InterDigital Wireless (NASDAQ:IDCC) Receives Buy Rating from B. Riley

B. Riley reiterated their buy rating on shares of InterDigital Wireless (NASDAQ:IDCC) in a research note released on Friday, BenzingaRatingsTable reports. They currently have a $80.00 price objective on the Wireless communications provider’s stock, down from their previous price objective of $90.00.

Other research analysts also recently issued research reports about the company. Zacks Investment Research downgraded InterDigital Wireless from a buy rating to a hold rating in a report on Wednesday, May 8th. BidaskClub downgraded InterDigital Wireless from a sell rating to a strong sell rating in a report on Saturday, June 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. InterDigital Wireless presently has a consensus rating of Hold and a consensus price target of $80.00.

Shares of IDCC stock traded down $6.48 on Friday, reaching $57.10. 811,159 shares of the company’s stock traded hands, compared to its average volume of 249,042. InterDigital Wireless has a 12-month low of $57.03 and a 12-month high of $83.65. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $2.04 billion, a P/E ratio of 31.55, a P/E/G ratio of 7.22 and a beta of 0.98. The company has a 50 day moving average of $65.00.

InterDigital Wireless (NASDAQ:IDCC) last issued its quarterly earnings results on Thursday, August 1st. The Wireless communications provider reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.12. InterDigital Wireless had a return on equity of 3.27% and a net margin of 10.79%. The business had revenue of $75.61 million for the quarter, compared to the consensus estimate of $75.50 million. During the same quarter in the previous year, the company posted $0.31 earnings per share. InterDigital Wireless’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, equities research analysts expect that InterDigital Wireless will post 0.6 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 24th. Stockholders of record on Wednesday, July 10th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.45%. InterDigital Wireless’s dividend payout ratio is 77.35%.

In other InterDigital Wireless news, insider William J. Merritt sold 15,000 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $65.02, for a total value of $975,300.00. Following the transaction, the insider now owns 176,065 shares in the company, valued at $11,447,746.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jean F. Rankin sold 680 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $64.84, for a total value of $44,091.20. Following the completion of the transaction, the director now owns 20,918 shares in the company, valued at approximately $1,356,323.12. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of IDCC. Royce & Associates LP grew its stake in InterDigital Wireless by 40.6% in the first quarter. Royce & Associates LP now owns 700 shares of the Wireless communications provider’s stock valued at $46,000 after purchasing an additional 202 shares in the last quarter. Penserra Capital Management LLC purchased a new position in InterDigital Wireless in the first quarter valued at about $83,000. Wealthcare Capital Management LLC grew its stake in InterDigital Wireless by 190.5% in the second quarter. Wealthcare Capital Management LLC now owns 1,525 shares of the Wireless communications provider’s stock valued at $98,000 after purchasing an additional 1,000 shares in the last quarter. Virtu Financial LLC purchased a new position in InterDigital Wireless in the first quarter valued at about $209,000. Finally, Wrapmanager Inc. grew its stake in InterDigital Wireless by 4.7% in the first quarter. Wrapmanager Inc. now owns 3,164 shares of the Wireless communications provider’s stock valued at $209,000 after purchasing an additional 143 shares in the last quarter. Hedge funds and other institutional investors own 74.07% of the company’s stock.

InterDigital Wireless Company Profile

InterDigital, Inc designs and develops technologies that enable and enhance wireless communications in the United States and internationally. It provides technology solutions for use in digital cellular and wireless products and networks, including 2G, 3G, 4G and IEEE 802-related products and networks.

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