Adeia Inc. $ADEA Shares Newly Purchased by CenterBook Partners LP

Key Points

• CenterBook Partners opened a new Adeia position in the third quarter, buying 77,433 shares valued at approximately $1.98 million, or about 0.07% of the company.
• Institutional investors and hedge funds own 97.36% of Adeia; several other firms also initiated or increased positions during the quarter.
• Adeia missed quarterly earnings and revenue expectations, reporting EPS of $0.21 versus $0.30 expected and revenue of $80.19 million versus $98.88 million expected. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $36.60.

CenterBook Partners LP purchased a new position in Adeia Inc. (NASDAQ:ADEA - Free Report) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 77,433 shares of the company's stock, valued at approximately $1,982,000. CenterBook Partners LP owned approximately 0.07% of Adeia at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vise Technologies Inc. acquired a new position in shares of Adeia in the 3rd quarter worth approximately $559,000. Oppenheimer & Co. Inc. bought a new stake in shares of Adeia in the 3rd quarter worth approximately $280,000. Sterling Capital Management LLC lifted its stake in Adeia by 529.5% during the third quarter. Sterling Capital Management LLC now owns 3,544 shares of the company's stock valued at $91,000 after purchasing an additional 2,981 shares during the last quarter. Vest Financial LLC lifted its stake in Adeia by 32.1% during the third quarter. Vest Financial LLC now owns 8,289 shares of the company's stock valued at $212,000 after purchasing an additional 2,015 shares during the last quarter. Finally, CWA Asset Management Group LLC boosted its holdings in Adeia by 27.9% during the third quarter. CWA Asset Management Group LLC now owns 108,202 shares of the company's stock worth $2,770,000 after buying an additional 23,614 shares in the last quarter. 97.36% of the stock is owned by institutional investors and hedge funds.

Adeia Stock Performance

Shares of ADEA opened at $15.50 on Monday. Adeia Inc. has a one year low of $11.61 and a one year high of $34.34. The company has a 50-day moving average of $23.48 and a two-hundred day moving average of $25.42. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 15.20 and a beta of 1.46. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.64 and a quick ratio of 3.64.

Adeia (NASDAQ:ADEA - Get Free Report) last released its earnings results on Monday, November 2nd. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.09). Adeia had a return on equity of 36.17% and a net margin of 25.04%. The firm had revenue of $80.19 million during the quarter, compared to analysts' expectations of $98.88 million. On average, equities research analysts expect that Adeia Inc. will post 1.03 earnings per share for the current year.

Adeia Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 14th. Shareholders of record on Monday, November 23rd will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, November 23rd. Adeia's payout ratio is presently 19.61%.

Analyst Ratings Changes

ADEA has been the topic of several recent research reports. BWS Financial restated a "buy" rating and issued a $50.00 price target on shares of Adeia in a research report on Wednesday, October 7th. Weiss Ratings cut Adeia from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, September 29th. Rosenblatt Securities cut their price objective on Adeia from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Tuesday, November 3rd. Finally, Zacks Research lowered Adeia from a "hold" rating to a "strong sell" rating in a research note on Thursday. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $36.60.

Adeia Company Profile

Adeia Inc is an intellectual-property licensing company focused on technologies used in media, entertainment, consumer electronics and semiconductors. Rather than primarily selling consumer products, it develops and licenses innovations that other companies can incorporate into their products and services.

Its portfolio includes media technologies related to content discovery and entertainment experiences, as well as semiconductor technologies used in areas such as advanced packaging and chip manufacturing.

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