InterDigital (NASDAQ:IDCC) Sets New 12-Month High After Dividend Announcement

InterDigital, Inc. (NASDAQ:IDCC - Get Free Report) reached a new 52-week high during mid-day trading on Friday after the company announced a dividend. The stock traded as high as $213.37 and last traded at $211.79, with a volume of 1008385 shares. The stock had previously closed at $182.50.

The newly announced dividend which will be paid on Wednesday, April 23rd. Stockholders of record on Wednesday, April 9th will be issued a $0.60 dividend. The ex-dividend date is Wednesday, April 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.14%. This is a boost from InterDigital's previous quarterly dividend of $0.45. InterDigital's dividend payout ratio is 14.95%.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of InterDigital from a "buy" rating to a "hold" rating in a report on Monday, November 4th.

InterDigital Trading Up 2.6 %

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.62 and a current ratio of 1.70. The firm has a market cap of $5.31 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 2.41 and a beta of 1.44. The business has a fifty day simple moving average of $188.74 and a 200-day simple moving average of $163.43.

Insider Transactions at InterDigital

In related news, CTO Rajesh Pankaj sold 700 shares of InterDigital stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $204.13, for a total transaction of $142,891.00. Following the sale, the chief technology officer now directly owns 52,997 shares in the company, valued at $10,818,277.61. This trade represents a 1.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joshua D. Schmidt sold 140 shares of the company's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $182.19, for a total transaction of $25,506.60. Following the completion of the transaction, the insider now owns 24,138 shares of the company's stock, valued at approximately $4,397,702.22. This trade represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,322 shares of company stock worth $2,562,751. Insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On InterDigital

Several institutional investors and hedge funds have recently added to or reduced their stakes in IDCC. Sanctuary Advisors LLC acquired a new position in InterDigital in the 2nd quarter valued at approximately $596,000. SG Americas Securities LLC acquired a new position in InterDigital in the 3rd quarter valued at approximately $417,000. Handelsbanken Fonder AB increased its position in InterDigital by 29.5% in the 3rd quarter. Handelsbanken Fonder AB now owns 7,030 shares of the Wireless communications provider's stock valued at $996,000 after acquiring an additional 1,600 shares during the period. GAMMA Investing LLC increased its position in shares of InterDigital by 81.3% during the third quarter. GAMMA Investing LLC now owns 667 shares of the Wireless communications provider's stock worth $94,000 after buying an additional 299 shares during the period. Finally, CWM LLC increased its position in shares of InterDigital by 34.0% during the third quarter. CWM LLC now owns 851 shares of the Wireless communications provider's stock worth $121,000 after buying an additional 216 shares during the period. 99.83% of the stock is currently owned by institutional investors and hedge funds.

About InterDigital

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.