Petrus Trust Company LTA Purchases Shares of 2,920 InterDigital, Inc. (IDCC)
Petrus Trust Company LTA purchased a new position in shares of InterDigital, Inc. (NASDAQ:IDCC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,920 shares of the Wireless communications provider’s stock, valued at approximately $226,000.
Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of InterDigital by 1.4% during the second quarter. Vanguard Group Inc. now owns 2,865,421 shares of the Wireless communications provider’s stock worth $221,497,000 after buying an additional 40,030 shares during the last quarter. State Street Corp lifted its holdings in shares of InterDigital by 2.0% during the first quarter. State Street Corp now owns 1,108,236 shares of the Wireless communications provider’s stock worth $95,642,000 after buying an additional 21,278 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of InterDigital by 4.2% during the second quarter. Dimensional Fund Advisors LP now owns 923,558 shares of the Wireless communications provider’s stock worth $71,394,000 after buying an additional 37,058 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of InterDigital by 17.7% during the first quarter. AQR Capital Management LLC now owns 658,561 shares of the Wireless communications provider’s stock worth $56,834,000 after buying an additional 99,018 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of InterDigital by 2.7% during the second quarter. Northern Trust Corp now owns 614,152 shares of the Wireless communications provider’s stock worth $47,473,000 after buying an additional 16,034 shares during the last quarter. Institutional investors own 70.97% of the company’s stock.
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InterDigital, Inc. (NASDAQ:IDCC) traded down 1.60% during mid-day trading on Friday, hitting $73.75. The stock had a trading volume of 235,147 shares. The firm has a market capitalization of $2.56 billion, a price-to-earnings ratio of 8.04 and a beta of 0.95. The stock’s 50 day moving average price is $70.76 and its 200 day moving average price is $79.73. InterDigital, Inc. has a one year low of $67.55 and a one year high of $102.30.
InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Thursday, July 27th. The Wireless communications provider reported $1.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.05. The business had revenue of $135.78 million during the quarter, compared to analysts’ expectations of $133.69 million. InterDigital had a return on equity of 44.58% and a net margin of 45.92%. The firm’s revenue for the quarter was up 78.8% compared to the same quarter last year. During the same period last year, the firm posted $1.14 EPS. Analysts forecast that InterDigital, Inc. will post $3.61 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Wednesday, October 11th will be issued a dividend of $0.35 per share. This is a boost from InterDigital’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend is Tuesday, October 10th. InterDigital’s dividend payout ratio (DPR) is presently 13.00%.
InterDigital announced that its board has authorized a stock buyback program on Thursday, September 14th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the Wireless communications provider to purchase up to 4.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In related news, EVP James J. Nolan sold 2,294 shares of InterDigital stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $71.30, for a total transaction of $163,562.20. Following the completion of the sale, the executive vice president now directly owns 54,042 shares of the company’s stock, valued at approximately $3,853,194.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.90% of the company’s stock.
A number of research analysts have recently commented on the company. B. Riley reiterated a “buy” rating and set a $100.00 price target on shares of InterDigital in a report on Tuesday, June 13th. BidaskClub lowered InterDigital from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Sidoti upgraded InterDigital from a “neutral” rating to a “buy” rating in a report on Tuesday, August 8th. ValuEngine lowered InterDigital from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. Finally, Zacks Investment Research upgraded InterDigital from a “hold” rating to a “buy” rating and set a $77.00 price target for the company in a report on Friday, August 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. InterDigital has an average rating of “Hold” and a consensus price target of $87.75.
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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