Bank of New York Mellon Corp Invests $34.42 Million in Adeia Inc. $ADEA

Key Points

• Bank of New York Mellon initiated a $34.42 million position in Adeia, purchasing 1.05 million shares, or approximately 0.95% of the company. Institutional investors collectively own 97.36% of Adeia.
• Analysts maintain a generally positive outlook, with five Buy ratings and one Hold rating. Adeia has an average consensus price target of $37.60, compared with its recent price of $25.72.
• Adeia exceeded quarterly EPS expectations, reporting $0.34 versus the $0.31 consensus estimate, and declared a quarterly dividend of $0.05, equivalent to a 0.8% annual yield.

Bank of New York Mellon Corp bought a new position in Adeia Inc. (NASDAQ:ADEA - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,045,395 shares of the company's stock, valued at approximately $34,425,000. Bank of New York Mellon Corp owned about 0.95% of Adeia at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State of Wyoming bought a new stake in shares of Adeia during the second quarter valued at approximately $1,550,000. Tactive Advisors LLC purchased a new stake in shares of Adeia during the second quarter worth about $286,000. GAMMA Investing LLC grew its holdings in shares of Adeia by 7.1% during the second quarter. GAMMA Investing LLC now owns 7,864 shares of the company's stock valued at $259,000 after buying an additional 523 shares during the last quarter. Canandaigua National Bank & Trust Co. purchased a new stake in shares of Adeia during the second quarter valued at $216,000. Finally, Bank of America Corp DE increased its position in shares of Adeia by 22.9% in 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. 97.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ADEA has been the subject of several recent research reports. Maxim Group set a $35.00 target price on shares of Adeia in a report on Wednesday, May 6th. BWS Financial raised their price objective on Adeia from $30.00 to $50.00 and gave the company a "buy" rating in a report on Friday, August 14th. Wall Street Zen cut Adeia from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Zacks Research upgraded Adeia from a "strong sell" rating to a "hold" rating in a research report on Monday, August 3rd. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $40.00 price target on shares of Adeia in a research note on Tuesday, August 4th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $37.60.

Adeia Stock Down 1.9%

Adeia stock opened at $25.72 on Friday. The stock has a market cap of $2.84 billion, a PE ratio of 23.81 and a beta of 1.39. 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's fifty day moving average is $28.15 and its two-hundred day moving average is $26.76. Adeia Inc. has a 1-year low of $11.61 and a 1-year high of $34.34.

Adeia (NASDAQ:ADEA - Get Free Report) last released its quarterly earnings data 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 return on equity of 39.26% and a net margin of 26.05%.The business had revenue of $96.12 million during the quarter, compared to analysts' expectations of $96.79 million. On average, sell-side analysts expect that Adeia Inc. will post 1.17 EPS for the current fiscal 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 issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, August 24th. Adeia's dividend payout ratio is presently 18.52%.

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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