Pinnacle Associates Ltd. Takes Position in InterDigital, Inc. (NASDAQ:IDCC)

Pinnacle Associates Ltd. acquired a new position in shares of InterDigital, Inc. (NASDAQ:IDCC - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,550 shares of the Wireless communications provider's stock, valued at approximately $320,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Allianz Asset Management GmbH lifted its position in InterDigital by 3,293.9% in the first quarter. Allianz Asset Management GmbH now owns 68,761 shares of the Wireless communications provider's stock worth $14,216,000 after purchasing an additional 66,735 shares during the period. Los Angeles Capital Management LLC lifted its position in InterDigital by 1.6% in the first quarter. Los Angeles Capital Management LLC now owns 25,067 shares of the Wireless communications provider's stock worth $5,183,000 after purchasing an additional 391 shares during the period. SNS Financial Group LLC acquired a new stake in InterDigital in the first quarter worth approximately $207,000. Csenge Advisory Group acquired a new stake in InterDigital in the first quarter worth approximately $553,000. Finally, AMH Equity Ltd acquired a new stake in InterDigital in the first quarter worth approximately $2,274,000. 99.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other InterDigital news, CTO Rajesh Pankaj sold 1,000 shares of the company's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $224.58, for a total value of $224,580.00. Following the transaction, the chief technology officer owned 76,580 shares of the company's stock, valued at approximately $17,198,336.40. This represents a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Derek K. Aberle sold 692 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $226.41, for a total value of $156,675.72. Following the completion of the transaction, the director directly owned 6,192 shares in the company, valued at $1,401,930.72. This represents a 10.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,062 shares of company stock valued at $920,853 in the last three months. Insiders own 2.80% of the company's stock.

InterDigital Price Performance

IDCC traded down $5.65 during trading on Friday, reaching $252.56. The stock had a trading volume of 177,036 shares, compared to its average volume of 334,392. The firm has a market capitalization of $6.55 billion, a price-to-earnings ratio of 20.07, a price-to-earnings-growth ratio of 1.57 and a beta of 1.36. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.02. InterDigital, Inc. has a 1-year low of $129.76 and a 1-year high of $277.95. The stock has a 50 day moving average of $224.90 and a two-hundred day moving average of $210.46.

InterDigital (NASDAQ:IDCC - Get Free Report) last released its earnings results on Thursday, July 31st. The Wireless communications provider reported $6.52 earnings per share for the quarter, topping analysts' consensus estimates of $2.77 by $3.75. The firm had revenue of $300.60 million during the quarter, compared to the consensus estimate of $167.93 million. InterDigital had a return on equity of 50.51% and a net margin of 48.14%. The firm's revenue for the quarter was up 34.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.57 earnings per share. As a group, equities analysts anticipate that InterDigital, Inc. will post 9.21 EPS for the current fiscal year.

InterDigital Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 9th were issued a $0.60 dividend. The ex-dividend date of this dividend was Wednesday, July 9th. This represents a $2.40 annualized dividend and a dividend yield of 1.0%. InterDigital's dividend payout ratio is currently 19.03%.

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.