Pictet Asset Management SA Makes New Investment in InterDigital, Inc. (NASDAQ:IDCC)

Pictet Asset Management SA bought a new position in shares of InterDigital, Inc. (NASDAQ:IDCC) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,535 shares of the Wireless communications provider’s stock, valued at approximately $258,000.

A number of other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of InterDigital in the fourth quarter valued at $14,439,000. Pacer Advisors Inc. lifted its position in shares of InterDigital by 1,378,257.1% in the first quarter. Pacer Advisors Inc. now owns 289,455 shares of the Wireless communications provider’s stock valued at $21,101,000 after acquiring an additional 289,434 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of InterDigital by 259.9% in the first quarter. SG Americas Securities LLC now owns 129,450 shares of the Wireless communications provider’s stock valued at $9,437,000 after acquiring an additional 93,482 shares in the last quarter. Penserra Capital Management LLC lifted its position in shares of InterDigital by 67.5% in the fourth quarter. Penserra Capital Management LLC now owns 146,369 shares of the Wireless communications provider’s stock valued at $7,242,000 after acquiring an additional 58,980 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of InterDigital by 1.5% in the first quarter. Vanguard Group Inc. now owns 3,411,704 shares of the Wireless communications provider’s stock valued at $217,667,000 after acquiring an additional 49,177 shares in the last quarter. 94.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. William Blair initiated coverage on InterDigital in a research report on Tuesday, August 22nd. They issued an “outperform” rating on the stock. Bank of America raised InterDigital from a “neutral” rating to a “buy” rating and raised their price target for the stock from $55.00 to $105.00 in a research note on Wednesday, May 10th. Finally, StockNews.com initiated coverage on InterDigital in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.50.

InterDigital Stock Performance

InterDigital stock opened at $86.21 on Thursday. The stock’s 50-day moving average is $90.17 and its 200-day moving average is $81.74. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 0.88 and a beta of 1.23. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.67 and a quick ratio of 2.67. InterDigital, Inc. has a 12 month low of $40.23 and a 12 month high of $98.69.

InterDigital (NASDAQ:IDCC) last released its quarterly earnings data on Thursday, August 3rd. The Wireless communications provider reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.12. The company had revenue of $101.59 million for the quarter, compared to the consensus estimate of $101.22 million. InterDigital had a return on equity of 30.22% and a net margin of 33.91%. Equities analysts anticipate that InterDigital, Inc. will post 6.85 earnings per share for the current year.

InterDigital Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Wednesday, July 12th were issued a $0.35 dividend. The ex-dividend date was Tuesday, July 11th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.62%. InterDigital’s dividend payout ratio (DPR) is 22.62%.

Insider Transactions at InterDigital

In other news, insider Joshua D. Schmidt sold 364 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $83.52, for a total value of $30,401.28. Following the transaction, the insider now directly owns 19,690 shares in the company, valued at approximately $1,644,508.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Joshua D. Schmidt sold 364 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $83.52, for a total transaction of $30,401.28. Following the sale, the insider now directly owns 19,690 shares in the company, valued at approximately $1,644,508.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Eric Cohen sold 4,329 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $96.13, for a total value of $416,146.77. Following the sale, the insider now owns 25,959 shares in the company, valued at $2,495,438.67. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

InterDigital Profile

InterDigital, Inc, together with its subsidiaries, designs and develops technologies that enable and enhance wireless communications in the United States, China, South Korea, Japan, Taiwan, and Europe. It provides technology solutions for use in digital cellular and wireless products and networks, including 2G, 3G, 4G, 5G, and IEEE 802-related products and networks.