InterDigital (IDCC) Downgraded to Buy at BidaskClub

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BidaskClub cut shares of InterDigital (NASDAQ:IDCC) from a strong-buy rating to a buy rating in a research report report published on Tuesday morning.

Several other research firms have also commented on IDCC. Roth Capital assumed coverage on InterDigital in a research note on Tuesday, June 12th. They issued a buy rating and a $104.00 target price for the company. ValuEngine lowered InterDigital from a buy rating to a hold rating in a research note on Wednesday, May 2nd. Finally, Zacks Investment Research upgraded InterDigital from a hold rating to a buy rating and set a $85.00 target price for the company in a research note on Tuesday, February 27th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $92.25.

InterDigital stock opened at $80.90 on Tuesday. The firm has a market capitalization of $2.82 billion, a P/E ratio of 12.63, a price-to-earnings-growth ratio of 6.01 and a beta of 0.95. InterDigital has a 52 week low of $67.55 and a 52 week high of $85.50. The company has a quick ratio of 9.58, a current ratio of 9.58 and a debt-to-equity ratio of 0.28.

InterDigital (NASDAQ:IDCC) last released its earnings results on Thursday, April 26th. The Wireless communications provider reported $1.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $1.05. The firm had revenue of $87.40 million during the quarter, compared to analyst estimates of $69.69 million. InterDigital had a return on equity of 25.85% and a net margin of 32.42%. The business’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.93 earnings per share. research analysts predict that InterDigital will post 0.9 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 25th. Shareholders of record on Wednesday, July 11th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, July 10th. This represents a $1.40 annualized dividend and a yield of 1.73%. InterDigital’s dividend payout ratio is presently 23.10%.

In other InterDigital news, insider William J. Merritt sold 2,911 shares of the company’s stock in a transaction dated Tuesday, May 1st. The stock was sold at an average price of $74.50, for a total transaction of $216,869.50. Following the completion of the sale, the insider now directly owns 151,104 shares in the company, valued at $11,257,248. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP James J. Nolan sold 7,765 shares of the company’s stock in a transaction dated Monday, April 16th. The stock was sold at an average price of $79.50, for a total value of $617,317.50. Following the sale, the executive vice president now owns 47,946 shares of the company’s stock, valued at $3,811,707. The disclosure for this sale can be found here. Insiders have sold 26,636 shares of company stock valued at $2,121,678 over the last 90 days. 2.00% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in IDCC. Ladenburg Thalmann Financial Services Inc. increased its stake in InterDigital by 79.4% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,740 shares of the Wireless communications provider’s stock worth $128,000 after acquiring an additional 770 shares during the last quarter. Sei Investments Co. increased its stake in InterDigital by 3,235.1% during the first quarter. Sei Investments Co. now owns 1,901 shares of the Wireless communications provider’s stock worth $140,000 after acquiring an additional 1,844 shares during the last quarter. Traynor Capital Management Inc. acquired a new stake in InterDigital during the first quarter worth about $202,000. Element Capital Management LLC acquired a new stake in InterDigital during the first quarter worth about $202,000. Finally, Leucadia National Corp acquired a new stake in InterDigital during the fourth quarter worth about $204,000. Institutional investors own 74.13% of the company’s stock.

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.

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