Adeia Inc. $ADEA Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies reduced its Adeia stake by 10.4% in the first quarter, selling 74,700 shares and retaining 640,343 shares valued at approximately $15.4 million. Institutional investors and hedge funds collectively own 97.36% of the company.
• Adeia reported quarterly EPS of $0.38, beating estimates of $0.36, while revenue of $104.77 million exceeded expectations of $99.72 million. The company also declared a quarterly dividend of $0.05, equivalent to a 0.8% annual yield.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $33.60, although some firms recently downgraded the stock, including Zacks Research’s “Strong Sell” rating.

Renaissance Technologies LLC cut its holdings in Adeia Inc. (NASDAQ:ADEA - Free Report) by 10.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 640,343 shares of the company's stock after selling 74,700 shares during the quarter. Renaissance Technologies LLC owned 0.58% of Adeia worth $15,387,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Wellington Management Group LLP grew its stake in Adeia by 64.5% in the 4th quarter. Wellington Management Group LLP now owns 1,998,488 shares of the company's stock valued at $34,474,000 after acquiring an additional 783,869 shares during the period. Systematic Financial Management LP raised its position in Adeia by 27.9% during the fourth 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 during the period. Deutsche Bank AG lifted its holdings in Adeia by 386.1% during the fourth quarter. Deutsche Bank AG now owns 732,859 shares of the company's stock valued at $12,642,000 after purchasing an additional 582,106 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Adeia by 19.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company's stock valued at $39,109,000 after purchasing an additional 448,274 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Adeia in the first quarter valued at about $10,008,000. 97.36% of the stock is owned by institutional investors and hedge funds.

Adeia Trading Up 4.9%

Shares of ADEA opened at $26.65 on Friday. Adeia Inc. has a 52-week low of $11.61 and a 52-week high of $34.34. The stock has a market cap of $2.94 billion, a PE ratio of 24.68 and a beta of 1.36. The firm's fifty day moving average is $29.13 and its two-hundred day moving average is $25.48. The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 0.79.

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

Adeia Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently commented on ADEA shares. Rosenblatt Securities reissued a "buy" rating and set a $40.00 target price on shares of Adeia in a research note on Tuesday, May 5th. Wall Street Zen lowered shares of Adeia from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. BWS Financial reiterated a "buy" rating and issued a $30.00 price objective on shares of Adeia in a report on Tuesday, May 5th. Zacks Research lowered Adeia from a "hold" rating to a "strong sell" rating in a research note on Friday, July 3rd. Finally, Roth Capital reissued a "buy" rating and set a $43.00 target price on shares of Adeia in a report on Tuesday, May 5th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.60.

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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