PNC Financial Services Group Inc. Raises Position in InterDigital, Inc. (NASDAQ:IDCC)

PNC Financial Services Group Inc. increased its holdings in InterDigital, Inc. (NASDAQ:IDCC) by 25.0% during the first quarter, HoldingsChannel reports. The institutional investor owned 2,707 shares of the Wireless communications provider’s stock after acquiring an additional 542 shares during the quarter. PNC Financial Services Group Inc.’s holdings in InterDigital were worth $560,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its position in shares of InterDigital by 7.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,489 shares of the Wireless communications provider’s stock worth $928,000 after buying an additional 316 shares in the last quarter. Cerity Partners LLC raised its position in shares of InterDigital by 91.2% in the first quarter. Cerity Partners LLC now owns 2,576 shares of the Wireless communications provider’s stock worth $533,000 after buying an additional 1,229 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of InterDigital by 8.5% in the first quarter. Envestnet Asset Management Inc. now owns 146,384 shares of the Wireless communications provider’s stock worth $30,265,000 after buying an additional 11,411 shares in the last quarter. CWM LLC raised its position in shares of InterDigital by 24.0% in the first quarter. CWM LLC now owns 1,138 shares of the Wireless communications provider’s stock worth $235,000 after buying an additional 220 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its position in shares of InterDigital by 3,293.9% in the first quarter. Allianz Asset Management GmbH now owns 68,761 shares of the Wireless communications provider’s stock worth $14,216,000 after buying an additional 66,735 shares in the last quarter. Hedge funds and other institutional investors own 99.83% of the company’s stock.

InterDigital Trading Up 2.7%

NASDAQ IDCC opened at $273.62 on Wednesday. The stock’s 50-day simple moving average is $233.22 and its two-hundred day simple moving average is $215.88. InterDigital, Inc. has a twelve month low of $129.76 and a twelve month high of $277.95. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $7.06 billion, a price-to-earnings ratio of 19.50, a PEG ratio of 1.62 and a beta of 1.37.

InterDigital (NASDAQ:IDCC) last released its quarterly earnings results on Thursday, July 31st. The Wireless communications provider reported $6.52 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $3.75. InterDigital had a return on equity of 53.44% and a net margin of 51.92%. The business had revenue of $300.60 million for the quarter, compared to the consensus estimate of $167.93 million. During the same quarter last year, the business posted $4.57 earnings per share. The company’s revenue for the quarter was up 34.5% on a year-over-year basis. Research analysts forecast that InterDigital, Inc. will post 9.21 EPS for the current fiscal year.

InterDigital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 9th were given a dividend of $0.60 per share. The ex-dividend date was Wednesday, July 9th. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. InterDigital’s dividend payout ratio (DPR) is presently 17.11%.

Insider Buying and Selling at InterDigital

In other InterDigital news, CTO Rajesh Pankaj sold 1,000 shares of the firm’s stock in a transaction dated 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 $17,198,336.40. This trade represents a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Derek K. Aberle sold 692 shares of the firm’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $226.41, for a total value of $156,675.72. Following the sale, the director owned 6,192 shares in the company, valued at $1,401,930.72. The trade was a 10.05% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,062 shares of company stock valued at $920,853. 2.30% of the stock is currently owned by company insiders.

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.