InterDigital (IDCC) Rating Increased to Sell at BidaskClub

BidaskClub upgraded shares of InterDigital (NASDAQ:IDCC) from a strong sell rating to a sell rating in a research note published on Tuesday morning.

Several other brokerages have also commented on IDCC. ValuEngine lowered InterDigital from a buy rating to a hold rating in a report on Friday, October 12th. National Securities started coverage on InterDigital in a report on Monday, July 23rd. They set a buy rating and a $103.00 price objective for the company. Zacks Investment Research lowered InterDigital from a hold rating to a strong sell rating in a report on Monday, August 6th. Finally, TheStreet downgraded InterDigital from a b- rating to a c+ rating in a research report on Monday, October 29th. Two equities research analysts have rated the stock with a sell rating and five have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $94.40.

Shares of IDCC opened at $75.51 on Tuesday. InterDigital has a 12 month low of $68.22 and a 12 month high of $85.85. The company has a quick ratio of 4.06, a current ratio of 4.06 and a debt-to-equity ratio of 0.31. The firm has a market cap of $2.61 billion, a PE ratio of 12.46, a price-to-earnings-growth ratio of 2.52 and a beta of 1.06.

InterDigital (NASDAQ:IDCC) last issued its quarterly earnings data on Thursday, November 1st. The Wireless communications provider reported $0.60 EPS for the quarter, beating the consensus estimate of $0.24 by $0.36. InterDigital had a return on equity of 17.50% and a net margin of 26.19%. The firm had revenue of $75.08 million during the quarter, compared to analyst estimates of $72.59 million. During the same quarter in the prior year, the business posted $1.00 EPS. The business’s revenue for the quarter was down 22.9% compared to the same quarter last year. Analysts forecast that InterDigital will post 2.05 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 24th. Investors of record on Wednesday, October 10th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend was Tuesday, October 9th. InterDigital’s payout ratio is 23.10%.

In related news, EVP James J. Nolan sold 5,093 shares of the company’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $79.82, for a total value of $406,523.26. Following the transaction, the executive vice president now directly 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 hyperlink. 2.00% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IDCC. Segall Bryant & Hamill LLC acquired a new position in shares of InterDigital in the 2nd quarter valued at $23,853,000. Voya Investment Management LLC increased its position in shares of InterDigital by 126.3% in the 2nd quarter. Voya Investment Management LLC now owns 117,111 shares of the Wireless communications provider’s stock valued at $9,474,000 after acquiring an additional 65,371 shares during the period. Dean Investment Associates LLC acquired a new position in shares of InterDigital in the 2nd quarter valued at $4,313,000. Prudential Financial Inc. increased its position in shares of InterDigital by 79.3% in the 3rd quarter. Prudential Financial Inc. now owns 100,089 shares of the Wireless communications provider’s stock valued at $8,007,000 after acquiring an additional 44,280 shares during the period. Finally, Dupont Capital Management Corp increased its position in shares of InterDigital by 494.5% in the 2nd quarter. Dupont Capital Management Corp now owns 48,317 shares of the Wireless communications provider’s stock valued at $3,909,000 after acquiring an additional 40,190 shares during the period. 74.13% of the stock is currently owned by hedge funds and other institutional investors.

InterDigital Company Profile

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.

Further Reading: Cost of Debt

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