Adeia Inc. $ADEA Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its Adeia stake by 4.6% in the first quarter, selling 48,158 shares and retaining 1,009,643 shares valued at approximately $24.3 million. Institutional investors and hedge funds collectively own 97.36% of the company.
• Analysts maintain a generally positive outlook, with five Buy ratings and one Sell rating. Adeia has a consensus rating of “Moderate Buy” and an average price target of $33.60, above its reported share price of $25.15.
• Adeia reported quarterly EPS of $0.38, beating estimates by $0.02, while revenue of $104.77 million exceeded expectations. The company also declared a quarterly dividend of $0.05 per share, representing a 0.8% yield.

Bank of New York Mellon Corp lessened its stake in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) by 4.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,009,643 shares of the company's stock after selling 48,158 shares during the quarter. Bank of New York Mellon Corp owned 0.91% of Adeia worth $24,262,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Ameriprise Financial Inc. increased its holdings in Adeia by 0.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 14,509,642 shares of the company's stock valued at $205,166,000 after purchasing an additional 97,666 shares during the last quarter. Systematic Financial Management LP lifted its stake in Adeia by 27.9% during the 4th quarter. Systematic Financial Management LP now owns 2,891,131 shares of the company's stock worth $49,872,000 after acquiring an additional 630,039 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Adeia by 0.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,819,336 shares of the company's stock valued at $47,364,000 after acquiring an additional 13,412 shares during the period. Geode Capital Management LLC boosted its holdings in Adeia by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 2,799,445 shares of the company's stock valued at $48,299,000 after acquiring an additional 19,601 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Adeia by 19.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company's stock valued at $39,109,000 after acquiring an additional 448,274 shares in the last quarter. 97.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADEA has been the topic of several research reports. Roth Capital reissued a "buy" rating and set a $43.00 price target on shares of Adeia in a research report on Tuesday, May 5th. Weiss Ratings cut shares of Adeia from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, May 18th. Rosenblatt Securities reiterated a "buy" rating and set a $40.00 target price on shares of Adeia in a report on Tuesday, May 5th. Maxim Group set a $35.00 target price on shares of Adeia in a report on Wednesday, May 6th. Finally, Wall Street Zen downgraded shares of Adeia from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Adeia presently has an average rating of "Moderate Buy" and a consensus price target of $33.60.

Adeia Stock Down 3.5%

Shares of NASDAQ:ADEA opened at $25.15 on Wednesday. Adeia Inc. has a fifty-two week low of $11.61 and a fifty-two week high of $34.34. The firm's 50 day moving average price is $29.22 and its 200 day moving average price is $25.38. 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 stock has a market cap of $2.77 billion, a price-to-earnings ratio of 23.29 and a beta of 1.36.

Adeia (NASDAQ:ADEA - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.38 EPS for the quarter, beating analysts' consensus estimates of $0.36 by $0.02. Adeia had a net margin of 26.50% and a return on equity of 39.49%. The company had revenue of $104.77 million for the quarter, compared to the consensus estimate of $99.72 million. As a group, equities research analysts predict that Adeia Inc. will post 1.15 earnings per share for the current fiscal year.

Adeia Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, May 26th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, May 26th. Adeia's dividend payout ratio is 18.52%.

Adeia Profile

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.

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