s stock worth $952,000 after purchasing an additional 520 shares during the period. CreativeOne Wealth LLC raised its stake in shares of InterDigital by 26.1% during the 2nd quarter. CreativeOne Wealth LLC now owns 5,802 shares of the Wireless communications provider’s stock valued at $560,000 after buying an additional 1,202 shares during the last quarter. Bragg Financial Advisors Inc lifted its holdings in shares of InterDigital by 1.2% in the 2nd quarter. Bragg Financial Advisors Inc now owns 257,598 shares of the Wireless communications provider’s stock valued at $24,871,000 after buying an additional 2,991 shares during the period. Finally, IHT Wealth Management LLC purchased a new stake in shares of InterDigital in the second quarter worth about $214,000. Hedge funds and other institutional investors own 94.98% of the company’s stock.

About InterDigital

InterDigital, Inc, together with its subsidiaries, designs and develops technologies that enable and enhance wireless communications in the United States, China, South Korea, Japan, Taiwan, and Europe. It provides technology solutions for use in digital cellular and wireless products and networks, including 2G, 3G, 4G, 5G, and IEEE 802-related products and networks.