California Public Employees Retirement System lifted its stake in shares of InterDigital, Inc. (NASDAQ:IDCC) by 2.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 94,100 shares of the Wireless communications provider’s stock after purchasing an additional 2,100 shares during the period. California Public Employees Retirement System owned about 0.27% of InterDigital worth $7,274,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Riverhead Capital Management LLC lifted its position in shares of 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 purchasing an additional 597 shares during the last quarter. Financial Architects Inc lifted its position in shares of 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 purchasing an additional 900 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of InterDigital by 17.5% during the second quarter. Victory Capital Management Inc. now owns 1,616 shares of the Wireless communications provider’s stock worth $125,000 after purchasing an additional 241 shares during the last quarter. Seven Eight Capital LP lifted its position in shares of InterDigital by 60.0% during the second quarter. Seven Eight Capital LP now owns 2,400 shares of the Wireless communications provider’s stock worth $186,000 after purchasing an additional 900 shares during the last quarter. Finally, OppenheimerFunds Inc. bought a new position in shares of InterDigital during the first quarter worth about $229,000. 70.97% of the stock is currently owned by institutional investors and hedge funds.

In other news, EVP James J. Nolan sold 2,294 shares of InterDigital stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $71.30, for a total transaction of $163,562.20. Following the sale, the executive vice president now directly owns 54,042 shares in the company, valued at approximately $3,853,194.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott A. Mcquilkin sold 500 shares of InterDigital 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 sale, the executive vice president now owns 79,319 shares in the company, valued at $5,948,925. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.

InterDigital (NASDAQ:IDCC) last issued its earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.05. InterDigital had a net margin of 45.92% and a return on equity of 44.58%. The business had revenue of $135.78 million for the quarter, compared to analyst estimates of $133.69 million. During the same period in the previous year, the business earned $1.14 EPS. The firm’s revenue was up 78.8% on a year-over-year basis.

InterDigital announced that its Board of Directors has authorized a stock repurchase plan on Thursday, September 14th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the Wireless communications provider to repurchase up to 4.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Wednesday, October 11th will be given a dividend of $0.35 per share. This is a positive change from InterDigital’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Tuesday, October 10th. InterDigital’s payout ratio is 15.17%.

Several equities analysts have recently commented on the stock. B. Riley reaffirmed a “buy” rating and set a $100.00 price target on shares of InterDigital in a research report on Saturday, July 29th. ValuEngine cut shares of InterDigital from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 11th. Sidoti raised shares of InterDigital from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 8th. BidaskClub lowered shares of InterDigital from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Finally, Zacks Investment Research upgraded shares of InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price objective on the stock in a research note on Friday, August 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $87.75.

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InterDigital Company Profile

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.

Institutional Ownership by Quarter for InterDigital (NASDAQ:IDCC)

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