Renaissance Technologies LLC reduces stake in InterDigital, Inc. (NASDAQ:IDCC)

VaselineSeptember 25, 2024

0 4 minutes read

Renaissance Technologies LLC reduced its holdings in shares of InterDigital, Inc. (NASDAQ:IDCC – Free Report) by 71.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 68,117 shares of the Wireless communications provider’s stock after selling 167,800 shares during the period. Renaissance Technologies LLC owned about 0.27% of InterDigital worth $7,940,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in InterDigital by 0.5% in the first quarter. Vanguard Group Inc. now owns 3,234,740 shares of the Wireless communications provider’s stock worth $344,370,000 after acquiring an additional 17,238 shares in the last quarter. Norges Bank acquired a new position in InterDigital in the 4th quarter valued at about $18,987,000. Principal Financial Group Inc. raised its holdings in InterDigital by 1.2% in the first quarter. Principal Financial Group Inc. now owns 151,173 shares of the Wireless communications provider’s stock worth $16,094,000 after acquiring an additional 1,758 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in InterDigital in the 4th quarter valued at approximately $13,309,000. Finally, Emerald Advisers LLC boosted its holdings in InterDigital by 127,997.9% in the second quarter. Emerald Advisers LLC now owns 120,412 shares of the Wireless communications provider’s stock worth $14,035,000 after purchasing an additional 120,318 shares in the last quarter. 99.83% of shares are currently held by hedge funds and other institutional investors.

InterDigital price performance

NASDAQ IDCC opened at $138.85 on Wednesday. The company’s fifty day moving average price is $132.85 and its 200 day moving average price is $117.05. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 0.84 and a beta of 1.39. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.51, and a quick ratio of 1.51. InterDigital, Inc. has a 1 year low of $74.65 and a 1 year high of $141.00.

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InterDigital (NASDAQ:IDCC – Get Free Report ) last posted its quarterly earnings results on Thursday, August 1st. The wireless communications provider reported $4.20 earnings per share for the quarter, topping the consensus estimate of $0.43 by $3.77. The firm had revenue of $223.49 million for the quarter, compared to analysts’ expectations of $95.63 million. InterDigital had a return on equity of 44.57% and a net margin of 37.99%. On average, equities analysts predict that InterDigital, Inc. will post 9.05 earnings per share for the current year.

InterDigital increases dividends

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th will be issued a dividend of $0.45 per share. This represents an annualized dividend of $1.80 and a dividend yield of 1.30%. This is a boost from InterDigital’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Wednesday, October 9. InterDigital’s dividend payout ratio is currently 26.47%.

The Wall Street analyst weighs in

A number of equities analysts recently weighed in on the stock. StockNews.com upgraded shares of InterDigital from a “hold” rating to a “buy” rating in a report on Thursday, August 22nd. Roth Mkm upped their price objective on shares of InterDigital from $146.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th.

Check out our latest research report on IDCC

Indoor activity

In other news, Director John A. Kritzmacher sold 2,500 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $138.72, for a total value of $346,800.00. Following the completion of the sale, the director now directly owns 20,279 shares in the company, valued at approximately $2,813,102.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other news, Director Derek K. Aberle sold 2,005 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $134.40, for a total value of $269,472.00. Following the completion of the sale, the director now directly owns 7,639 shares in the company, valued at approximately $1,026,681.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, Director John A. Kritzmacher sold 2,500 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $138.72, for a total value of $346,800.00. Following the completion of the sale, the director now owns 20,279 shares of the company’s stock, valued at $2,813,102.88. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s shares.

About InterDigital

(Free Report)

InterDigital, Inc operates as a global research and development company with a primary focus on wireless, visual, artificial intelligence (AI) and related technologies. The company is engaged in the design and development of technologies that enable connectivity in a range of communications and entertainment products and services, which are licensed to companies that provide such products and services, including manufacturers of wireless communications, consumer electronics, IoT devices and cars and other vehicles, as well as providers of cloud-based services such as video streaming.