InterDigital (NASDAQ:IDCC) Upgraded to “Buy” by StockNews.com

StockNews.com upgraded shares of InterDigital (NASDAQ:IDCC) from a hold rating to a buy rating in a research note released on Monday.

Separately, Bank of America reaffirmed an underperform rating and set a $100.00 price objective (down from $140.00) on shares of InterDigital in a research report on Monday, April 1st.

InterDigital Trading Up 0.2 %

NASDAQ:IDCC opened at $100.94 on Monday. The stock’s 50 day moving average price is $102.42 and its 200 day moving average price is $100.29. The company has a market capitalization of $2.56 billion, a PE ratio of 13.46, a P/E/G ratio of 0.82 and a beta of 1.34. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.05. InterDigital has a 52-week low of $66.82 and a 52-week high of $119.86.

InterDigital (NASDAQ:IDCC) last posted its quarterly earnings data on Thursday, February 15th. The Wireless communications provider reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. InterDigital had a return on equity of 37.77% and a net margin of 38.95%. The company had revenue of $105.52 million during the quarter, compared to analysts’ expectations of $104.31 million. On average, research analysts anticipate that InterDigital will post 7.02 EPS for the current year.

InterDigital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 24th. Stockholders of record on Wednesday, April 10th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $1.60 annualized dividend and a dividend yield of 1.59%. InterDigital’s dividend payout ratio is currently 21.33%.

Insider Activity

In related news, CTO Rajesh Pankaj sold 650 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $95.33, for a total value of $61,964.50. Following the completion of the transaction, the chief technology officer now directly owns 64,939 shares of the company’s stock, valued at approximately $6,190,634.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Eeva K. Hakoranta sold 699 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $95.77, for a total value of $66,943.23. Following the completion of the transaction, the insider now directly owns 29,984 shares of the company’s stock, valued at approximately $2,871,567.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Rajesh Pankaj sold 650 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $95.33, for a total value of $61,964.50. Following the completion of the transaction, the chief technology officer now directly owns 64,939 shares of the company’s stock, valued at $6,190,634.87. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On InterDigital

Institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. raised its holdings in shares of InterDigital by 220.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,151,777 shares of the Wireless communications provider’s stock worth $125,014,000 after acquiring an additional 792,868 shares during the last quarter. Norges Bank acquired a new position in shares of InterDigital in the fourth quarter worth $18,987,000. Crossmark Global Holdings Inc. acquired a new position in shares of InterDigital in the fourth quarter worth $13,309,000. International Assets Investment Management LLC acquired a new position in shares of InterDigital in the fourth quarter worth $9,012,000. Finally, Vanguard Group Inc. raised its holdings in shares of InterDigital by 2.2% in the third quarter. Vanguard Group Inc. now owns 3,343,395 shares of the Wireless communications provider’s stock worth $268,274,000 after acquiring an additional 72,720 shares during the last quarter. 99.83% of the stock is owned by institutional investors and hedge funds.

InterDigital Company Profile

InterDigital, Inc operates as a global research and development company with focus primarily on wireless, visual, artificial intelligence (AI), and related technologies. The company engages in the design and development of technologies that enable connected in a range of communications and entertainment products and services, which are licensed to companies providing such products and services, including makers of wireless communications, consumer electronics, IoT devices, and cars and other motor vehicles, as well as providers of cloud-based services, such as video streaming.