InterDigital (IDCC) Downgraded by ValuEngine to “Hold”

ValuEngine cut shares of InterDigital (NASDAQ:IDCC) from a buy rating to a hold rating in a research report sent to investors on Friday.

A number of other brokerages also recently issued reports on IDCC. Zacks Investment Research downgraded InterDigital from a hold rating to a strong sell rating in a research report on Wednesday, October 3rd. BidaskClub cut shares of InterDigital from a sell rating to a strong sell rating in a research report on Thursday, September 20th. Finally, National Securities initiated coverage on shares of InterDigital in a research report on Monday, July 23rd. They set a buy rating and a $103.00 target price on the stock. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. InterDigital currently has a consensus rating of Hold and a consensus price target of $94.40.

Shares of IDCC stock traded up $0.01 on Friday, reaching $71.60. 241,642 shares of the stock were exchanged, compared to its average volume of 263,489. The company has a market cap of $2.78 billion, a P/E ratio of 11.82, a PEG ratio of 3.09 and a beta of 0.98. InterDigital has a one year low of $69.32 and a one year high of $85.85. The company has a quick ratio of 9.36, a current ratio of 9.36 and a debt-to-equity ratio of 0.28.

InterDigital (NASDAQ:IDCC) last released its earnings results on Thursday, August 2nd. The Wireless communications provider reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.08. InterDigital had a return on equity of 19.85% and a net margin of 27.99%. The company had revenue of $69.56 million during the quarter, compared to the consensus estimate of $64.39 million. During the same quarter in the previous year, the company posted $1.46 earnings per share. The firm’s quarterly revenue was down 48.8% on a year-over-year basis. As a group, equities research analysts anticipate that InterDigital will post 1.73 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 24th. Shareholders of record on Wednesday, October 10th will be given a dividend of $0.35 per share. The ex-dividend date is Tuesday, October 9th. This represents a $1.40 annualized dividend and a dividend yield of 1.96%. InterDigital’s dividend payout ratio is currently 23.10%.

In other InterDigital news, EVP James J. Nolan sold 5,093 shares of InterDigital stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $79.82, for a total transaction of $406,523.26. Following the transaction, the executive vice president now owns 39,560 shares of the company’s stock, valued at approximately $3,157,679.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.00% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of IDCC. Dimensional Fund Advisors LP raised its stake in InterDigital by 2.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,041,319 shares of the Wireless communications provider’s stock worth $84,243,000 after buying an additional 20,284 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in InterDigital by 29.9% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 38,962 shares of the Wireless communications provider’s stock worth $3,152,000 after acquiring an additional 8,961 shares during the period. SG Americas Securities LLC boosted its holdings in InterDigital by 145.7% in the 2nd quarter. SG Americas Securities LLC now owns 28,576 shares of the Wireless communications provider’s stock worth $2,312,000 after acquiring an additional 16,945 shares during the period. Summit Global Investments purchased a new position in InterDigital in the 2nd quarter worth approximately $655,000. Finally, Arizona State Retirement System boosted its holdings in InterDigital by 3.2% in the 2nd quarter. Arizona State Retirement System now owns 24,123 shares of the Wireless communications provider’s stock worth $1,952,000 after acquiring an additional 739 shares during the period. 74.46% of the stock is currently owned by hedge funds and other institutional investors.

About InterDigital

InterDigital, Inc designs and develops technologies that enable and enhance wireless communications in the United States and internationally. It offers technology solutions for use in digital cellular and wireless products and networks, including 2G, 3G, 4G, and IEEE 802-related products and networks.

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