Balyasny Asset Management L.P. Purchases New Stake in Adeia Inc. (NASDAQ:ADEA)

Balyasny Asset Management L.P. purchased a new position in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 33,913 shares of the company's stock, valued at approximately $474,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADEA. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Adeia during the 4th quarter valued at $33,000. Picton Mahoney Asset Management boosted its holdings in Adeia by 52.1% in the fourth quarter. Picton Mahoney Asset Management now owns 2,836 shares of the company's stock valued at $39,000 after acquiring an additional 972 shares during the last quarter. KBC Group NV grew its position in Adeia by 74.6% during the fourth quarter. KBC Group NV now owns 6,968 shares of the company's stock valued at $97,000 after acquiring an additional 2,977 shares during the period. Linden Thomas Advisory Services LLC acquired a new stake in Adeia during the fourth quarter worth about $142,000. Finally, Cibc World Markets Corp purchased a new position in shares of Adeia in the 4th quarter worth about $142,000. Institutional investors and hedge funds own 97.36% of the company's stock.

Adeia Stock Down 1.2%

Shares of NASDAQ ADEA traded down $0.16 on Monday, hitting $13.42. The company had a trading volume of 327,877 shares, compared to its average volume of 539,204. The firm has a market capitalization of $1.46 billion, a P/E ratio of 23.54 and a beta of 1.57. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.15. Adeia Inc. has a 12-month low of $9.68 and a 12-month high of $17.46. The business has a 50 day moving average of $12.85 and a two-hundred day moving average of $13.26.

Adeia (NASDAQ:ADEA - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The company reported $0.42 earnings per share for the quarter, hitting analysts' consensus estimates of $0.42. The firm had revenue of $119.17 million during the quarter, compared to analysts' expectations of $114.22 million. Adeia had a return on equity of 32.81% and a net margin of 17.19%. During the same quarter in the prior year, the business earned $0.27 EPS. As a group, equities research analysts forecast that Adeia Inc. will post 1.09 earnings per share for the current fiscal year.

Adeia Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Tuesday, May 27th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date is Tuesday, May 27th. Adeia's payout ratio is 30.30%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. BWS Financial reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Adeia in a research note on Tuesday, May 6th. Maxim Group lifted their price target on shares of Adeia from $15.00 to $17.00 and gave the company a "buy" rating in a research report on Wednesday, February 19th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $17.00 price objective on shares of Adeia in a research report on Tuesday, May 6th.

About Adeia

Adeia Inc, together with its subsidiaries, operates as a media and semiconductor intellectual property licensing company in the United States, Canada, Asia, Europe, the Middle East, and internationally. The company licenses its patent portfolios across various markets, including multichannel video programming distributors comprising cable, satellite, and telecommunications television providers that aggregate and distribute linear content over networks, as well as television providers that aggregate and stream linear content over broadband networks; over-the-top video service providers and social media companies, such as subscription video-on-demand and advertising-supported streaming service providers, as well as content providers, networks, and media companies.