Vise Technologies Inc. Buys 3,547 Shares of InterDigital, Inc. $IDCC

Key Points

• Vise Technologies increased its InterDigital stake 152.4% in the third quarter, buying 3,547 shares to hold 5,874 shares valued at about $1.92 million. Institutional investors collectively own 99.83% of the company.
• InterDigital reported quarterly EPS of $3.11, beating the $1.34 consensus, while revenue rose 17.4% year over year to $193.43 million. The company also raised its quarterly dividend from $0.70 to $0.75 per share.
• Analyst views were mixed: Weiss Ratings and Zacks Research downgraded the stock to Hold, though the consensus rating remained Moderate Buy with a $425 price target. The shares opened at $286.53, down 7.1%.

Vise Technologies Inc. lifted its position in InterDigital, Inc. (NASDAQ:IDCC - Free Report) by 152.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 5,874 shares of the Wireless communications provider's stock after purchasing an additional 3,547 shares during the period. Vise Technologies Inc.'s holdings in InterDigital were worth $1,915,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Reinhart Partners LLC. raised its position in InterDigital by 9.0% during the 2nd quarter. Reinhart Partners LLC. now owns 460,404 shares of the Wireless communications provider's stock valued at $130,359,000 after purchasing an additional 38,115 shares during the last quarter. Congress Asset Management Co. increased its position in shares of InterDigital by 8.7% during the third quarter. Congress Asset Management Co. now owns 458,053 shares of the Wireless communications provider's stock valued at $149,357,000 after buying an additional 36,620 shares during the period. Bank of America Corp DE boosted its position in InterDigital by 31.3% during the 1st quarter. Bank of America Corp DE now owns 266,724 shares of the Wireless communications provider's stock valued at $80,551,000 after acquiring an additional 63,524 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of InterDigital by 135.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 219,388 shares of the Wireless communications provider's stock worth $66,255,000 after acquiring an additional 126,328 shares in the last quarter. Finally, Royal Bank of Canada lifted its stake in shares of InterDigital by 375.7% in the 1st quarter. Royal Bank of Canada now owns 199,655 shares of the Wireless communications provider's stock valued at $60,297,000 after purchasing an additional 157,687 shares during the period. Institutional investors own 99.83% of the company's stock.

Insiders Place Their Bets

In related news, CTO Rajesh Pankaj sold 1,500 shares of the company's stock in a transaction on Monday, October 5th. The shares were sold at an average price of $334.32, for a total transaction of $501,480.00. Following the completion of the transaction, the chief technology officer owned 63,516 shares in the company, valued at approximately $21,234,669.12. This represents a 2.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Weiss Ratings downgraded InterDigital from a "buy (b)" rating to a "hold (c+)" rating in a report on Friday, October 30th. Zacks Research downgraded InterDigital from a "strong-buy" rating to a "hold" rating in a report on Monday, October 19th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $425.00.

InterDigital Stock Down 7.1%

InterDigital stock opened at $286.53 on Friday. InterDigital, Inc. has a one year low of $249.14 and a one year high of $387.30. The stock has a fifty day moving average of $328.73 and a 200 day moving average of $318.11. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a market cap of $7.38 billion, a PE ratio of 31.56 and a beta of 1.50.

InterDigital (NASDAQ:IDCC - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The Wireless communications provider reported $3.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $1.77. InterDigital had a net margin of 38.53% and a return on equity of 28.34%. The company had revenue of $193.43 million for the quarter, compared to the consensus estimate of $152.97 million. During the same quarter last year, the firm posted $1.93 earnings per share. The firm's revenue was up 17.4% compared to the same quarter last year. As a group, sell-side analysts predict that InterDigital, Inc. will post 10.44 EPS for the current year.

InterDigital Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Wednesday, October 14th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.0%. This is a positive change from InterDigital's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Wednesday, October 14th. InterDigital's dividend payout ratio is currently 33.04%.

About InterDigital

InterDigital, Inc is a technology research and development company that creates advanced wireless, video and related connectivity technologies. Its work supports communications across cellular networks, including 4G and 5G, as well as Wi-Fi, the Internet of Things and other connected devices.

The company's primary business is developing intellectual property and licensing its patented technologies to manufacturers and other industry participants. Its portfolio includes innovations related to wireless communications, radio access networks, signal processing, video compression and delivery, and connected-device functionality.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.