Legal & General Group Plc Invests $8.71 Million in Adeia Inc. $ADEA

Key Points

• Legal & General Group Plc acquired 264,358 Adeia shares during the second quarter, investing approximately $8.71 million and gaining a 0.24% stake.
• Institutional ownership remains high at 97.36%, with other investors—including Jane Street and UBS Asset Management—also increasing their positions.
• Adeia exceeded quarterly EPS expectations, reporting $0.34 versus the $0.31 consensus estimate. Analysts maintain a “Moderate Buy” consensus with an average price target of $37.60, while the company declared a quarterly dividend of $0.05 per share.

Legal & General Group Plc bought a new stake in Adeia Inc. (NASDAQ:ADEA - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 264,358 shares of the company's stock, valued at approximately $8,705,000. Legal & General Group Plc owned approximately 0.24% of Adeia as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ADEA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Adeia by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,701 shares of the company's stock valued at $855,000 after purchasing an additional 2,829 shares during the period. Caxton Associates LLP acquired a new position in Adeia during the 1st quarter worth approximately $174,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Adeia by 22.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 231,421 shares of the company's stock worth $3,059,000 after purchasing an additional 42,918 shares during the period. Jane Street Group LLC raised its stake in shares of Adeia by 1,193.2% during the 1st quarter. Jane Street Group LLC now owns 348,961 shares of the company's stock worth $4,613,000 after buying an additional 321,976 shares in the last quarter. Finally, Focus Partners Wealth acquired a new stake in shares of Adeia in the 1st quarter valued at approximately $167,000. 97.36% of the stock is currently owned by institutional investors and hedge funds.

Adeia Stock Performance

NASDAQ ADEA opened at $24.37 on Wednesday. Adeia Inc. has a 1-year low of $11.61 and a 1-year high of $34.34. The company has a market capitalization of $2.69 billion, a P/E ratio of 22.56 and a beta of 1.38. The business has a 50 day moving average price of $27.90 and a 200 day moving average price of $26.89. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25.

Adeia (NASDAQ:ADEA - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.03. The company had revenue of $96.12 million for the quarter, compared to the consensus estimate of $96.79 million. Adeia had a return on equity of 39.26% and a net margin of 26.05%. Sell-side analysts expect that Adeia Inc. will post 1.17 EPS for the current fiscal year.

Adeia Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Monday, August 24th will be given a $0.05 dividend. The ex-dividend date is Monday, August 24th. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. Adeia's payout ratio is currently 18.52%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. BWS Financial upped their price objective on Adeia from $30.00 to $50.00 and gave the stock a "buy" rating in a report on Friday, August 14th. Rosenblatt Securities reissued a "buy" rating and issued a $40.00 target price on shares of Adeia in a report on Tuesday, August 4th. Weiss Ratings upgraded shares of Adeia from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, August 19th. Maxim Group set a $35.00 price target on shares of Adeia in a report on Wednesday, May 6th. Finally, Roth Capital reiterated a "buy" rating and issued a $43.00 price objective on shares of Adeia in a research note on Tuesday, May 5th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Adeia presently has an average rating of "Moderate Buy" and an average price target of $37.60.

Adeia Company 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.

Want to see what other hedge funds are holding ADEA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adeia Inc. (NASDAQ:ADEA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source