Adeia Inc. $ADEA Shares Sold by Select Equity Group L.P.

Select Equity Group L.P. lowered its stake in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) by 26.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 509,458 shares of the company's stock after selling 178,606 shares during the period. Select Equity Group L.P. owned approximately 0.47% of Adeia worth $6,735,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Summit Global Investments boosted its position in shares of Adeia by 1.9% during the 1st quarter. Summit Global Investments now owns 50,475 shares of the company's stock worth $667,000 after purchasing an additional 931 shares during the period. Kendall Capital Management boosted its position in shares of Adeia by 3.1% during the 1st quarter. Kendall Capital Management now owns 34,401 shares of the company's stock worth $455,000 after purchasing an additional 1,050 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Adeia by 14.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 8,565 shares of the company's stock worth $113,000 after purchasing an additional 1,062 shares during the period. Carmel Capital Partners LLC boosted its position in shares of Adeia by 9.9% during the 1st quarter. Carmel Capital Partners LLC now owns 12,904 shares of the company's stock worth $171,000 after purchasing an additional 1,161 shares during the period. Finally, GAMMA Investing LLC boosted its position in Adeia by 80.9% in the 1st quarter. GAMMA Investing LLC now owns 3,603 shares of the company's stock valued at $48,000 after buying an additional 1,611 shares during the period. Hedge funds and other institutional investors own 97.36% of the company's stock.

Adeia Stock Performance

Shares of ADEA traded down $0.01 during midday trading on Friday, reaching $15.65. 529,147 shares of the stock were exchanged, compared to its average volume of 454,739. The business's 50-day moving average price is $14.45 and its 200 day moving average price is $13.69. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.09 and a quick ratio of 3.09. Adeia Inc. has a twelve month low of $10.59 and a twelve month high of $17.46. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of 21.15 and a beta of 1.74.

Adeia Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, August 26th will be paid a $0.05 dividend. The ex-dividend date is Tuesday, August 26th. This represents a $0.20 dividend on an annualized basis and a yield of 1.3%. Adeia's payout ratio is currently 27.03%.

Analyst Ratings Changes

ADEA has been the subject of several recent research reports. Roth Capital initiated coverage on shares of Adeia in a research report on Friday, June 20th. They issued a "buy" rating and a $26.00 price target for the company. BWS Financial reissued a "buy" rating and issued a $18.00 price target on shares of Adeia in a research report on Wednesday, August 6th. Zacks Research raised shares of Adeia to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Wall Street Zen cut shares of Adeia from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $19.50.

Adeia Profile

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.