InterDigital’s (IDCC) Buy Rating Reiterated at B. Riley
B. Riley reiterated their buy rating on shares of InterDigital (NASDAQ:IDCC) in a research report released on Wednesday morning. B. Riley currently has a $100.00 target price on the Wireless communications provider’s stock. B. Riley also issued estimates for InterDigital’s Q4 2017 earnings at $2.26 EPS and FY2017 earnings at $5.66 EPS.
Several other equities research analysts have also recently commented on the stock. ValuEngine upgraded shares of InterDigital from a hold rating to a buy rating in a research report on Thursday, November 16th. Zacks Investment Research upgraded shares of InterDigital from a hold rating to a buy rating and set a $82.00 price target for the company in a research report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $90.00.
Shares of InterDigital (NASDAQ IDCC) opened at $79.85 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.22 and a quick ratio of 3.22. The firm has a market cap of $2,735.26, a PE ratio of 11.03 and a beta of 0.97. InterDigital has a 1 year low of $67.55 and a 1 year high of $102.30.
InterDigital (NASDAQ:IDCC) last issued its quarterly earnings results on Thursday, October 26th. The Wireless communications provider reported $1.00 EPS for the quarter, topping the 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 company had revenue of $97.30 million during the quarter, compared to analysts’ expectations of $94.13 million. During the same quarter in the previous year, the company earned $2.99 EPS. InterDigital’s revenue was down 53.3% on a year-over-year basis. equities research analysts forecast that InterDigital will post 5.72 earnings per share for the current fiscal year.
InterDigital announced that its Board of Directors has approved a stock repurchase program on Thursday, September 14th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the Wireless communications provider to buy up to 4.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 24th. Stockholders of record on Wednesday, January 10th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend is Tuesday, January 9th. InterDigital’s dividend payout ratio is 19.34%.
In related news, EVP James J. Nolan sold 5,020 shares of InterDigital stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $75.00, for a total transaction of $376,500.00. Following the transaction, the executive vice president now owns 49,063 shares of the company’s stock, valued at approximately $3,679,725. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jannie K. Lau sold 2,561 shares of InterDigital stock in a transaction that occurred on 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 directly owns 19,496 shares in the company, valued at approximately $1,409,755.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,581 shares of company stock valued at $638,186. 1.90% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in InterDigital by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 2,865,421 shares of the Wireless communications provider’s stock worth $221,497,000 after acquiring an additional 40,030 shares during the last quarter. State Street Corp boosted its stake in InterDigital by 8.2% during the 2nd quarter. State Street Corp now owns 1,199,522 shares of the Wireless communications provider’s stock worth $92,724,000 after acquiring an additional 91,286 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in InterDigital by 6.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 985,849 shares of the Wireless communications provider’s stock worth $72,708,000 after acquiring an additional 62,291 shares during the last quarter. Northern Trust Corp boosted its stake in InterDigital by 2.7% during the 2nd quarter. Northern Trust Corp now owns 614,152 shares of the Wireless communications provider’s stock worth $47,473,000 after acquiring an additional 16,034 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in InterDigital by 20.8% during the 2nd quarter. Renaissance Technologies LLC now owns 574,574 shares of the Wireless communications provider’s stock worth $44,415,000 after acquiring an additional 98,874 shares during the last quarter. 72.88% of the stock is currently owned by institutional investors and hedge funds.
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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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