Irenic Capital Management LP Purchases New Position in Adeia Inc. $ADEA

Key Points

• Irenic Capital Management acquired 199,900 Adeia shares worth approximately $4.8 million, giving it a 0.18% stake. Institutional investors collectively own 97.36% of the company.
• Analyst sentiment remains broadly positive, with five Buy ratings and one Sell rating; the consensus rating is “Moderate Buy” with a $33.60 target price. However, several firms recently downgraded their ratings.
• Adeia exceeded quarterly expectations, reporting $0.38 in earnings per share and $104.77 million in revenue. The company also pays a quarterly dividend of $0.05, equivalent to a 0.8% annual yield.

Irenic Capital Management LP acquired a new position in Adeia Inc. (NASDAQ:ADEA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 199,900 shares of the company's stock, valued at approximately $4,804,000. Irenic Capital Management LP owned 0.18% of Adeia at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Hantz Financial Services Inc. raised its position in shares of Adeia by 447.0% in the 4th quarter. Hantz Financial Services Inc. now owns 1,444 shares of the company's stock worth $25,000 after acquiring an additional 1,180 shares in the last quarter. Quarry LP boosted its position in shares of Adeia by 245.5% during the third quarter. Quarry LP now owns 1,586 shares of the company's stock valued at $27,000 after purchasing an additional 1,127 shares in the last quarter. IFP Advisors Inc bought a new stake in shares of Adeia during the third quarter valued at approximately $28,000. Osaic Holdings Inc. grew its stake in Adeia by 714.9% in the second quarter. Osaic Holdings Inc. now owns 2,632 shares of the company's stock worth $37,000 after purchasing an additional 2,309 shares during the period. Finally, Rockefeller Capital Management L.P. grew its stake in Adeia by 148.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,980 shares of the company's stock worth $51,000 after purchasing an additional 1,781 shares during the period. 97.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the company. Wall Street Zen lowered Adeia from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Zacks Research cut shares of Adeia from a "hold" rating to a "strong sell" rating in a research report on Friday, July 3rd. Weiss Ratings cut shares of Adeia from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, May 18th. Rosenblatt Securities reaffirmed a "buy" rating and set a $40.00 target price on shares of Adeia in a research note on Tuesday, May 5th. Finally, Roth Capital reissued a "buy" rating and issued a $43.00 price target on shares of Adeia in a research report on Tuesday, May 5th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $33.60.

Adeia Price Performance

ADEA opened at $25.15 on Wednesday. The stock has a 50-day moving average price of $29.22 and a 200-day moving average price of $25.38. The company has a debt-to-equity ratio of 0.79, a current ratio of 3.44 and a quick ratio of 3.44. The firm has a market cap of $2.77 billion, a PE ratio of 23.29 and a beta of 1.36. 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 announced its quarterly earnings data on Monday, May 4th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $104.77 million for the quarter, compared to the consensus estimate of $99.72 million. Adeia had a net margin of 26.50% and a return on equity of 39.49%. Sell-side analysts predict that Adeia Inc. will post 1.15 earnings per share for the current fiscal year.

Adeia Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, May 26th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Tuesday, May 26th. Adeia's dividend payout ratio is currently 18.52%.

Adeia Profile

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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