Intech Investment Management LLC Decreases Stake in Adeia Inc. $ADEA

Key Points

• Intech Investment Management LLC reduced its holdings in Adeia Inc. by 6.7%, selling 30,177 shares and holding a total of 420,126 shares valued at approximately $5.55 million.
• Adeia recently announced a quarterly dividend of $0.05 per share, with an annualized yield of 1.3% and a payout ratio of 27.03%.
• Wall Street analysts have mixed ratings on Adeia, with one strong buy rating, four buy ratings, and a consensus price target of $19.50.

Intech Investment Management LLC lowered its holdings in Adeia Inc. (NASDAQ:ADEA - Free Report) by 6.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 420,126 shares of the company's stock after selling 30,177 shares during the period. Intech Investment Management LLC owned about 0.39% of Adeia worth $5,554,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ADEA. Nuveen LLC acquired a new stake in shares of Adeia during the first quarter worth approximately $11,622,000. Invesco Ltd. increased its holdings in Adeia by 122.2% in the 1st quarter. Invesco Ltd. now owns 961,356 shares of the company's stock valued at $12,709,000 after buying an additional 528,617 shares during the period. Jane Street Group LLC boosted its stake 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 in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Adeia during the 4th quarter worth about $2,370,000. Finally, Public Sector Pension Investment Board lifted its position in Adeia by 55.3% during the 1st quarter. Public Sector Pension Investment Board now owns 423,485 shares of the company's stock worth $5,598,000 after buying an additional 150,757 shares in the last quarter. 97.36% of the stock is currently owned by institutional investors and hedge funds.

Adeia Stock Up 1.5%

Adeia stock traded up $0.24 during trading on Wednesday, hitting $15.81. 101,983 shares of the company were exchanged, compared to its average volume of 573,981. The business's 50 day moving average is $14.49 and its 200 day moving average is $13.69. Adeia Inc. has a 52 week low of $10.59 and a 52 week high of $17.46. The company has a market capitalization of $1.73 billion, a P/E ratio of 21.39 and a beta of 1.74. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Tuesday, August 26th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Tuesday, August 26th. Adeia's payout ratio is 27.03%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. BWS Financial reaffirmed a "buy" rating and issued a $18.00 price target on shares of Adeia in a research note on Wednesday, August 6th. Zacks Research upgraded Adeia to a "strong-buy" rating in a research note on Friday, August 8th. Roth Capital initiated coverage on Adeia in a research report on Friday, June 20th. They set a "buy" rating and a $26.00 price objective on the stock. Finally, Wall Street Zen cut Adeia from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. 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.com, the company currently has an average rating of "Buy" and a consensus target price of $19.50.

Adeia Company 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.