Los Angeles Capital Management LLC Makes New $1.23 Million Investment in InterDigital, Inc. (NASDAQ:IDCC)

Posted by Defense World Staff on May 3rd, 2023

Los Angeles Capital Management LLC acquired a new position in InterDigital, Inc. (NASDAQ:IDCC – Get Rating) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 24,835 shares of the Wireless communications provider’s stock, valued at approximately $1,229,000. Los Angeles Capital Management LLC owned approximately 0.08% of InterDigital as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of IDCC. Vanguard Group Inc. raised its holdings in InterDigital by 1.5% during the first quarter. Vanguard Group Inc. now owns 3,411,704 shares of the Wireless communications provider’s stock worth $217,667,000 after purchasing an additional 49,177 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of InterDigital by 1.5% in the third quarter. Dimensional Fund Advisors LP now owns 964,141 shares of the Wireless communications provider’s stock valued at $38,971,000 after purchasing an additional 14,546 shares during the period. Renaissance Technologies LLC grew its position in InterDigital by 1.1% during the first quarter. Renaissance Technologies LLC now owns 706,467 shares of the Wireless communications provider’s stock valued at $45,073,000 after acquiring an additional 7,993 shares during the period. Boston Trust Walden Corp grew its position in InterDigital by 13.2% during the fourth quarter. Boston Trust Walden Corp now owns 615,013 shares of the Wireless communications provider’s stock valued at $30,431,000 after acquiring an additional 71,477 shares during the period. Finally, Capital Management Corp VA lifted its stake in shares of InterDigital by 20.9% during the fourth quarter. Capital Management Corp VA now owns 398,159 shares of the Wireless communications provider’s stock worth $19,701,000 after purchasing an additional 68,960 shares in the last quarter. Hedge funds and other institutional investors own 83.97% of the company’s stock.

InterDigital Price Performance

IDCC opened at $67.34 on Wednesday. The stock has a fifty day moving average of $72.33 and a 200-day moving average of $61.71. The firm has a market capitalization of $1.82 billion, a P/E ratio of 21.79, a PEG ratio of 2.36 and a beta of 1.22. InterDigital, Inc. has a 12-month low of $40.23 and a 12-month high of $75.74. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 0.83.

InterDigital (NASDAQ:IDCC – Get Rating) last posted its earnings results on Wednesday, February 15th. The Wireless communications provider reported $1.08 EPS for the quarter, topping the consensus estimate of $0.92 by $0.16. The firm had revenue of $117.10 million for the quarter, compared to the consensus estimate of $113.93 million. InterDigital had a net margin of 20.47% and a return on equity of 13.02%. The business’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 earnings per share. Equities analysts forecast that InterDigital, Inc. will post 2.54 EPS for the current fiscal year.

InterDigital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 26th. Shareholders of record on Wednesday, April 12th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend was Tuesday, April 11th. InterDigital’s dividend payout ratio (DPR) is 45.31%.

Insider Buying and Selling at InterDigital

In other InterDigital news, CFO Richard Brezski sold 10,386 shares of the company’s stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $73.77, for a total transaction of $766,175.22. Following the completion of the sale, the chief financial officer now directly owns 91,496 shares in the company, valued at $6,749,659.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Eeva K. Hakoranta sold 1,137 shares of the stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $72.83, for a total value of $82,807.71. Following the completion of the sale, the insider now owns 18,552 shares in the company, valued at $1,351,142.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Richard Brezski sold 10,386 shares of the stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $73.77, for a total transaction of $766,175.22. Following the completion of the sale, the chief financial officer now owns 91,496 shares of the company’s stock, valued at approximately $6,749,659.92. The disclosure for this sale can be found here. Insiders sold 24,160 shares of company stock worth $1,774,134 over the last ninety days. Company insiders own 1.20% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on IDCC shares. TheStreet upgraded InterDigital from a “c+” rating to a “b” rating in a research note on Monday, January 23rd. William Blair assumed coverage on InterDigital in a report on Thursday, January 26th. They set an “outperform” rating for the company. Finally, StockNews.com assumed coverage on InterDigital in a report on Thursday, March 16th. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $70.00.

About InterDigital

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InterDigital, Inc engages in the design and development of technologies that enable and enhance wireless communications, and capabilities. It focuses on mobile technology and devices, which includes cellular wireless technology, Internet of Things, technology, video coding & transmission, sensor and sensor fusion technology.

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Institutional Ownership by Quarter for InterDigital (NASDAQ:IDCC)

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