Maryland State Retirement & Pension System Reduces Position in InterDigital, Inc. (NASDAQ:IDCC)

Key Points

• Maryland State Retirement & Pension System reduced its holdings in InterDigital by 12.6%, owning 7,460 shares valued at approximately $1.54 million.
• InterDigital reported significantly strong earnings with $6.52 earnings per share for the recent quarter, surpassing analyst expectations by $3.75 and showing a 34.5% increase in revenue year-over-year.
• The company recently declared a quarterly dividend of $0.60 per share, which represents an annualized dividend yield of 0.9% and a payout ratio of 17.11%.

Maryland State Retirement & Pension System decreased its stake in shares of InterDigital, Inc. (NASDAQ:IDCC - Free Report) by 12.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,460 shares of the Wireless communications provider's stock after selling 1,075 shares during the period. Maryland State Retirement & Pension System's holdings in InterDigital were worth $1,542,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Elequin Capital LP purchased a new position in InterDigital during the fourth quarter worth about $29,000. Wayfinding Financial LLC bought a new position in shares of InterDigital in the 1st quarter worth approximately $32,000. Headlands Technologies LLC bought a new position in shares of InterDigital in the 1st quarter worth approximately $35,000. Concord Wealth Partners bought a new position in shares of InterDigital in the 1st quarter worth approximately $37,000. Finally, Versant Capital Management Inc raised its position in shares of InterDigital by 957.9% in the 1st quarter. Versant Capital Management Inc now owns 201 shares of the Wireless communications provider's stock worth $42,000 after acquiring an additional 182 shares in the last quarter. Hedge funds and other institutional investors own 99.83% of the company's stock.

Insider Buying and Selling

In other InterDigital news, CTO Rajesh Pankaj sold 1,000 shares of the firm's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $224.58, for a total transaction of $224,580.00. Following the sale, the chief technology officer directly owned 76,580 shares of the company's stock, valued at $17,198,336.40. This trade represents a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jean F. Rankin sold 606 shares of InterDigital stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $226.47, for a total value of $137,240.82. Following the completion of the transaction, the director owned 27,353 shares of the company's stock, valued at approximately $6,194,633.91. This represents a 2.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,062 shares of company stock worth $920,853 in the last quarter. Company insiders own 2.80% of the company's stock.

InterDigital Stock Down 1.3%

Shares of NASDAQ:IDCC traded down $3.52 during trading on Thursday, hitting $272.60. The stock had a trading volume of 42,020 shares, compared to its average volume of 329,656. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $7.03 billion, a PE ratio of 19.44, a PEG ratio of 1.67 and a beta of 1.37. The firm's fifty day moving average is $234.28 and its 200 day moving average is $216.29. InterDigital, Inc. has a 12 month low of $129.76 and a 12 month high of $277.95.

InterDigital (NASDAQ:IDCC - Get Free Report) last issued its earnings results on Thursday, July 31st. The Wireless communications provider reported $6.52 EPS for the quarter, beating the consensus estimate of $2.77 by $3.75. InterDigital had a return on equity of 53.44% and a net margin of 51.92%. The business had revenue of $300.60 million for the quarter, compared to the consensus estimate of $167.93 million. During the same period last year, the business posted $4.57 EPS. The company's revenue was up 34.5% compared to the same quarter last year. Analysts anticipate that InterDigital, Inc. will post 9.21 EPS for the current fiscal year.

InterDigital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Wednesday, July 9th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, July 9th. InterDigital's dividend payout ratio (DPR) is currently 17.11%.

About InterDigital

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.