InterDigital, Inc. (IDCC) Stake Held by City Holding Co.
City Holding Co. maintained its position in InterDigital, Inc. (NASDAQ:IDCC) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,999 shares of the Wireless communications provider’s stock at the end of the first quarter. City Holding Co.’s holdings in InterDigital were worth $259,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in IDCC. Norges Bank purchased a new position in InterDigital during the fourth quarter valued at approximately $53,752,000. AQR Capital Management LLC raised its position in InterDigital by 308.6% in the fourth quarter. AQR Capital Management LLC now owns 559,543 shares of the Wireless communications provider’s stock valued at $51,114,000 after buying an additional 422,609 shares in the last quarter. Morgan Stanley raised its position in InterDigital by 120.7% in the third quarter. Morgan Stanley now owns 353,424 shares of the Wireless communications provider’s stock valued at $27,991,000 after buying an additional 193,253 shares in the last quarter. JPMorgan Chase & Co. raised its position in InterDigital by 24.4% in the third quarter. JPMorgan Chase & Co. now owns 350,055 shares of the Wireless communications provider’s stock valued at $27,724,000 after buying an additional 68,612 shares in the last quarter. Finally, Guggenheim Capital LLC raised its position in InterDigital by 752.7% in the fourth quarter. Guggenheim Capital LLC now owns 229,811 shares of the Wireless communications provider’s stock valued at $20,993,000 after buying an additional 202,859 shares in the last quarter. 69.84% of the stock is currently owned by hedge funds and other institutional investors.
Shares of InterDigital, Inc. (NASDAQ:IDCC) traded up 1.85% during midday trading on Thursday, hitting $85.50. 250,532 shares of the company traded hands. The stock has a 50 day moving average of $85.11 and a 200-day moving average of $85.03. InterDigital, Inc. has a 52 week low of $51.97 and a 52 week high of $102.30. The stock has a market capitalization of $2.93 billion, a PE ratio of 9.74 and a beta of 1.25.
InterDigital (NASDAQ:IDCC) last issued its quarterly earnings results on Thursday, February 23rd. The Wireless communications provider reported $3.85 EPS for the quarter, beating analysts’ consensus estimates of $3.84 by $0.01. InterDigital had a net margin of 40.78% and a return on equity of 33.71%. The business had revenue of $273.90 million for the quarter, compared to analysts’ expectations of $262.57 million. During the same period last year, the business earned $0.92 earnings per share. The business’s quarterly revenue was up 144.3% on a year-over-year basis. Equities analysts forecast that InterDigital, Inc. will post $2.63 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 26th. Shareholders of record on Wednesday, April 12th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date is Monday, April 10th. InterDigital’s payout ratio is currently 20.55%.
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Several equities analysts have commented on IDCC shares. Zacks Investment Research raised shares of InterDigital from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 27th. B. Riley reissued a “neutral” rating and issued a $85.50 target price on shares of InterDigital in a report on Wednesday, December 28th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $88.00 target price (down from $94.00) on shares of InterDigital in a report on Friday, February 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $89.00.
In other news, Director Jeffrey K. Belk sold 2,773 shares of the firm’s stock in a transaction that occurred on Friday, January 20th. The shares were sold at an average price of $88.70, for a total value of $245,965.10. Following the transaction, the director now owns 17,784 shares in the company, valued at $1,577,440.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William J. Merritt sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 24th. The stock was sold at an average price of $90.06, for a total transaction of $810,540.00. Following the completion of the transaction, the chief executive officer now owns 123,156 shares in the company, valued at approximately $11,091,429.36. The disclosure for this sale can be found here. Insiders have sold 40,430 shares of company stock worth $3,548,226 over the last quarter. Company insiders own 1.50% of the company’s stock.
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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