InterDigital (NASDAQ:IDCC) Sets New 52-Week High – Here’s What Happened

InterDigital, Inc. (NASDAQ:IDCC) shares reached a new 52-week high on Wednesday . The company traded as high as $157.14 and last traded at $156.90, with a volume of 144404 shares traded. The stock had previously closed at $153.75.

Wall Street Analysts Forecast Growth

IDCC has been the subject of several recent research reports. StockNews.com upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a research report on Tuesday. Roth Mkm raised 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.

InterDigital Trading Up 2.0 %

The stock has a market cap of $3.96 billion, a P/E ratio of 22.65, a price-to-earnings-growth ratio of 0.94 and a beta of 1.39. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.51 and a current ratio of 1.51. The firm’s fifty day simple moving average is $138.79 and its 200-day simple moving average is $121.38.

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 the consensus estimate of $0.43 by $3.77. InterDigital had a return on equity of 44.57% and a net margin of 37.99%. The firm had revenue of $223.49 million during the quarter, compared to analyst estimates of $95.63 million. Equities research analysts expect that InterDigital, Inc. will post 9.04 EPS for the current fiscal year.

InterDigital Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th will be given a dividend of $0.45 per share. This is an increase from InterDigital’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $1.80 annualized dividend and a dividend yield of 1.15%. InterDigital’s dividend payout ratio (DPR) is 26.47%.

Insider Activity

In other news, Director John A. Kritzmacher sold 2,500 shares of the firm’s 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CTO Rajesh Pankaj sold 700 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $142.78, for a total value of $99,946.00. Following the transaction, the chief technology officer now owns 54,984 shares of the company’s stock, valued at approximately $7,850,615.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Kritzmacher sold 2,500 shares of InterDigital stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $138.72, for a total value of $346,800.00. Following the transaction, the director now directly owns 20,279 shares in the company, valued at approximately $2,813,102.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,205 shares of company stock worth $716,218 in the last quarter. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On InterDigital

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of InterDigital by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 3,234,740 shares of the Wireless communications provider’s stock worth $344,370,000 after buying an additional 17,238 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its position in shares of InterDigital by 1.0% during the second quarter. Disciplined Growth Investors Inc. MN now owns 1,092,927 shares of the Wireless communications provider’s stock valued at $127,392,000 after acquiring an additional 10,532 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in InterDigital by 51,337.0% during the second quarter. Pacer Advisors Inc. now owns 743,265 shares of the Wireless communications provider’s stock worth $86,635,000 after acquiring an additional 741,820 shares during the period. Reinhart Partners LLC. purchased a new position in InterDigital in the third quarter worth $27,762,000. Finally, Principal Financial Group Inc. grew its stake in InterDigital by 1.2% in the 1st 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 during the period. 99.83% of the stock is owned by hedge funds and other institutional investors.

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.