Assenagon Asset Management S.A. Sells 59,859 Shares of Adeia Inc. $ADEA

Key Points

• Assenagon Asset Management cut its Adeia stake by 33.8% in the second quarter, selling 59,859 shares and retaining 117,221 shares worth approximately $3.86 million. Institutional investors collectively own 97.36% of Adeia.
• Adeia reported quarterly EPS of $0.34, beating estimates of $0.31, while revenue reached $96.12 million. The company also declared a quarterly dividend of $0.05 per share, equivalent to a 0.7% annualized yield.
• Adeia shares opened at $28.11, and analysts maintain a consensus “Moderate Buy” rating with an average price target of $33.60, despite some recent downgrades to “Hold.”

Assenagon Asset Management S.A. trimmed its position in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) by 33.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 117,221 shares of the company's stock after selling 59,859 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.11% of Adeia worth $3,860,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC increased its position in Adeia by 7.1% during the 2nd quarter. GAMMA Investing LLC now owns 7,864 shares of the company's stock valued at $259,000 after buying an additional 523 shares in the last quarter. Canandaigua National Bank & Trust Co. purchased a new position in Adeia in the 2nd quarter worth about $216,000. Bank of America Corp DE lifted its stake in Adeia by 22.9% during the 1st quarter. Bank of America Corp DE now owns 740,728 shares of the company's stock valued at $17,800,000 after acquiring an additional 138,034 shares during the period. Janus Henderson Group PLC lifted its stake in Adeia by 948.3% during the 1st quarter. Janus Henderson Group PLC now owns 473,438 shares of the company's stock valued at $11,378,000 after acquiring an additional 428,275 shares during the period. Finally, Irenic Capital Management LP purchased a new stake in shares of Adeia during the 1st quarter valued at about $4,804,000. 97.36% of the stock is owned by hedge funds and other institutional investors.

Adeia Stock Up 1.4%

ADEA stock opened at $28.11 on Thursday. Adeia Inc. has a twelve month low of $11.61 and a twelve month high of $34.34. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.76. The stock has a market cap of $3.10 billion, a P/E ratio of 26.03 and a beta of 1.39. The business's 50-day moving average price is $29.14 and its 200-day moving average price is $26.05.

Adeia (NASDAQ:ADEA - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.03. Adeia had a net margin of 26.05% and a return on equity of 39.26%. The company had revenue of $96.12 million during the quarter, compared to analyst estimates of $96.79 million. On average, equities research analysts forecast that Adeia Inc. will post 1.17 EPS for the current year.

Adeia Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Monday, August 24th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.7%. Adeia's dividend payout ratio is 18.52%.

Analysts Set New Price Targets

ADEA has been the subject of a number of research analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $40.00 target price on shares of Adeia in a research report on Tuesday, August 4th. Weiss Ratings downgraded Adeia from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, August 5th. Maxim Group set a $35.00 price objective on Adeia in a report on Wednesday, May 6th. Wall Street Zen lowered Adeia from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Finally, BWS Financial reiterated a "buy" rating and set a $30.00 price objective on shares of Adeia in a research report on Tuesday, August 4th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Adeia presently has a consensus rating of "Moderate Buy" and an average price target of $33.60.

About Adeia

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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