Hotchkis & Wiley Capital Management LLC Sells 84,370 Shares of Adeia Inc. $ADEA

Key Points

• Hotchkis & Wiley Capital Management LLC has reduced its stake in Adeia Inc. by 10.2%, now holding approximately 746,450 shares worth $9,868,000 after selling 84,370 shares.
• Adeia recently announced a quarterly dividend of $0.05 per share, with a dividend yield of 1.3% and a payout ratio of 27.03%.
• Analyst ratings for Adeia show a consensus Buy rating with target prices ranging from $17.00 to $26.00, reflecting positive market sentiment.

Hotchkis & Wiley Capital Management LLC lowered its holdings in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) by 10.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 746,450 shares of the company's stock after selling 84,370 shares during the period. Hotchkis & Wiley Capital Management LLC owned about 0.69% of Adeia worth $9,868,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Summit Global Investments boosted its stake in Adeia by 1.9% during the first quarter. Summit Global Investments now owns 50,475 shares of the company's stock worth $667,000 after buying an additional 931 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Adeia by 5.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 19,441 shares of the company's stock valued at $272,000 after purchasing an additional 989 shares in the last quarter. Kendall Capital Management boosted its stake in shares of Adeia by 3.1% in the 1st quarter. Kendall Capital Management now owns 34,401 shares of the company's stock valued at $455,000 after purchasing an additional 1,050 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Adeia by 14.2% in the 1st quarter. Nisa Investment Advisors LLC now owns 8,565 shares of the company's stock valued at $113,000 after purchasing an additional 1,062 shares in the last quarter. Finally, Carmel Capital Partners LLC boosted its stake in shares of Adeia by 9.9% in the 1st quarter. Carmel Capital Partners LLC now owns 12,904 shares of the company's stock valued at $171,000 after purchasing an additional 1,161 shares in the last quarter. Institutional investors and hedge funds own 97.36% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Wall Street Zen downgraded shares of Adeia from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Zacks Research upgraded shares of Adeia to a "strong-buy" rating in a research note on Friday, August 8th. Roth Capital assumed coverage on shares of Adeia in a research note on Friday, June 20th. They issued a "buy" rating and a $26.00 target price on the stock. Rosenblatt Securities restated a "buy" rating and issued a $17.00 target price on shares of Adeia in a research note on Tuesday, May 6th. Finally, BWS Financial restated a "buy" rating and issued a $18.00 target price on shares of Adeia in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $19.50.

Adeia Price Performance

NASDAQ ADEA traded down $0.44 on Friday, hitting $15.04. 679,960 shares of the company were exchanged, compared to its average volume of 566,233. The firm has a 50 day moving average of $14.23 and a two-hundred day moving average of $13.69. The company has a market cap of $1.64 billion, a P/E ratio of 20.32 and a beta of 1.53. The company has a current ratio of 3.09, a quick ratio of 3.09 and a debt-to-equity ratio of 1.06. Adeia Inc. has a 1-year low of $10.59 and a 1-year high of $17.46.

Adeia Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, August 26th will be given a dividend of $0.05 per share. The ex-dividend date is Tuesday, August 26th. This represents a $0.20 annualized dividend and a yield of 1.3%. Adeia's dividend payout ratio is 27.03%.

Adeia Profile

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.