Arrowstreet Capital Limited Partnership Invests $10.01 Million in Adeia Inc. $ADEA

Key Points

• Arrowstreet Capital acquired 416,491 Adeia shares worth approximately $10.01 million during the first quarter, representing a 0.38% stake. Institutional investors and hedge funds collectively own 97.36% of the company.
• Analysts maintain a generally positive view, with five Buy ratings and one Sell rating producing a consensus “Moderate Buy” rating and an average price target of $33.60.
• Adeia exceeded quarterly expectations, reporting $0.38 in EPS versus $0.36 expected and revenue of $104.77 million versus $99.72 million expected; it also declared a quarterly dividend of $0.05 per share.

Arrowstreet Capital Limited Partnership bought a new position in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 416,491 shares of the company's stock, valued at approximately $10,008,000. Arrowstreet Capital Limited Partnership owned 0.38% of Adeia as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. increased its holdings in Adeia by 447.0% in the fourth quarter. Hantz Financial Services Inc. now owns 1,444 shares of the company's stock valued at $25,000 after buying an additional 1,180 shares during the last quarter. IFP Advisors Inc acquired a new stake in shares of Adeia during the 3rd quarter worth about $28,000. Quarry LP raised its position in shares of Adeia by 245.5% during the 3rd quarter. Quarry LP now owns 1,586 shares of the company's stock worth $27,000 after acquiring an additional 1,127 shares in the last quarter. GHP Investment Advisors Inc. purchased a new stake in Adeia during the first quarter worth approximately $58,000. Finally, Osaic Holdings Inc. lifted its stake in Adeia by 714.9% during the second quarter. Osaic Holdings Inc. now owns 2,632 shares of the company's stock worth $37,000 after purchasing an additional 2,309 shares during the last quarter. Institutional investors and hedge funds own 97.36% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Rosenblatt Securities reissued a "buy" rating and set a $40.00 price objective on shares of Adeia in a 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. Zacks Research lowered shares of Adeia from a "hold" rating to a "strong sell" rating in a research note on Friday, July 3rd. BWS Financial reissued a "buy" rating and issued a $30.00 price target on shares of Adeia in a research report on Tuesday, May 5th. Finally, Roth Capital reaffirmed a "buy" rating and set a $43.00 price objective on shares of Adeia in a report on Tuesday, May 5th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $33.60.

Adeia Trading Up 4.9%

Shares of Adeia stock opened at $26.65 on Friday. 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 firm has a market cap of $2.94 billion, a price-to-earnings ratio of 24.68 and a beta of 1.36. Adeia Inc. has a 52-week low of $11.61 and a 52-week high of $34.34. The company's 50-day simple moving average is $29.13 and its 200-day simple moving average is $25.48.

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

Adeia Dividend Announcement

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

Adeia Company 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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