InterDigital (NASDAQ:IDCC) Shares Gap Up After Dividend Announcement

Shares of InterDigital, Inc. (NASDAQ:IDCC) gapped up prior to trading on Tuesday after the company announced a dividend. The stock had previously closed at $130.42, but opened at $133.55. InterDigital shares last traded at $132.80, with a volume of 34,639 shares traded.

The newly announced dividend which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th will be given a dividend of $0.45 per share. This is a positive change from InterDigital’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend is Wednesday, October 9th. InterDigital’s dividend payout ratio is currently 23.53%.

Analyst Upgrades and Downgrades

IDCC has been the subject of a number of research reports. StockNews.com raised shares of InterDigital from a “hold” rating to a “buy” rating in a report on Thursday, August 22nd. Roth Mkm boosted their price objective on shares of InterDigital from $146.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday.

InterDigital Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 1.51 and a quick ratio of 1.51. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of 19.44, a price-to-earnings-growth ratio of 0.84 and a beta of 1.39. The company has a 50-day simple moving average of $130.12 and a two-hundred day simple moving average of $115.11.

InterDigital (NASDAQ:IDCC) last announced its quarterly earnings results on Thursday, August 1st. The Wireless communications provider reported $4.20 EPS for the quarter, beating the consensus estimate of $0.43 by $3.77. InterDigital had a net margin of 37.99% and a return on equity of 44.57%. The company had revenue of $223.49 million for the quarter, compared to analyst estimates of $95.63 million. On average, equities research analysts predict that InterDigital, Inc. will post 9.05 earnings per share for the current year.

Insider Activity at InterDigital

In other InterDigital news, Director Derek K. Aberle sold 2,005 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $134.40, for a total transaction of $269,472.00. Following the completion of the transaction, the director now directly owns 7,639 shares of the company’s stock, valued at approximately $1,026,681.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On InterDigital

Institutional investors and hedge funds have recently modified their holdings of the stock. 1620 Investment Advisors Inc. acquired a new position in shares of InterDigital in the 2nd quarter valued at $29,000. Riverview Trust Co purchased a new stake in shares of InterDigital in the 1st quarter valued at approximately $31,000. GAMMA Investing LLC lifted its position in shares of InterDigital by 50.8% in the 2nd quarter. GAMMA Investing LLC now owns 368 shares of the Wireless communications provider’s stock valued at $43,000 after acquiring an additional 124 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in InterDigital by 38.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 396 shares of the Wireless communications provider’s stock worth $46,000 after purchasing an additional 109 shares during the period. Finally, Palisade Asset Management LLC purchased a new position in InterDigital during the 1st quarter worth approximately $64,000. Institutional investors and hedge funds own 99.83% of the company’s stock.

InterDigital Company 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.