Municipal Employees Retirement System of Michigan decreased its stake in InterDigital, Inc. (NASDAQ:IDCC) by 15.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,390 shares of the Wireless communications provider’s stock after selling 2,500 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in InterDigital were worth $1,035,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IDCC. Tyers Asset Management LLC raised its position in InterDigital by 2.8% in the first quarter. Tyers Asset Management LLC now owns 1,168 shares of the Wireless communications provider’s stock valued at $101,000 after buying an additional 32 shares in the last quarter. Elkfork Partners LLC raised its position in InterDigital by 2.8% in the first quarter. Elkfork Partners LLC now owns 1,606 shares of the Wireless communications provider’s stock valued at $139,000 after buying an additional 44 shares in the last quarter. Nisa Investment Advisors LLC raised its position in InterDigital by 0.9% in the second quarter. Nisa Investment Advisors LLC now owns 5,760 shares of the Wireless communications provider’s stock valued at $461,000 after buying an additional 50 shares in the last quarter. Meadow Creek Investment Management LLC raised its position in InterDigital by 2.8% in the first quarter. Meadow Creek Investment Management LLC now owns 2,044 shares of the Wireless communications provider’s stock valued at $176,000 after buying an additional 56 shares in the last quarter. Finally, Glen Harbor Capital Management LLC raised its position in InterDigital by 2.8% in the first quarter. Glen Harbor Capital Management LLC now owns 2,482 shares of the Wireless communications provider’s stock valued at $214,000 after buying an additional 68 shares in the last quarter. Institutional investors and hedge funds own 69.33% of the company’s stock.

InterDigital, Inc. (NASDAQ IDCC) opened at 69.65 on Friday. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of 7.59 and a beta of 1.00. InterDigital, Inc. has a 12-month low of $67.04 and a 12-month high of $102.30. The company has a 50-day moving average price of $76.53 and a 200-day moving average price of $84.30.

InterDigital (NASDAQ:IDCC) last released its quarterly earnings data on Thursday, July 27th. The Wireless communications provider reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.05. The business had revenue of $135.78 million during the quarter, compared to the consensus estimate of $133.69 million. InterDigital had a return on equity of 44.58% and a net margin of 45.92%. The business’s revenue for the quarter was up 78.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.14 EPS. On average, equities research analysts forecast that InterDigital, Inc. will post $3.59 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Investors of record on Wednesday, July 12th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, July 10th. This represents a $1.20 annualized dividend and a yield of 1.72%. InterDigital’s dividend payout ratio is currently 13.00%.

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Several research analysts have recently commented on the company. B. Riley restated a “buy” rating and set a $100.00 price target on shares of InterDigital in a research report on Tuesday, June 13th. ValuEngine lowered InterDigital from a “strong-buy” rating to a “buy” rating in a research report on Friday. Sidoti upgraded InterDigital from a “neutral” rating to a “buy” rating in a research report on Tuesday. Finally, Zacks Investment Research upgraded InterDigital from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. InterDigital currently has a consensus rating of “Hold” and an average target price of $92.50.

In related news, Director Jeffrey K. Belk sold 800 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $84.39, for a total value of $67,512.00. Following the completion of the sale, the director now directly owns 17,801 shares in the company, valued at approximately $1,502,226.39. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP James J. Nolan sold 2,294 shares of the stock in a transaction on Monday, August 7th. The shares were sold at an average price of $71.30, for a total value of $163,562.20. Following the completion of the sale, the executive vice president now owns 54,042 shares of the company’s stock, valued at $3,853,194.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,594 shares of company stock valued at $270,649. 1.90% of the stock is owned by insiders.

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.

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Institutional Ownership by Quarter for InterDigital (NASDAQ:IDCC)

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