Gallacher Capital Management LLC Invests $303,000 in InterDigital, Inc. (NASDAQ:IDCC)

Gallacher Capital Management LLC bought a new position in shares of InterDigital, Inc. (NASDAQ:IDCC) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,843 shares of the Wireless communications provider’s stock, valued at approximately $303,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Graham Capital Management L.P. bought a new stake in InterDigital in the 3rd quarter valued at $602,000. Wellington Management Group LLP boosted its stake in InterDigital by 22.8% in the 3rd quarter. Wellington Management Group LLP now owns 67,743 shares of the Wireless communications provider’s stock valued at $5,436,000 after purchasing an additional 12,584 shares during the period. Vanguard Group Inc. boosted its stake in InterDigital by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 3,343,395 shares of the Wireless communications provider’s stock valued at $268,274,000 after purchasing an additional 72,720 shares during the period. Riverwater Partners LLC boosted its stake in InterDigital by 0.7% in the 4th quarter. Riverwater Partners LLC now owns 13,555 shares of the Wireless communications provider’s stock valued at $1,471,000 after purchasing an additional 96 shares during the period. Finally, Cohen Klingenstein LLC bought a new stake in InterDigital in the 4th quarter valued at $230,000. 99.83% of the stock is currently owned by institutional investors.

InterDigital Trading Down 0.2 %

Shares of InterDigital stock traded down $0.29 on Friday, hitting $121.90. 77,347 shares of the company’s stock traded hands, compared to its average volume of 481,500. InterDigital, Inc. has a one year low of $74.65 and a one year high of $124.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.34 and a quick ratio of 1.34. The company has a fifty day moving average of $113.93 and a two-hundred day moving average of $107.46. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of 17.97, a price-to-earnings-growth ratio of 1.05 and a beta of 1.42.

InterDigital (NASDAQ:IDCC) last announced its quarterly earnings results on Thursday, May 2nd. The Wireless communications provider reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $0.06. The business had revenue of $263.54 million for the quarter, compared to analyst estimates of $250.15 million. InterDigital had a return on equity of 32.57% and a net margin of 31.18%. As a group, sell-side analysts expect that InterDigital, Inc. will post 6.65 earnings per share for the current year.

InterDigital Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 24th. Shareholders of record on Wednesday, July 10th will be issued a $0.40 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $1.60 annualized dividend and a yield of 1.31%. InterDigital’s payout ratio is currently 23.53%.

Insiders Place Their Bets

In other news, CTO Rajesh Pankaj sold 650 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $103.87, for a total value of $67,515.50. Following the completion of the sale, the chief technology officer now directly owns 64,517 shares of the company’s stock, valued at $6,701,380.79. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director John D. Jr. Markley sold 750 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $115.28, for a total transaction of $86,460.00. Following the completion of the sale, the director now directly owns 12,202 shares of the company’s stock, valued at $1,406,646.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Rajesh Pankaj sold 650 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $103.87, for a total value of $67,515.50. Following the sale, the chief technology officer now directly owns 64,517 shares of the company’s stock, valued at $6,701,380.79. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Jefferies Financial Group reiterated a “hold” rating and set a $100.00 target price (down from $106.00) on shares of InterDigital in a research report on Monday, May 13th. Bank of America reissued an “underperform” rating and set a $100.00 price target (down previously from $140.00) on shares of InterDigital in a report on Monday, April 1st. Finally, StockNews.com cut InterDigital from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th.

InterDigital Company Profile

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.