Permit Capital LLC Reduces Holdings in InterDigital, Inc. $IDCC

Permit Capital LLC lowered its stake in shares of InterDigital, Inc. (NASDAQ:IDCC) by 28.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,589 shares of the Wireless communications provider’s stock after selling 20,000 shares during the quarter. InterDigital comprises 3.7% of Permit Capital LLC’s holdings, making the stock its 4th largest holding. Permit Capital LLC owned 0.20% of InterDigital worth $11,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in InterDigital by 19.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 358,843 shares of the Wireless communications provider’s stock valued at $74,191,000 after purchasing an additional 59,517 shares in the last quarter. Invesco Ltd. boosted its position in InterDigital by 8.5% during the first quarter. Invesco Ltd. now owns 355,704 shares of the Wireless communications provider’s stock valued at $73,542,000 after purchasing an additional 27,853 shares in the last quarter. Congress Asset Management Co. boosted its position in InterDigital by 1.4% during the second quarter. Congress Asset Management Co. now owns 343,752 shares of the Wireless communications provider’s stock valued at $77,079,000 after purchasing an additional 4,651 shares in the last quarter. New Vernon Capital Holdings II LLC boosted its position in InterDigital by 25,257.5% during the first quarter. New Vernon Capital Holdings II LLC now owns 204,889 shares of the Wireless communications provider’s stock valued at $42,361,000 after purchasing an additional 204,081 shares in the last quarter. Finally, Emerald Advisers LLC boosted its position in InterDigital by 15.5% during the second quarter. Emerald Advisers LLC now owns 174,499 shares of the Wireless communications provider’s stock valued at $39,128,000 after purchasing an additional 23,402 shares in the last quarter. Institutional investors own 99.83% of the company’s stock.

Insider Activity

In other news, insider Joshua D. Schmidt sold 466 shares of the firm’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $395.63, for a total value of $184,363.58. Following the completion of the transaction, the insider directly owned 27,928 shares in the company, valued at $11,049,154.64. This trade represents a 1.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Rajesh Pankaj sold 1,000 shares of the firm’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $338.08, for a total value of $338,080.00. Following the completion of the transaction, the chief technology officer owned 65,122 shares of the company’s stock, valued at approximately $22,016,445.76. The trade was a 1.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 3,932 shares of company stock valued at $1,200,528. Company insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on IDCC shares. Weiss Ratings upgraded InterDigital from a “buy (b+)” rating to a “buy (a)” rating in a research note on Tuesday, October 14th. William Blair reiterated an “outperform” rating on shares of InterDigital in a research note on Monday, September 22nd. Jefferies Financial Group set a $475.00 price target on InterDigital and gave the company a “buy” rating in a research note on Thursday, October 30th. Finally, Roth Capital increased their price target on InterDigital from $270.00 to $350.00 and gave the company a “buy” rating in a research note on Friday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat.com, InterDigital presently has an average rating of “Buy” and a consensus price target of $412.50.

InterDigital Trading Up 1.1%

Shares of NASDAQ:IDCC opened at $385.82 on Thursday. InterDigital, Inc. has a 52-week low of $169.58 and a 52-week high of $412.60. The stock has a market cap of $9.93 billion, a price-to-earnings ratio of 27.50, a PEG ratio of 1.88 and a beta of 1.45. 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 business has a 50-day moving average price of $341.58 and a 200-day moving average price of $268.25.

InterDigital Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 22nd. Stockholders of record on Wednesday, October 8th were paid a $0.70 dividend. The ex-dividend date was Wednesday, October 8th. This is a positive change from InterDigital’s previous quarterly dividend of $0.60. This represents a $2.80 annualized dividend and a dividend yield of 0.7%. InterDigital’s dividend payout ratio (DPR) is 18.89%.

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.