Sei Investments Co. Boosts Position in InterDigital, Inc. (NASDAQ:IDCC)

Key Points

• Sei Investments Co. raised its stake in InterDigital, Inc. by 5.4%, acquiring a total of 38,611 shares valued at approximately $7.93 million.
• InterDigital reported a significant earnings surprise with a quarterly EPS of $6.52, exceeding analyst expectations of $2.77, leading to a revenue increase of 34.5% year-over-year.
• The company declared a quarterly dividend of $0.60 per share, resulting in an annualized dividend yield of 0.9% and a payout ratio of 17.11%.

Sei Investments Co. raised its stake in shares of InterDigital, Inc. (NASDAQ:IDCC - Free Report) by 5.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,611 shares of the Wireless communications provider's stock after buying an additional 1,990 shares during the quarter. Sei Investments Co. owned about 0.15% of InterDigital worth $7,929,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in IDCC. GAMMA Investing LLC grew its holdings in InterDigital by 31,724.6% during the 1st quarter. GAMMA Investing LLC now owns 299,788 shares of the Wireless communications provider's stock valued at $619,810,000 after buying an additional 298,846 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in InterDigital by 1,451.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 299,326 shares of the Wireless communications provider's stock valued at $57,986,000 after buying an additional 280,030 shares in the last quarter. Millennium Management LLC grew its holdings in InterDigital by 3,962.5% during the 4th quarter. Millennium Management LLC now owns 128,780 shares of the Wireless communications provider's stock valued at $24,947,000 after buying an additional 125,610 shares in the last quarter. Bessemer Group Inc. grew its holdings in InterDigital by 152,729.3% during the 1st quarter. Bessemer Group Inc. now owns 114,622 shares of the Wireless communications provider's stock valued at $23,700,000 after buying an additional 114,547 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of InterDigital during the first quarter worth about $20,967,000. Hedge funds and other institutional investors own 99.83% of the company's stock.

InterDigital Stock Down 2.3%

Shares of NASDAQ IDCC opened at $269.75 on Friday. InterDigital, Inc. has a 12 month low of $129.76 and a 12 month high of $277.95. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 19.23, a PEG ratio of 1.68 and a beta of 1.37. The business has a 50-day moving average of $235.14 and a 200-day moving average of $216.93.

InterDigital (NASDAQ:IDCC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The Wireless communications provider reported $6.52 EPS for the quarter, topping 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 company had revenue of $300.60 million during the quarter, compared to analyst estimates of $167.93 million. During the same quarter in the previous year, the firm earned $4.57 earnings per share. InterDigital's revenue was up 34.5% on a year-over-year basis. Sell-side analysts expect that InterDigital, Inc. will post 9.21 earnings per share for the current fiscal year.

InterDigital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders of record on Wednesday, July 9th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Wednesday, July 9th. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. InterDigital's payout ratio is presently 17.11%.

Insider Activity at InterDigital

In other news, CTO Rajesh Pankaj sold 1,000 shares of the business'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 completion of the transaction, the chief technology officer owned 76,580 shares of the company's stock, valued at approximately $17,198,336.40. The trade was a 1.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Kritzmacher sold 519 shares of the business's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $226.65, for a total value of $117,631.35. Following the transaction, the director directly owned 19,774 shares of the company's stock, valued at $4,481,777.10. The trade was a 2.56% 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 ninety days. Insiders own 2.80% of the company's stock.

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.

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