Envestnet Asset Management Inc. Acquires 73,227 Shares of InterDigital, Inc. (NASDAQ:IDCC)

Envestnet Asset Management Inc. lifted its holdings in shares of InterDigital, Inc. (NASDAQ:IDCC) by 164.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 117,826 shares of the Wireless communications provider’s stock after purchasing an additional 73,227 shares during the period. Envestnet Asset Management Inc. owned 0.47% of InterDigital worth $13,734,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in InterDigital by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 3,234,740 shares of the Wireless communications provider’s stock valued at $344,370,000 after acquiring an additional 17,238 shares in the last quarter. Norges Bank acquired a new stake in shares of InterDigital in the fourth quarter valued at approximately $18,987,000. Principal Financial Group Inc. increased its holdings in shares of InterDigital by 1.2% in the first quarter. Principal Financial Group Inc. now owns 151,173 shares of the Wireless communications provider’s stock valued at $16,094,000 after purchasing an additional 1,758 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new position in InterDigital during the 4th quarter worth $13,309,000. Finally, Emerald Advisers LLC lifted its holdings in InterDigital by 127,997.9% during the 2nd quarter. Emerald Advisers LLC now owns 120,412 shares of the Wireless communications provider’s stock worth $14,035,000 after buying an additional 120,318 shares in the last quarter. 99.83% of the stock is currently owned by institutional investors and hedge funds.

InterDigital Stock Performance

IDCC stock opened at $138.85 on Wednesday. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.03. InterDigital, Inc. has a twelve month low of $74.65 and a twelve month high of $141.00. The business’s fifty day moving average is $132.85 and its 200-day moving average is $117.05. The company has a market cap of $3.50 billion, a P/E ratio of 20.42, a price-to-earnings-growth ratio of 0.84 and a beta of 1.39.

InterDigital (NASDAQ:IDCC) last issued its earnings results on Thursday, August 1st. The Wireless communications provider reported $4.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $3.77. The firm had revenue of $223.49 million for 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%. Equities research analysts forecast that InterDigital, Inc. will post 9.05 EPS for the current year.

InterDigital Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th will be issued a dividend of $0.45 per share. The ex-dividend date is Wednesday, October 9th. This represents a $1.80 dividend on an annualized basis and a yield of 1.30%. This is a boost from InterDigital’s previous quarterly dividend of $0.40. InterDigital’s payout ratio is currently 26.47%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on IDCC shares. 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 upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a research report on Thursday, August 22nd.

Insider Buying and Selling at InterDigital

In other news, Director Derek K. Aberle sold 2,005 shares of InterDigital stock in a transaction on Monday, August 19th. The shares were sold at an average price of $134.40, for a total transaction of $269,472.00. Following the transaction, the director now directly owns 7,639 shares of the company’s stock, valued at $1,026,681.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other InterDigital news, Director John A. Kritzmacher sold 2,500 shares of the stock in a transaction dated Friday, September 20th. The stock was 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 in the company, valued at $2,813,102.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Derek K. Aberle sold 2,005 shares of InterDigital stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $134.40, for a total value of $269,472.00. Following the transaction, the director now owns 7,639 shares in the company, valued at approximately $1,026,681.60. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

InterDigital Company Profile

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.