LSV Asset Management Reduces Stock Holdings in Adeia Inc. (NASDAQ:ADEA)

Key Points

• LSV Asset Management reduced its stake in Adeia Inc. by 2.4%, owning approximately 3,069,194 shares valued at around $40.58 million as of the end of the first quarter.
• Multiple hedge funds have made new investments in Adeia recently, with 97.36% of the company's stock now owned by institutional investors and hedge funds.
• Adeia's stock is currently trading at $12.39, with analysts issuing buy ratings and target prices ranging from $17.00 to $26.00.

LSV Asset Management cut its stake in Adeia Inc. (NASDAQ:ADEA - Free Report) by 2.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,069,194 shares of the company's stock after selling 74,500 shares during the period. LSV Asset Management owned about 2.83% of Adeia worth $40,575,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Castlekeep Investment Advisors LLC acquired a new position in Adeia during the fourth quarter worth about $25,000. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Adeia in the 4th quarter valued at approximately $33,000. GAMMA Investing LLC raised its holdings in shares of Adeia by 80.9% during the first quarter. GAMMA Investing LLC now owns 3,603 shares of the company's stock worth $48,000 after acquiring an additional 1,611 shares in the last quarter. Nisa Investment Advisors LLC grew 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 buying an additional 1,062 shares in the last quarter. Finally, Vestcor Inc raised its holdings in shares of Adeia by 45.7% during the 1st quarter. Vestcor Inc now owns 11,593 shares of the company's stock valued at $153,000 after purchasing an additional 3,638 shares in the last quarter. Institutional investors and hedge funds own 97.36% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Rosenblatt Securities reiterated a "buy" rating and set a $17.00 target price on shares of Adeia in a research note on Tuesday, May 6th. BWS Financial reiterated a "buy" rating and issued a $18.00 price objective on shares of Adeia in a report on Wednesday. Finally, Roth Capital began coverage on Adeia in a report on Friday, June 20th. They set a "buy" rating and a $26.00 price objective for the company.

Adeia Stock Performance

Shares of ADEA remained flat at $13.78 during midday trading on Thursday. The stock had a trading volume of 477,140 shares, compared to its average volume of 590,115. The firm has a 50 day moving average price of $13.67 and a 200 day moving average price of $13.46. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.94 and a quick ratio of 2.94. The company has a market capitalization of $1.50 billion, a P/E ratio of 18.62 and a beta of 1.53. Adeia Inc. has a fifty-two week low of $10.52 and a fifty-two week high of $17.46.

Adeia Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, August 26th will be given a $0.05 dividend. The ex-dividend date is Tuesday, August 26th. This represents a $0.20 annualized dividend and a dividend yield of 1.5%. Adeia's dividend payout ratio (DPR) is 30.30%.

About Adeia

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.