Public Sector Pension Investment Board Grows Position in Adeia Inc. $ADEA

Key Points

• The Public Sector Pension Investment Board increased its stake in Adeia Inc. by **55.3%**, acquiring an additional **150,757 shares**, bringing its total holdings to **423,485 shares** valued at approximately **$5.6 million**.
• Adeia's stock has a market cap of **$1.64 billion**, and it recently opened at **$14.98**, with a **1-year high** of **$17.46** and a **1-year low** of **$10.59**.
• The company declared a quarterly dividend of **$0.05 per share**, which will yield **1.3%**, with the payout date on **September 16th** for shareholders on record by **August 26th**.

Public Sector Pension Investment Board increased its holdings in Adeia Inc. (NASDAQ:ADEA - Free Report) by 55.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 423,485 shares of the company's stock after purchasing an additional 150,757 shares during the period. Public Sector Pension Investment Board owned approximately 0.39% of Adeia worth $5,598,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Castlekeep Investment Advisors LLC bought a new stake in Adeia in the fourth quarter worth $25,000. Kayne Anderson Rudnick Investment Management LLC bought a new stake in Adeia in the fourth quarter worth $33,000. GAMMA Investing LLC increased its position in Adeia by 80.9% in 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 during the last quarter. Nisa Investment Advisors LLC increased its position in Adeia by 14.2% in 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 during the last quarter. Finally, Vestcor Inc increased its position in Adeia by 45.7% in the first quarter. Vestcor Inc now owns 11,593 shares of the company's stock worth $153,000 after purchasing an additional 3,638 shares during the last quarter. Institutional investors own 97.36% of the company's stock.

Adeia Stock Up 5.1%

NASDAQ:ADEA traded up $0.7480 during mid-day trading on Friday, reaching $15.3480. The company's stock had a trading volume of 108,026 shares, compared to its average volume of 581,190. Adeia Inc. has a 1 year low of $10.59 and a 1 year high of $17.46. The stock has a fifty day moving average of $13.96 and a 200-day moving average of $13.58. The firm has a market capitalization of $1.68 billion, a PE ratio of 20.68 and a beta of 1.53. The company has a quick ratio of 3.09, a current ratio of 3.09 and a debt-to-equity ratio of 1.06.

Adeia Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, August 26th will be issued a dividend of $0.05 per share. The ex-dividend date is Tuesday, August 26th. This represents a $0.20 annualized dividend and a dividend yield of 1.3%. Adeia's dividend payout ratio is 27.03%.

Wall Street Analyst Weigh In

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