NewEdge Wealth LLC Invests $3.33 Million in Adeia Inc. $ADEA

Key Points

• NewEdge Wealth acquired 101,185 Adeia shares worth approximately $3.33 million, while institutional investors collectively own 97.36% of the company.
• Adeia reported quarterly EPS of $0.34, exceeding the $0.31 consensus estimate, although revenue of $96.12 million was slightly below expectations. The company also declared a quarterly dividend of $0.05 per share, yielding about 0.7% annually.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $37.60, compared with Adeia’s recent share price of $26.96.

NewEdge Wealth LLC acquired a new position in Adeia Inc. (NASDAQ:ADEA - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 101,185 shares of the company's stock, valued at approximately $3,332,000. NewEdge Wealth LLC owned about 0.09% of Adeia as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Adeia during the 2nd quarter valued at approximately $573,267,000. Deutsche Bank AG bought a new position in shares of Adeia in the second quarter worth $34,520,000. Bank of New York Mellon Corp purchased a new position in shares of Adeia in the second quarter valued at $34,425,000. Wellington Management Group LLP raised its stake in shares of Adeia by 64.5% during the 4th quarter. Wellington Management Group LLP now owns 1,998,488 shares of the company's stock valued at $34,474,000 after purchasing an additional 783,869 shares during the period. Finally, Systematic Financial Management LP raised its stake in shares of Adeia by 27.9% during the 4th quarter. Systematic Financial Management LP now owns 2,891,131 shares of the company's stock valued at $49,872,000 after purchasing an additional 630,039 shares during the period. 97.36% of the stock is owned by hedge funds and other institutional investors.

Adeia Stock Performance

NASDAQ:ADEA opened at $26.96 on Friday. The business has a 50 day moving average of $28.82 and a 200 day moving average of $26.47. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 24.96 and a beta of 1.39. Adeia Inc. has a 1-year low of $11.61 and a 1-year high of $34.34. 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 quarterly earnings results on Monday, August 3rd. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.31 by $0.03. Adeia had a net margin of 26.05% and a return on equity of 39.26%. The firm had revenue of $96.12 million for the quarter, compared to the consensus estimate of $96.79 million. On average, sell-side analysts predict that Adeia Inc. will post 1.17 earnings per share for the current fiscal year.

Adeia Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Monday, August 24th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.7%. The ex-dividend date is Monday, August 24th. Adeia's dividend payout ratio (DPR) is presently 18.52%.

Analyst Upgrades and Downgrades

Several research analysts have commented on ADEA shares. Maxim Group set a $35.00 target price on Adeia in a research note on Wednesday, May 6th. Zacks Research upgraded shares of Adeia from a "strong sell" rating to a "hold" rating in a research report on Monday, August 3rd. Roth Capital reiterated a "buy" rating and issued a $43.00 target price on shares of Adeia in a research note on Tuesday, May 5th. Rosenblatt Securities reissued a "buy" rating and issued a $40.00 price target on shares of Adeia in a report on Tuesday, August 4th. Finally, Weiss Ratings lowered shares of Adeia from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, August 5th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus 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.

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