Bank of America Corp DE Invests $23.68 Million in Adeia Inc. $ADEA

Key Points

• Bank of America initiated a $23.68 million stake in Adeia during the second quarter, purchasing 719,062 shares, while institutional investors collectively own 97.36% of the company.
• Analysts maintain a generally positive view: five rate Adeia a Buy and one a Hold, resulting in a “Moderate Buy” consensus and a $37.60 average price target.
• Adeia shares opened at $25.05, down 3.0%, despite the company beating quarterly earnings expectations with $0.34 EPS versus the $0.31 consensus estimate; it also pays a quarterly dividend of $0.05.

Bank of America Corp DE bought a new stake in Adeia Inc. (NASDAQ:ADEA - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 719,062 shares of the company's stock, valued at approximately $23,679,000. Bank of America Corp DE owned about 0.65% of Adeia at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. BlackRock Inc. bought a new position in Adeia in the 2nd quarter valued at $573,267,000. The Manufacturers Life Insurance Company bought a new stake in shares of Adeia during the second quarter worth $46,004,000. Deutsche Bank AG bought a new stake in shares of Adeia during the second quarter worth $34,520,000. Bank of New York Mellon Corp acquired a new stake in shares of Adeia in the second quarter valued at $34,425,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Adeia in the second quarter valued at $16,578,000. 97.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ADEA. Zacks Research upgraded shares of Adeia from a "strong sell" rating to a "hold" rating in a research report on Monday, August 3rd. Weiss Ratings upgraded shares of Adeia from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, September 16th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $40.00 target price on shares of Adeia in a research note on Tuesday, August 4th. Finally, BWS Financial upped their target price on shares of Adeia from $30.00 to $50.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.60.

Adeia Stock Down 3.0%

Shares of NASDAQ:ADEA opened at $25.05 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of 23.19 and a beta of 1.38. The company has a 50 day moving average of $26.60 and a 200-day moving average of $27.58. Adeia Inc. has a one year low of $11.61 and a one year high of $34.34.

Adeia (NASDAQ:ADEA - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.34 earnings per share for the quarter, beating 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 business had revenue of $96.12 million for the quarter, compared to analyst estimates of $96.79 million. On average, sell-side analysts forecast that Adeia Inc. will post 1.17 earnings per share for the current year.

Adeia Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Monday, August 24th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Monday, August 24th. Adeia's dividend payout ratio (DPR) is currently 18.52%.

Adeia Profile

Adeia Inc NASDAQ: ADEA is a semiconductor and intellectual property licensing company. It develops and licenses technologies that help semiconductor manufacturers and electronics companies design and produce advanced chips and systems.

The company's portfolio includes semiconductor packaging and interconnect technologies, such as hybrid bonding and other solutions intended to improve performance, power efficiency and integration in advanced electronic devices. Its intellectual property is used across applications including data centers, communications, consumer electronics, automotive systems and other connected devices.

Adeia serves customers and technology partners internationally through licensing agreements and related business relationships.

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