InterDigital (NASDAQ:IDCC) Hits New 1-Year High at $140.70

InterDigital, Inc. (NASDAQ:IDCC)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $140.70 and last traded at $140.70, with a volume of 134017 shares traded. The stock had previously closed at $137.83.

Analyst Upgrades and Downgrades

IDCC has been the topic of several research reports. Roth Mkm raised their price objective on InterDigital from $146.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. StockNews.com upgraded InterDigital from a “hold” rating to a “buy” rating in a research note on Thursday, August 22nd.

InterDigital Stock Up 1.9 %

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’s 50 day moving average price is $131.85 and its two-hundred day moving average price is $116.22. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of 20.44, a P/E/G ratio of 0.84 and a beta of 1.39.

InterDigital (NASDAQ:IDCC) last posted its quarterly earnings data on Thursday, August 1st. The Wireless communications provider reported $4.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $3.77. The company had revenue of $223.49 million during the quarter, compared to analysts’ expectations of $95.63 million. InterDigital had a return on equity of 44.57% and a net margin of 37.99%. As a group, sell-side analysts forecast that InterDigital, Inc. will post 9.05 earnings per share for the current fiscal year.

InterDigital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 9th will be paid a $0.45 dividend. This is a boost from InterDigital’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 1.28%. The ex-dividend date is Wednesday, October 9th. InterDigital’s payout ratio is currently 26.47%.

Insider Transactions at InterDigital

In other news, Director Derek K. Aberle sold 2,005 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $134.40, for a total value of $269,472.00. Following the completion of the sale, the director now directly owns 7,639 shares of the company’s stock, valued at approximately $1,026,681.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On InterDigital

Several hedge funds and other institutional investors have recently bought and sold shares of IDCC. Avantax Advisory Services Inc. acquired a new stake in shares of InterDigital in the fourth quarter valued at approximately $224,000. Quadrant Capital Group LLC lifted its position in shares of InterDigital by 11.6% in the fourth quarter. Quadrant Capital Group LLC now owns 990 shares of the Wireless communications provider’s stock valued at $107,000 after acquiring an additional 103 shares in the last quarter. Brown Advisory Inc. boosted its stake in shares of InterDigital by 13.8% during the fourth quarter. Brown Advisory Inc. now owns 41,922 shares of the Wireless communications provider’s stock valued at $4,550,000 after acquiring an additional 5,083 shares during the last quarter. Norges Bank purchased a new stake in InterDigital during the 4th quarter worth about $18,987,000. Finally, PNC Financial Services Group Inc. raised its stake in InterDigital by 40.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,703 shares of the Wireless communications provider’s stock valued at $402,000 after purchasing an additional 1,069 shares during the last quarter. 99.83% of the stock is owned by institutional investors and hedge funds.

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.