S&T Bank PA Sells 6,896 Shares of InterDigital, Inc. $IDCC

S&T Bank PA lowered its stake in InterDigital, Inc. (NASDAQ:IDCC) by 18.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,384 shares of the Wireless communications provider’s stock after selling 6,896 shares during the quarter. InterDigital makes up approximately 2.1% of S&T Bank PA’s investment portfolio, making the stock its 13th largest position. S&T Bank PA owned 0.12% of InterDigital worth $6,813,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in IDCC. Envestnet Asset Management Inc. boosted its position in InterDigital by 8.5% in the first quarter. Envestnet Asset Management Inc. now owns 146,384 shares of the Wireless communications provider’s stock valued at $30,265,000 after buying an additional 11,411 shares in the last quarter. Crossmark Global Holdings Inc. grew its position in InterDigital by 39.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 2,929 shares of the Wireless communications provider’s stock worth $606,000 after acquiring an additional 831 shares during the last quarter. Greenleaf Trust increased its holdings in InterDigital by 19.9% in the 1st quarter. Greenleaf Trust now owns 1,826 shares of the Wireless communications provider’s stock worth $378,000 after purchasing an additional 303 shares in the last quarter. Leavell Investment Management Inc. boosted its stake in shares of InterDigital by 3.4% during the first quarter. Leavell Investment Management Inc. now owns 1,844 shares of the Wireless communications provider’s stock valued at $381,000 after purchasing an additional 60 shares in the last quarter. Finally, Alps Advisors Inc. grew its holdings in shares of InterDigital by 5.5% during the first quarter. Alps Advisors Inc. now owns 56,498 shares of the Wireless communications provider’s stock worth $11,681,000 after purchasing an additional 2,945 shares during the last quarter. 99.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

InterDigital Price Performance

Shares of IDCC opened at $380.77 on Friday. The firm has a market cap of $9.80 billion, a PE ratio of 27.14, a price-to-earnings-growth ratio of 1.88 and a beta of 1.45. InterDigital, Inc. has a 52-week low of $169.58 and a 52-week high of $412.60. The business’s 50 day moving average price is $343.72 and its two-hundred day moving average price is $269.04. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.96 and a current ratio of 1.96.

InterDigital Increases Dividend

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

Insider Buying and Selling at InterDigital

In related news, CTO Rajesh Pankaj sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $261.03, for a total value of $261,030.00. Following the transaction, the chief technology officer owned 67,122 shares of the company’s stock, valued at approximately $17,520,855.66. This trade represents a 1.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joshua D. Schmidt sold 466 shares of InterDigital stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $395.63, for a total value of $184,363.58. Following the transaction, the insider owned 27,928 shares of the company’s stock, valued at $11,049,154.64. This trade represents a 1.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 4,932 shares of company stock worth $1,575,838. Corporate insiders own 2.30% of the company’s stock.

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.