Renaissance Technologies LLC lowered its stake in shares of Adeia Inc. (NASDAQ:ADEA – Free Report) by 10.4% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 640,343 shares of the company’s stock after selling 74,700 shares during the quarter. Renaissance Technologies LLC’s holdings in Adeia were worth $15,387,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in ADEA. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Adeia in the 1st quarter worth $10,008,000. Oak Associates Ltd. OH acquired a new position in shares of Adeia during the 1st quarter valued at about $565,000. Sei Investments Co. grew its holdings in shares of Adeia by 19.6% in the first quarter. Sei Investments Co. now owns 180,859 shares of the company’s stock valued at $4,346,000 after purchasing an additional 29,681 shares during the period. NewEdge Wealth LLC grew its holdings in shares of Adeia by 36.2% in the first quarter. NewEdge Wealth LLC now owns 82,878 shares of the company’s stock valued at $1,992,000 after purchasing an additional 22,027 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Adeia during the first quarter worth about $3,362,000. 97.36% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on ADEA shares. Weiss Ratings downgraded shares of Adeia from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 18th. Maxim Group set a $35.00 price target on shares of Adeia in a research note on Wednesday, May 6th. Roth Capital restated a “buy” rating and set a $43.00 price target on shares of Adeia in a report on Tuesday, May 5th. Wall Street Zen lowered shares of Adeia from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, BWS Financial reiterated a “buy” rating and issued a $30.00 price objective on shares of Adeia in a report on Tuesday, May 5th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $33.60.
Adeia Stock Up 4.9%
Shares of NASDAQ ADEA opened at $26.65 on Friday. The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 0.79. The business’s 50 day moving average is $29.13 and its two-hundred day moving average is $25.48. Adeia Inc. has a 52-week low of $11.61 and a 52-week high of $34.34. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 24.68 and a beta of 1.36.
Adeia (NASDAQ:ADEA – Get Free Report) last released its quarterly earnings results on Monday, May 4th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Adeia had a return on equity of 39.49% and a net margin of 26.50%.The business had revenue of $104.77 million during the quarter, compared to analyst estimates of $99.72 million. Research analysts predict that Adeia Inc. will post 1.15 EPS for the current year.
Adeia Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, May 26th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Tuesday, May 26th. Adeia’s dividend payout ratio (DPR) is 18.52%.
About Adeia
Adeia Inc (NASDAQ: ADEA) is a technology licensing company that focuses on acquiring, managing and monetizing intellectual property assets in the electronics and communications sectors. The company’s core business involves the strategic purchase of patent portfolios followed by the negotiation of licensing agreements, collaborative partnerships and, where necessary, enforcement actions to generate revenue from those assets. Adeia’s technology coverage spans semiconductor design, data communications, wireless networking, imaging systems and other advanced electronics applications.
By assembling a diversified collection of high-value patent families, Adeia works closely with original equipment manufacturers, semiconductor suppliers and service providers across North America, Europe and Asia.
Featured Stories
- Five stocks we like better than Adeia
- Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector
- Amazon’s Earnings Beat Shows Why AWS Is Back at the Center of the Bull Case
- Apple’s Record Quarter Could Not Outrun Its Guidance Problem
- McKesson’s Compounding Keeps Adding Up
Want to see what other hedge funds are holding ADEA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adeia Inc. (NASDAQ:ADEA – Free Report).
Receive News & Ratings for Adeia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adeia and related companies with MarketBeat.com's FREE daily email newsletter.
