The Manufacturers Life Insurance Company Increases Stock Position in Adeia Inc. $ADEA

Key Points

• The Manufacturers Life Insurance Company increased its stake in Adeia Inc. by 6.8%, owning approximately 2.14% of the company, valued at about $30.64 million.
• Adeia recently announced a quarterly dividend of $0.05 per share, with an annualized yield of 1.3% and a payout ratio of 27.03%.
• Several analysts have maintained a "Buy" rating on Adeia, with a consensus price target of $19.50 following upgrades from firms like Zacks Research.

The Manufacturers Life Insurance Company raised its holdings in Adeia Inc. (NASDAQ:ADEA - Free Report) by 6.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,317,585 shares of the company's stock after purchasing an additional 147,971 shares during the quarter. The Manufacturers Life Insurance Company owned about 2.14% of Adeia worth $30,638,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in ADEA. Brooklyn Investment Group purchased a new position in shares of Adeia during the first quarter worth about $44,000. Ritholtz Wealth Management acquired a new stake in Adeia during the 1st quarter worth approximately $175,000. GAMMA Investing LLC lifted its position in Adeia by 80.9% during the 1st quarter. GAMMA Investing LLC now owns 3,603 shares of the company's stock worth $48,000 after acquiring an additional 1,611 shares during the period. New York State Teachers Retirement System grew its stake in shares of Adeia by 9.6% in the 1st quarter. New York State Teachers Retirement System now owns 148,732 shares of the company's stock valued at $1,966,000 after purchasing an additional 13,078 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Adeia by 60.9% in the first quarter. SG Americas Securities LLC now owns 56,254 shares of the company's stock valued at $744,000 after purchasing an additional 21,302 shares during the period. 97.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ADEA. Wall Street Zen downgraded Adeia from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. 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 for the company. Zacks Research raised shares of Adeia to a "strong-buy" rating in a report on Friday, August 8th. Finally, BWS Financial reissued a "buy" rating and set a $18.00 price target on shares of Adeia in a report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $19.50.

Adeia Price Performance

Shares of NASDAQ:ADEA traded up $0.02 during trading on Friday, hitting $15.43. 328,618 shares of the stock were exchanged, compared to its average volume of 469,904. The company has a market cap of $1.69 billion, a PE ratio of 20.85 and a beta of 1.74. The company has a current ratio of 3.09, a quick ratio of 3.09 and a debt-to-equity ratio of 1.06. The company has a fifty day moving average price of $14.36 and a two-hundred day moving average price of $13.72. Adeia Inc. has a 12-month low of $10.59 and a 12-month high of $17.46.

Adeia Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, August 26th will be given a dividend of $0.05 per share. 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 payout ratio is presently 27.03%.

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.