InterDigital (NASDAQ:IDCC) Reaches New 12-Month High – Here’s What Happened

InterDigital, Inc. (NASDAQ:IDCC)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $164.32 and last traded at $156.17, with a volume of 37330 shares trading hands. The stock had previously closed at $147.72.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Roth Mkm boosted their target price on InterDigital from $146.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. StockNews.com raised InterDigital from a “hold” rating to a “buy” rating in a report on Tuesday, October 15th.

InterDigital Trading Up 10.1 %

The stock has a 50 day moving average of $142.84 and a 200 day moving average of $126.06. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a market cap of $4.16 billion, a P/E ratio of 16.67, a PEG ratio of 0.93 and a beta of 1.39.

InterDigital (NASDAQ:IDCC) last announced its quarterly earnings data on Thursday, August 1st. The Wireless communications provider reported $4.20 EPS for the quarter, beating the consensus estimate of $0.43 by $3.77. The firm had revenue of $223.49 million for the quarter, compared to analyst estimates of $95.63 million. InterDigital had a return on equity of 44.57% and a net margin of 37.99%. As a group, equities research analysts predict that InterDigital, Inc. will post 9.06 EPS for the current year.

InterDigital Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 9th were given a dividend of $0.45 per share. This is a boost from InterDigital’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date was Wednesday, October 9th. InterDigital’s dividend payout ratio (DPR) is presently 18.11%.

Insider Transactions at InterDigital

In related news, CTO Rajesh Pankaj sold 700 shares of InterDigital stock in a transaction on Monday, October 7th. The shares were sold at an average price of $142.78, for a total value of $99,946.00. Following the transaction, the chief technology officer now owns 54,984 shares in the company, valued at $7,850,615.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Rajesh Pankaj sold 700 shares of InterDigital stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $142.78, for a total value of $99,946.00. Following the transaction, the chief technology officer now owns 54,984 shares in the company, valued at approximately $7,850,615.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John A. Kritzmacher sold 2,500 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $138.72, for a total value of $346,800.00. Following the completion of the sale, the director now directly owns 20,279 shares of the company’s stock, valued at approximately $2,813,102.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,205 shares of company stock worth $716,218. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in InterDigital by 13.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 73,464 shares of the Wireless communications provider’s stock worth $7,821,000 after acquiring an additional 8,533 shares during the last quarter. Palisade Asset Management LLC purchased a new position in InterDigital during the 1st quarter valued at about $64,000. GSA Capital Partners LLP raised its position in InterDigital by 25.0% during the 1st quarter. GSA Capital Partners LLP now owns 12,109 shares of the Wireless communications provider’s stock valued at $1,289,000 after purchasing an additional 2,420 shares during the last quarter. Texas Permanent School Fund Corp raised its position in InterDigital by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 22,495 shares of the Wireless communications provider’s stock valued at $2,395,000 after purchasing an additional 291 shares during the last quarter. Finally, Gallacher Capital Management LLC purchased a new stake in InterDigital in the 1st quarter worth approximately $303,000. 99.83% of the stock is owned by hedge funds and other institutional investors.

About InterDigital

InterDigital, Inc operates as a global research and development company with focus primarily on wireless, visual, artificial intelligence (AI), and related technologies. The company engages in the design and development of technologies that enable connected in a range of communications and entertainment products and services, which are licensed to companies providing such products and services, including makers of wireless communications, consumer electronics, IoT devices, and cars and other motor vehicles, as well as providers of cloud-based services, such as video streaming.