Nuveen LLC Acquires New Stake in Adeia Inc. $ADEA

Key Points

• Nuveen LLC acquired a new stake in Adeia Inc. by purchasing 879,094 shares worth approximately $11.62 million, which accounts for about 0.81% of the company's stock.
• Adeia recently announced a quarterly dividend of $0.05 per share, representing an annualized yield of 1.3%, with the ex-dividend date set for August 26th.
• Analysts have mixed ratings on Adeia, with one firm upgrading it to a strong-buy and others maintaining buy ratings, leading to an average price target of $19.50.

Nuveen LLC bought a new stake in Adeia Inc. (NASDAQ:ADEA - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 879,094 shares of the company's stock, valued at approximately $11,622,000. Nuveen LLC owned approximately 0.81% of Adeia as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ritholtz Wealth Management acquired a new stake in Adeia during the first quarter worth approximately $175,000. GAMMA Investing LLC raised its holdings in 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 purchasing an additional 1,611 shares in the last quarter. New York State Teachers Retirement System raised its holdings in Adeia by 9.6% during the first quarter. New York State Teachers Retirement System now owns 148,732 shares of the company's stock worth $1,966,000 after purchasing an additional 13,078 shares in the last quarter. SG Americas Securities LLC raised its holdings in Adeia by 60.9% during the first quarter. SG Americas Securities LLC now owns 56,254 shares of the company's stock worth $744,000 after purchasing an additional 21,302 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in Adeia by 14.2% during the first quarter. Nisa Investment Advisors LLC now owns 8,565 shares of the company's stock worth $113,000 after purchasing an additional 1,062 shares in the last quarter. Institutional investors and hedge funds own 97.36% of the company's stock.

Adeia Stock Performance

Shares of ADEA traded up $0.12 during mid-day trading on Wednesday, reaching $15.48. 157,190 shares of the company's stock were exchanged, compared to its average volume of 583,029. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.09 and a quick ratio of 3.09. The stock has a market capitalization of $1.69 billion, a PE ratio of 20.94 and a beta of 1.53. The business's fifty day simple moving average is $14.11 and its 200-day simple moving average is $13.65. Adeia Inc. has a 52-week low of $10.59 and a 52-week high of $17.46.

Adeia Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, August 26th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Tuesday, August 26th. Adeia's dividend payout ratio (DPR) is 27.03%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ADEA. Roth Capital began coverage on shares of Adeia in a report on Friday, June 20th. They set a "buy" rating and a $26.00 price objective on the stock. Rosenblatt Securities reissued a "buy" rating and set a $17.00 price objective on shares of Adeia in a report on Tuesday, May 6th. Wall Street Zen cut shares of Adeia from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. BWS Financial restated a "buy" rating and set a $18.00 target price on shares of Adeia in a research report on Wednesday, August 6th. Finally, Zacks Research upgraded shares of Adeia to a "strong-buy" rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $19.50.

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.