Bank of New York Mellon Corp reduced its stake in Adeia Inc. (NASDAQ:ADEA - Free Report) by 5.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,067,422 shares of the company's stock after selling 56,653 shares during the period. Bank of New York Mellon Corp owned 0.98% of Adeia worth $14,111,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Ameriprise Financial Inc. lifted its position in Adeia by 6.3% during the fourth quarter. Ameriprise Financial Inc. now owns 14,656,979 shares of the company's stock valued at $204,902,000 after acquiring an additional 874,098 shares during the last quarter. Vanguard Group Inc. lifted its position in Adeia by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 14,423,573 shares of the company's stock valued at $201,642,000 after acquiring an additional 143,297 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Adeia by 2.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,853,732 shares of the company's stock worth $39,894,000 after buying an additional 60,941 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Adeia by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,626,956 shares of the company's stock worth $36,734,000 after buying an additional 10,883 shares during the last quarter. Finally, Systematic Financial Management LP raised its holdings in shares of Adeia by 5.4% in the fourth quarter. Systematic Financial Management LP now owns 2,276,288 shares of the company's stock worth $31,822,000 after buying an additional 116,087 shares during the last quarter. 97.36% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
ADEA has been the topic of several analyst reports. Roth Capital initiated coverage on shares of Adeia in a research report on Friday, June 20th. They set a "buy" rating and a $26.00 price target on the stock. BWS Financial restated a "buy" rating and set a $18.00 price target on shares of Adeia in a research report on Wednesday, July 9th. Finally, Rosenblatt Securities restated a "buy" rating and set a $17.00 price target on shares of Adeia in a research report on Tuesday, May 6th.
Get Our Latest Stock Report on ADEA
Adeia Stock Up 0.1%
Shares of ADEA stock traded up $0.02 during trading on Wednesday, reaching $13.80. The company's stock had a trading volume of 432,464 shares, compared to its average volume of 545,535. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.94 and a quick ratio of 2.94. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 20.91 and a beta of 1.59. The stock's 50-day moving average price is $13.70 and its 200 day moving average price is $13.48. Adeia Inc. has a 1-year low of $9.68 and a 1-year high of $17.46.
Adeia Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Tuesday, May 27th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.45%. The ex-dividend date was Tuesday, May 27th. Adeia's payout ratio is 30.30%.
Adeia Company Profile
(
Free Report)
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.
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