InterDigital Wireless Inc (NASDAQ:IDCC) Short Interest Down 5.2% in June

InterDigital Wireless Inc (NASDAQ:IDCC) was the recipient of a significant decrease in short interest during the month of June. As of June 30th, there was short interest totalling 1,698,700 shares, a decrease of 5.2% from the May 30th total of 1,792,300 shares. Currently, 5.3% of the company’s stock are short sold. Based on an average daily trading volume, of 403,200 shares, the days-to-cover ratio is currently 4.2 days.

Shares of IDCC stock traded up $0.40 on Tuesday, hitting $66.68. 1,563 shares of the stock traded hands, compared to its average volume of 367,943. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of 36.88, a price-to-earnings-growth ratio of 7.29 and a beta of 1.00. InterDigital Wireless has a 52 week low of $62.34 and a 52 week high of $85.00. The business has a 50 day moving average price of $64.83. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.02.

InterDigital Wireless (NASDAQ:IDCC) last announced its quarterly earnings results on Thursday, May 2nd. The Wireless communications provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). The company had revenue of $68.63 million during the quarter, compared to the consensus estimate of $70.19 million. InterDigital Wireless had a net margin of 10.79% and a return on equity of 3.27%. The business’s revenue was down 21.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.29 earnings per share. Analysts forecast that InterDigital Wireless will post 0.61 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Wednesday, July 10th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $1.40 dividend on an annualized basis and a yield of 2.10%. InterDigital Wireless’s dividend payout ratio is currently 77.35%.

In other InterDigital Wireless news, insider William J. Merritt sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $65.02, for a total value of $975,300.00. Following the transaction, the insider now directly owns 176,065 shares in the company, valued at $11,447,746.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jean F. Rankin sold 680 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $64.84, for a total transaction of $44,091.20. Following the completion of the transaction, the director now owns 20,918 shares in the company, valued at $1,356,323.12. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in IDCC. Norges Bank bought a new stake in InterDigital Wireless in the 4th quarter valued at $42,421,000. Two Sigma Investments LP increased its holdings in InterDigital Wireless by 255.0% in the 4th quarter. Two Sigma Investments LP now owns 133,076 shares of the Wireless communications provider’s stock valued at $8,840,000 after acquiring an additional 95,593 shares during the last quarter. Millennium Management LLC bought a new stake in InterDigital Wireless in the 4th quarter valued at $3,557,000. Hsbc Holdings PLC bought a new stake in InterDigital Wireless in the 4th quarter valued at $2,908,000. Finally, Bank of America Corp DE increased its holdings in InterDigital Wireless by 43.5% in the 4th quarter. Bank of America Corp DE now owns 124,976 shares of the Wireless communications provider’s stock valued at $8,302,000 after acquiring an additional 37,913 shares during the last quarter. Institutional investors own 74.32% of the company’s stock.

IDCC has been the topic of several recent research reports. BidaskClub downgraded shares of Xilinx from a “buy” rating to a “hold” rating in a research report on Saturday, June 15th. Zacks Investment Research downgraded shares of Haynes International from a “hold” rating to a “sell” rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $91.00.

InterDigital Wireless Company Profile

InterDigital, Inc designs and develops technologies that enable and enhance wireless communications in the United States and internationally. It provides 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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