Meritage Portfolio Management Buys New Stake in Adeia Inc. (NASDAQ:ADEA)

Meritage Portfolio Management purchased a new stake in Adeia Inc. (NASDAQ:ADEA - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 46,603 shares of the company's stock, valued at approximately $616,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADEA. Summit Global Investments boosted its holdings in Adeia by 1.9% in the 1st quarter. Summit Global Investments now owns 50,475 shares of the company's stock valued at $667,000 after purchasing an additional 931 shares during the last quarter. Picton Mahoney Asset Management increased its holdings in shares of Adeia by 52.1% during the 4th quarter. Picton Mahoney Asset Management now owns 2,836 shares of the company's stock worth $39,000 after buying an additional 972 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Adeia by 5.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 19,441 shares of the company's stock valued at $272,000 after buying an additional 989 shares during the period. Kendall Capital Management raised its position in shares of Adeia by 3.1% during the 1st quarter. Kendall Capital Management now owns 34,401 shares of the company's stock valued at $455,000 after buying an additional 1,050 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Adeia by 80.9% in the first quarter. GAMMA Investing LLC now owns 3,603 shares of the company's stock valued at $48,000 after acquiring an additional 1,611 shares during the last quarter. Institutional investors and hedge funds own 97.36% of the company's stock.

Adeia Stock Up 2.6%

Shares of Adeia stock traded up $0.37 during trading hours on Friday, reaching $14.86. 263,103 shares of the company were exchanged, compared to its average volume of 540,814. The firm has a market cap of $1.61 billion, a PE ratio of 22.52 and a beta of 1.59. The company has a debt-to-equity ratio of 1.13, a quick ratio of 2.94 and a current ratio of 2.94. Adeia Inc. has a 1 year low of $9.68 and a 1 year high of $17.46. The stock's fifty day moving average is $13.38 and its 200 day moving average is $13.44.

Adeia Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Tuesday, May 27th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend was Tuesday, May 27th. Adeia's dividend payout ratio is presently 30.30%.

Analysts Set New Price Targets

ADEA has been the topic of several recent analyst reports. Roth Capital initiated coverage on Adeia in a research note on Friday, June 20th. They issued a "buy" rating and a $26.00 price target on the stock. BWS Financial restated a "buy" rating and issued a $18.00 price objective on shares of Adeia in a report on Tuesday, May 6th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $17.00 target price on shares of Adeia in a research note on Tuesday, May 6th.

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.