InterDigital, Inc. (IDCC) Expected to Post FY2018 Earnings of $1.21 Per Share
InterDigital, Inc. (NASDAQ:IDCC) – Research analysts at Dougherty & Co reduced their FY2018 earnings per share estimates for shares of InterDigital in a report released on Monday. Dougherty & Co analyst C. Anderson now expects that the Wireless communications provider will earn $1.21 per share for the year, down from their previous forecast of $1.36.
Several other analysts have also issued reports on the stock. B. Riley reiterated a “buy” rating and issued a $100.00 target price on shares of InterDigital in a research report on Friday, October 27th. Zacks Investment Research lowered shares of InterDigital from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 24th. ValuEngine upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a research report on Thursday, November 16th. Finally, Sidoti upgraded shares of InterDigital from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. InterDigital currently has an average rating of “Hold” and an average target price of $89.00.
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Shares of InterDigital (IDCC) traded up $0.05 during midday trading on Tuesday, hitting $74.25. 260,800 shares of the stock traded hands, compared to its average volume of 334,464. InterDigital has a 1-year low of $67.55 and a 1-year high of $102.30. The firm has a market capitalization of $2,580.00, a price-to-earnings ratio of 10.25 and a beta of 0.95. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 0.34.
InterDigital (NASDAQ:IDCC) last announced its earnings results on Thursday, October 26th. The Wireless communications provider reported $1.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.34. InterDigital had a net margin of 42.94% and a return on equity of 32.77%. The business had revenue of $97.30 million for the quarter, compared to analyst estimates of $94.13 million. During the same quarter last year, the business earned $2.99 earnings per share. The company’s revenue for the quarter was down 53.3% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Wednesday, October 11th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Tuesday, October 10th. This is a positive change from InterDigital’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a yield of 1.89%. InterDigital’s payout ratio is presently 19.34%.
InterDigital declared that its board has authorized a stock repurchase plan on Thursday, September 14th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the Wireless communications provider to purchase up to 4.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, EVP Scott A. Mcquilkin sold 500 shares of the business’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $75.00, for a total transaction of $37,500.00. Following the transaction, the executive vice president now directly owns 79,319 shares in the company, valued at $5,948,925. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jannie K. Lau sold 2,561 shares of the business’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $72.31, for a total transaction of $185,185.91. Following the transaction, the executive vice president now owns 19,496 shares in the company, valued at $1,409,755.76. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Riverhead Capital Management LLC boosted its position in InterDigital by 74.6% during the second quarter. Riverhead Capital Management LLC now owns 1,397 shares of the Wireless communications provider’s stock worth $108,000 after acquiring an additional 597 shares during the last quarter. Financial Architects Inc boosted its position in InterDigital by 180.0% during the second quarter. Financial Architects Inc now owns 1,400 shares of the Wireless communications provider’s stock worth $108,000 after acquiring an additional 900 shares during the last quarter. Mountain Capital Investment Advisors Inc acquired a new position in InterDigital in the 2nd quarter valued at about $118,000. Victory Capital Management Inc. boosted its holdings in InterDigital by 17.5% in the 2nd quarter. Victory Capital Management Inc. now owns 1,616 shares of the Wireless communications provider’s stock valued at $125,000 after purchasing an additional 241 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its holdings in InterDigital by 107.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,182 shares of the Wireless communications provider’s stock valued at $160,000 after purchasing an additional 1,129 shares during the last quarter. Hedge funds and other institutional investors own 73.07% 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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