Zurcher Kantonalbank Zurich Cantonalbank Lowers Position in InterDigital, Inc. (NASDAQ:IDCC)

Key Points

• Zurcher Kantonalbank has reduced its stake in InterDigital, Inc. by 24.1%, selling 2,553 shares, resulting in a current holding of 8,035 shares valued at approximately $1.66 million.
• InterDigital reported a significant quarterly earnings of $6.52 per share, exceeding analysts' expectations and reflecting a 34.5% year-over-year revenue increase to $300.60 million.
• The company declared a quarterly dividend of $0.60 per share, reflecting an annualized dividend of $2.40 and a payout ratio of 17.11%.

Zurcher Kantonalbank Zurich Cantonalbank trimmed its stake in shares of InterDigital, Inc. (NASDAQ:IDCC - Free Report) by 24.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,035 shares of the Wireless communications provider's stock after selling 2,553 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in InterDigital were worth $1,661,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LPL Financial LLC boosted its stake in InterDigital by 54.2% during the fourth quarter. LPL Financial LLC now owns 7,996 shares of the Wireless communications provider's stock worth $1,549,000 after acquiring an additional 2,810 shares in the last quarter. Norges Bank purchased a new stake in InterDigital during the fourth quarter worth about $17,387,000. Pictet Asset Management Holding SA increased its stake in shares of InterDigital by 15.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,339 shares of the Wireless communications provider's stock worth $647,000 after purchasing an additional 438 shares in the last quarter. Geode Capital Management LLC grew its position in shares of InterDigital by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 594,745 shares of the Wireless communications provider's stock valued at $115,240,000 after purchasing an additional 1,991 shares in the last quarter. Finally, Trexquant Investment LP grew its stake in InterDigital by 222.7% during the fourth quarter. Trexquant Investment LP now owns 24,020 shares of the Wireless communications provider's stock valued at $4,653,000 after acquiring an additional 16,576 shares in the last quarter. 99.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at InterDigital

In related news, Director Derek K. Aberle sold 692 shares of the firm's stock in a transaction that occurred 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 transaction, the director owned 6,192 shares of the company's stock, valued at approximately $1,401,930.72. This trade represents a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Rajesh Pankaj sold 1,000 shares of the firm's stock in a transaction that occurred on 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 owned 76,580 shares in the company, valued at approximately $17,198,336.40. The trade was a 1.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,062 shares of company stock worth $920,853 in the last ninety days. 2.30% of the stock is currently owned by company insiders.

InterDigital Price Performance

InterDigital stock traded down $5.40 during mid-day trading on Friday, hitting $252.80. 426,779 shares of the company traded hands, compared to its average volume of 295,443. InterDigital, Inc. has a one year low of $129.76 and a one year high of $277.95. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of 18.02, a price-to-earnings-growth ratio of 1.54 and a beta of 1.37. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.96 and a current ratio of 1.96. The stock has a fifty day moving average price of $225.71 and a 200-day moving average price of $211.50.

InterDigital (NASDAQ:IDCC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The Wireless communications provider reported $6.52 earnings per share for the quarter, topping the consensus estimate of $2.77 by $3.75. The business had revenue of $300.60 million during the quarter, compared to the consensus estimate of $167.93 million. InterDigital had a net margin of 51.92% and a return on equity of 53.44%. The firm's revenue for the quarter was up 34.5% on a year-over-year basis. During the same period in the previous year, the firm posted $4.57 earnings per share. On average, equities analysts predict that InterDigital, Inc. will post 9.21 earnings per share for the current fiscal year.

InterDigital Dividend Announcement

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