Denali Advisors LLC Purchases Shares of 48,300 Adeia Inc. $ADEA

Key Points

• Denali Advisors LLC opened a new position in Adeia during the fourth quarter, buying 48,300 shares worth about $833,000.
• Institutional ownership in Adeia remains very high, with 97.36% of shares held by hedge funds and other institutions. Several large investors, including Manufacturers Life, Jane Street, and JPMorgan Chase, also increased their stakes.
• Adeia reported better-than-expected quarterly results, earning $0.38 per share versus $0.36 expected and revenue of $104.77 million versus $99.72 million expected. Analysts currently rate the stock a Buy on average, with a consensus price target of $33.60.

Denali Advisors LLC acquired a new position in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 48,300 shares of the company's stock, valued at approximately $833,000.

Several other hedge funds have also modified their holdings of the stock. The Manufacturers Life Insurance Company grew its holdings in Adeia by 19.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company's stock valued at $39,109,000 after purchasing an additional 448,274 shares during the period. Jane Street Group LLC boosted its holdings in shares of Adeia by 1,193.2% in the 1st quarter. Jane Street Group LLC now owns 348,961 shares of the company's stock valued at $4,613,000 after purchasing an additional 321,976 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Adeia by 39.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,049,528 shares of the company's stock valued at $17,632,000 after buying an additional 296,742 shares during the period. Lazard Asset Management LLC purchased a new stake in shares of Adeia during the 3rd quarter valued at $3,342,000. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Adeia during the 3rd quarter worth $3,259,000. 97.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADEA has been the topic of several research reports. Maxim Group set a $35.00 target price on Adeia in a research report on Wednesday. Zacks Research upgraded Adeia from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 27th. Weiss Ratings upgraded Adeia from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 4th. Rosenblatt Securities reiterated a "buy" rating and set a $40.00 target price on shares of Adeia in a report on Tuesday, May 5th. Finally, BWS Financial reiterated a "buy" rating and set a $30.00 target price on shares of Adeia in a report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to MarketBeat, Adeia presently has an average rating of "Buy" and an average price target of $33.60.

Adeia Stock Performance

NASDAQ:ADEA opened at $29.53 on Friday. The company has a current ratio of 3.44, a quick ratio of 3.81 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 27.34 and a beta of 1.48. The firm's fifty day simple moving average is $25.34 and its 200 day simple moving average is $19.40. Adeia Inc. has a twelve month low of $11.61 and a twelve month high of $34.34.

Adeia (NASDAQ:ADEA - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. Adeia had a return on equity of 39.49% and a net margin of 26.50%.The firm had revenue of $104.77 million during the quarter, compared to the consensus estimate of $99.72 million. As a group, equities research analysts expect that Adeia Inc. will post 1.18 earnings per share for the current fiscal year.

Adeia Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, May 26th will be paid a $0.05 dividend. The ex-dividend date is Tuesday, May 26th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.7%. Adeia's dividend payout ratio (DPR) is 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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