Zacks Investment Research Upgrades InterDigital, Inc. (IDCC) to “Hold”
InterDigital, Inc. (NASDAQ:IDCC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “INTERDIGITAL COMMUNICATIONS develops and markets advanced digital wireless telecommunications systems using proprietary technologies for voice and data communications and has developed an extensive patent portfolio related to those technologies. “
Several other analysts have also recently issued reports on IDCC. B. Riley reissued a “neutral” rating and set a $80.00 price objective on shares of InterDigital in a research note on Friday, October 28th. Sidoti lowered shares of InterDigital from a “buy” rating to a “neutral” rating and set a $86.00 target price on the stock. in a report on Wednesday, December 7th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $82.63.
Shares of InterDigital (NASDAQ:IDCC) traded down 0.55% during trading on Tuesday, hitting $99.95. The firm has a market cap of $3.43 billion, a PE ratio of 17.14 and a beta of 1.25. InterDigital has a 12 month low of $47.62 and a 12 month high of $102.05. The company has a 50-day moving average of $92.74 and a 200-day moving average of $80.27.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 25th. Investors of record on Wednesday, January 11th were issued a dividend of $0.30 per share. The ex-dividend date was Monday, January 9th. This represents a $1.20 annualized dividend and a dividend yield of 1.20%. InterDigital’s payout ratio is 20.55%.
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In related news, CEO William J. Merritt sold 9,000 shares of InterDigital stock in a transaction on Tuesday, January 24th. The shares were sold at an average price of $90.06, for a total transaction of $810,540.00. Following the transaction, the chief executive officer now owns 123,156 shares in the company, valued at approximately $11,091,429.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey K. Belk sold 2,773 shares of InterDigital stock in a transaction on Friday, January 20th. The shares were sold at an average price of $88.70, for a total transaction of $245,965.10. Following the transaction, the director now owns 17,784 shares in the company, valued at approximately $1,577,440.80. The disclosure for this sale can be found here. Insiders have sold a total of 27,930 shares of company stock worth $2,486,211 in the last 90 days. Company insiders own 1.50% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of InterDigital by 1.2% in the second quarter. Vanguard Group Inc. now owns 2,568,708 shares of the company’s stock worth $143,025,000 after buying an additional 31,587 shares in the last quarter. AQR Capital Management LLC raised its position in shares of InterDigital by 308.6% in the fourth quarter. AQR Capital Management LLC now owns 559,543 shares of the company’s stock worth $51,114,000 after buying an additional 422,609 shares in the last quarter. Morgan Stanley raised its position in shares of InterDigital by 120.7% in the third quarter. Morgan Stanley now owns 353,424 shares of the company’s stock worth $27,991,000 after buying an additional 193,253 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of InterDigital by 24.4% in the third quarter. JPMorgan Chase & Co. now owns 350,055 shares of the company’s stock worth $27,724,000 after buying an additional 68,612 shares in the last quarter. Finally, Freestone Capital Holdings LLC raised its position in shares of InterDigital by 2.4% in the second quarter. Freestone Capital Holdings LLC now owns 341,135 shares of the company’s stock worth $18,994,000 after buying an additional 7,945 shares in the last quarter. Institutional investors and hedge funds own 69.84% of the company’s stock.
InterDigital Company Profile
InterDigital, Inc designs and develops technologies for wireless communications. The Company has designed and developed a range of technologies that are used in digital cellular and wireless products and networks, including second generation (2G), third generation (3G), fourth generation (4G) and IEEE 802 related products and networks.
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