Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $2.08 Million Stake in InterDigital, Inc. (NASDAQ:IDCC)

Posted by Defense World Staff on Aug 18th, 2023

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its position in InterDigital, Inc. (NASDAQ:IDCC – Free Report) by 10.2% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 28,507 shares of the Wireless communications provider’s stock after selling 3,239 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned about 0.11% of InterDigital worth $2,078,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd acquired a new position in InterDigital in the 1st quarter worth approximately $432,000. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in InterDigital in the 1st quarter worth approximately $381,000. Miller Howard Investments Inc. NY acquired a new position in InterDigital in the 1st quarter worth approximately $327,000. Pacer Advisors Inc. boosted its stake in InterDigital by 1,378,257.1% in the 1st quarter. Pacer Advisors Inc. now owns 289,455 shares of the Wireless communications provider’s stock worth $21,101,000 after purchasing an additional 289,434 shares during the period. Finally, Nisa Investment Advisors LLC boosted its stake in shares of InterDigital by 89.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 848 shares of the Wireless communications provider’s stock valued at $62,000 after buying an additional 400 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on IDCC. Bank of America raised shares of InterDigital from a “neutral” rating to a “buy” rating and lifted their target price for the company from $55.00 to $105.00 in a research note on Wednesday, May 10th. StockNews.com began coverage on shares of InterDigital in a research note on Thursday. They set a “hold” rating for the company. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, InterDigital presently has an average rating of “Moderate Buy” and an average price target of $92.50.

View Our Latest Stock Report on IDCC

InterDigital Trading Down 1.3 %

Shares of NASDAQ:IDCC opened at $81.75 on Friday. The firm has a market capitalization of $2.16 billion, a P/E ratio of 13.21, a price-to-earnings-growth ratio of 0.86 and a beta of 1.23. The firm has a fifty day moving average of $91.45 and a two-hundred day moving average of $80.90. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 0.81. InterDigital, Inc. has a 12-month low of $40.23 and a 12-month high of $98.69.

InterDigital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Wednesday, July 12th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Tuesday, July 11th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.71%. InterDigital’s dividend payout ratio is currently 22.62%.

Insider Activity

In other news, insider Eric Cohen sold 4,329 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $96.13, for a total transaction of $416,146.77. Following the transaction, the insider now owns 25,959 shares in the company, valued at approximately $2,495,438.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by insiders.

InterDigital Profile

(Free Report)

InterDigital, Inc, together with its subsidiaries, designs and develops technologies that enable and enhance wireless communications in the United States, China, South Korea, Japan, Taiwan, and Europe. It provides technology solutions for use in digital cellular and wireless products and networks, including 2G, 3G, 4G, 5G, and IEEE 802-related products and networks.