Allspring Global Investments Holdings LLC Buys 9,263 Shares of InterDigital, Inc. (NASDAQ:IDCC)

Allspring Global Investments Holdings LLC boosted its stake in shares of InterDigital, Inc. (NASDAQ:IDCC) by 35.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 35,503 shares of the Wireless communications provider’s stock after acquiring an additional 9,263 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.14% of InterDigital worth $3,780,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of InterDigital by 16.1% during the fourth quarter. Wellington Management Group LLP now owns 78,669 shares of the Wireless communications provider’s stock valued at $8,539,000 after purchasing an additional 10,926 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new position in shares of InterDigital during the fourth quarter valued at $13,309,000. Trexquant Investment LP bought a new position in InterDigital in the fourth quarter valued at about $1,779,000. Norges Bank bought a new position in InterDigital in the fourth quarter valued at about $18,987,000. Finally, International Assets Investment Management LLC acquired a new stake in InterDigital in the fourth quarter worth about $9,012,000. Institutional investors and hedge funds own 99.83% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Bank of America restated an “underperform” rating and set a $100.00 target price (down from $140.00) on shares of InterDigital in a research report on Monday, April 1st. Jefferies Financial Group reaffirmed a “hold” rating and set a $100.00 target price (down previously from $106.00) on shares of InterDigital in a report on Monday, May 13th. Finally, StockNews.com cut shares of InterDigital from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th.

InterDigital Stock Up 0.9 %

IDCC traded up $1.10 during trading on Tuesday, hitting $117.38. The company had a trading volume of 26,683 shares, compared to its average volume of 487,232. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $2.96 billion, a PE ratio of 17.10, a PEG ratio of 1.01 and a beta of 1.42. InterDigital, Inc. has a one year low of $74.65 and a one year high of $119.86. The firm’s 50-day moving average price is $110.66 and its 200 day moving average price is $106.84.

InterDigital (NASDAQ:IDCC) last issued its quarterly earnings results on Thursday, May 2nd. The Wireless communications provider reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.16 by $0.06. InterDigital had a net margin of 31.18% and a return on equity of 32.57%. The firm had revenue of $263.54 million for the quarter, compared to analyst estimates of $250.15 million. As a group, equities analysts expect that InterDigital, Inc. will post 6.65 earnings per share for the current year.

InterDigital Dividend Announcement

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 given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.36%. The ex-dividend date is Wednesday, July 10th. InterDigital’s dividend payout ratio (DPR) is 23.53%.

Insider Transactions at InterDigital

In related news, CTO Rajesh Pankaj sold 650 shares of the business’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $95.33, for a total transaction of $61,964.50. Following the transaction, the chief technology officer now directly owns 64,939 shares in the company, valued at $6,190,634.87. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director John D. Jr. Markley sold 750 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $115.28, for a total value of $86,460.00. Following the completion of the transaction, the director now owns 12,202 shares of the company’s stock, valued at $1,406,646.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Rajesh Pankaj sold 650 shares of the business’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $95.33, for a total value of $61,964.50. Following the sale, the chief technology officer now owns 64,939 shares in the company, valued at approximately $6,190,634.87. The disclosure for this sale can be found here. Insiders have sold a total of 2,749 shares of company stock worth $282,883 in the last 90 days. Corporate insiders own 2.30% of the company’s stock.

InterDigital Profile

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.