InterDigital (NASDAQ:IDCC) Downgraded to “Hold” at StockNews.com

StockNews.com downgraded shares of InterDigital (NASDAQ:IDCC) from a buy rating to a hold rating in a research note issued to investors on Tuesday.

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

InterDigital Trading Up 0.1 %

IDCC stock opened at $105.43 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.34 and a quick ratio of 1.34. InterDigital has a 1-year low of $74.65 and a 1-year high of $119.86. The business has a 50 day simple moving average of $101.64 and a two-hundred day simple moving average of $101.28. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 0.85 and a beta of 1.35.

InterDigital (NASDAQ:IDCC) last issued its earnings results 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. The firm had revenue of $105.52 million during the quarter, compared to analyst estimates of $104.31 million. InterDigital had a net margin of 31.18% and a return on equity of 32.57%. Research analysts anticipate that InterDigital will post 7.02 EPS for the current fiscal year.

InterDigital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 24th. Investors of record on Wednesday, April 10th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Tuesday, April 9th. InterDigital’s payout ratio is 23.53%.

Insiders Place Their Bets

In other news, CTO Rajesh Pankaj sold 650 shares of the company’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $95.33, for a total transaction of $61,964.50. Following the sale, the chief technology officer now directly owns 64,939 shares in the company, valued at approximately $6,190,634.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CTO Rajesh Pankaj sold 650 shares of the business’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 transaction of $61,964.50. Following the transaction, the chief technology officer now owns 64,939 shares of the company’s stock, valued at approximately $6,190,634.87. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Eeva K. Hakoranta sold 699 shares of the stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $95.77, for a total value of $66,943.23. Following the sale, the insider now owns 29,984 shares in the company, valued at approximately $2,871,567.68. The disclosure for this sale can be found here. Insiders sold 1,999 shares of company stock valued at $196,423 in the last three months. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On InterDigital

Several hedge funds have recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in shares of InterDigital during the first quarter valued at approximately $31,000. Palisade Asset Management LLC purchased a new position in InterDigital during the 1st quarter valued at $64,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in InterDigital in the 3rd quarter valued at $68,000. Quadrant Capital Group LLC increased its stake in InterDigital by 11.6% in the fourth quarter. Quadrant Capital Group LLC now owns 990 shares of the Wireless communications provider’s stock worth $107,000 after purchasing an additional 103 shares during the period. Finally, Parkside Financial Bank & Trust lifted its position in shares of InterDigital by 12.2% during the third quarter. Parkside Financial Bank & Trust now owns 1,047 shares of the Wireless communications provider’s stock worth $84,000 after purchasing an additional 114 shares during the last quarter. 99.83% of the stock is currently owned by institutional investors.

About InterDigital

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.