Principal Financial Group Inc. Decreases Stake in InterDigital, Inc. $IDCC

Principal Financial Group Inc. lessened its holdings in shares of InterDigital, Inc. (NASDAQ:IDCC) by 6.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 139,826 shares of the Wireless communications provider’s stock after selling 9,115 shares during the period. Principal Financial Group Inc. owned approximately 0.54% of InterDigital worth $48,272,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Twin Peaks Wealth Advisors LLC acquired a new position in shares of InterDigital during the 2nd quarter worth $28,000. Root Financial Partners LLC purchased a new stake in InterDigital during the third quarter worth about $30,000. Huntington National Bank grew its position in InterDigital by 530.3% during the second quarter. Huntington National Bank now owns 208 shares of the Wireless communications provider’s stock worth $47,000 after buying an additional 175 shares during the period. Spire Wealth Management purchased a new position in InterDigital in the third quarter valued at about $49,000. Finally, Country Trust Bank acquired a new stake in shares of InterDigital during the 2nd quarter valued at approximately $56,000. Hedge funds and other institutional investors own 99.83% of the company’s stock.

Insiders Place Their Bets

In other InterDigital news, CEO Lawrence Liren Chen sold 5,958 shares of the stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $327.62, for a total value of $1,951,959.96. Following the completion of the sale, the chief executive officer owned 153,077 shares of the company’s stock, valued at $50,151,086.74. This trade represents a 3.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Richard Brezski sold 5,002 shares of InterDigital stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $324.08, for a total transaction of $1,621,048.16. Following the sale, the chief financial officer owned 78,372 shares in the company, valued at $25,398,797.76. This represents a 6.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 36,307 shares of company stock valued at $11,905,598. Company insiders own 2.80% of the company’s stock.

InterDigital Price Performance

InterDigital stock opened at $313.87 on Thursday. The firm has a fifty day moving average of $331.41 and a 200-day moving average of $322.07. InterDigital, Inc. has a 52-week low of $180.60 and a 52-week high of $412.60. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $8.08 billion, a P/E ratio of 21.18 and a beta of 1.58.

InterDigital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Wednesday, January 14th were given a $0.70 dividend. The ex-dividend date of this dividend was Wednesday, January 14th. This represents a $2.80 annualized dividend and a dividend yield of 0.9%. InterDigital’s dividend payout ratio is presently 18.89%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Roth Mkm restated a “buy” rating on shares of InterDigital in a report on Tuesday, January 20th. Weiss Ratings lowered shares of InterDigital from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Monday, December 29th. Jefferies Financial Group set a $475.00 target price on shares of InterDigital and gave the stock a “buy” rating in a research report on Thursday, October 30th. Zacks Research lowered shares of InterDigital from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 21st. Finally, UBS Group set a $425.00 price target on InterDigital in a report on Monday, December 1st. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $416.67.

InterDigital Profile

InterDigital, Inc is a mobile and video technology research and development company that designs and licenses wireless communications and video compression innovations. Its patent portfolio encompasses key standards across 3G, 4G LTE and 5G wireless networks, as well as video and multimedia technologies. By focusing on fundamental technology creation rather than device manufacturing, InterDigital delivers core intellectual property to smartphone manufacturers, chipset vendors and telecommunications operators worldwide.

The company’s principal services include patent licensing, technology evaluation and consulting.