Citigroup Inc. Sells 1,979,171 Shares of InterDigital, Inc. (NASDAQ:IDCC)

Citigroup Inc. decreased its holdings in shares of InterDigital, Inc. (NASDAQ:IDCC - Free Report) by 98.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 35,499 shares of the Wireless communications provider's stock after selling 1,979,171 shares during the quarter. Citigroup Inc. owned about 0.14% of InterDigital worth $5,028,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IDCC. Simplicity Wealth LLC raised its position in shares of InterDigital by 1.5% during the third quarter. Simplicity Wealth LLC now owns 4,696 shares of the Wireless communications provider's stock valued at $665,000 after buying an additional 69 shares during the last quarter. Miller Howard Investments Inc. NY lifted its position in shares of InterDigital by 2.0% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 4,602 shares of the Wireless communications provider's stock worth $536,000 after acquiring an additional 90 shares during the period. Blue Trust Inc. grew its holdings in shares of InterDigital by 9.4% during the 3rd quarter. Blue Trust Inc. now owns 1,175 shares of the Wireless communications provider's stock worth $166,000 after purchasing an additional 101 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of InterDigital by 38.0% during the second quarter. Nisa Investment Advisors LLC now owns 396 shares of the Wireless communications provider's stock valued at $46,000 after purchasing an additional 109 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of InterDigital by 50.8% in the second quarter. GAMMA Investing LLC now owns 368 shares of the Wireless communications provider's stock valued at $43,000 after purchasing an additional 124 shares in the last quarter. Institutional investors and hedge funds own 99.83% of the company's stock.

InterDigital Price Performance

IDCC stock traded up $3.51 during trading on Tuesday, hitting $200.08. The company had a trading volume of 445,768 shares, compared to its average volume of 450,609. The company has a fifty day moving average price of $164.00 and a two-hundred day moving average price of $138.76. InterDigital, Inc. has a fifty-two week low of $95.33 and a fifty-two week high of $201.00. The company has a market cap of $5.07 billion, a P/E ratio of 21.38, a P/E/G ratio of 0.82 and a beta of 1.44. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.03.

InterDigital Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 9th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 0.90%. This is a boost from InterDigital's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, October 9th. InterDigital's dividend payout ratio is currently 19.23%.

Insider Transactions at InterDigital

In other InterDigital news, insider Joshua D. Schmidt sold 140 shares of the firm's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $182.19, for a total value of $25,506.60. Following the completion of the sale, the insider now owns 24,138 shares in the company, valued at approximately $4,397,702.22. This trade represents a 0.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John A. Kritzmacher sold 2,500 shares of the business's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $138.72, for a total transaction of $346,800.00. Following the completion of the transaction, the director now directly owns 20,279 shares of the company's stock, valued at approximately $2,813,102.88. This represents a 10.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,340 shares of company stock valued at $472,253. Corporate insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IDCC. StockNews.com downgraded shares of InterDigital from a "buy" rating to a "hold" rating in a research note on Monday, November 4th. Roth Mkm lifted their target price on shares of InterDigital from $146.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, September 11th.

InterDigital 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.