The Manufacturers Life Insurance Company Invests $46 Million in Adeia Inc. $ADEA

Key Points

• The Manufacturers Life Insurance Company acquired 1.397 million Adeia shares worth approximately $46 million, giving it a 1.27% stake. Institutional investors collectively own 97.36% of the company.
• Analyst sentiment is largely positive: five analysts rate Adeia a Buy and one rates it Hold, with an average price target of $37.60 versus the reported share price of $26.13.
• Adeia exceeded quarterly earnings expectations, reporting $0.34 in EPS versus the $0.31 consensus estimate, and declared a quarterly dividend of $0.05 per share, equivalent to a 0.8% annual yield.

The Manufacturers Life Insurance Company bought a new stake in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,397,029 shares of the company's stock, valued at approximately $46,004,000. The Manufacturers Life Insurance Company owned about 1.27% of Adeia at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Hantz Financial Services Inc. raised its holdings in Adeia by 447.0% during the fourth quarter. Hantz Financial Services Inc. now owns 1,444 shares of the company's stock valued at $25,000 after acquiring an additional 1,180 shares during the period. IFP Advisors Inc bought a new stake in shares of Adeia in the third quarter worth about $28,000. Quarry LP increased its holdings in shares of Adeia by 245.5% in the third quarter. Quarry LP now owns 1,586 shares of the company's stock worth $27,000 after purchasing an additional 1,127 shares during the last quarter. Allworth Financial LP purchased a new stake in shares of Adeia in the second quarter worth about $54,000. Finally, GHP Investment Advisors Inc. purchased a new stake in shares of Adeia in the first quarter worth about $58,000. Hedge funds and other institutional investors own 97.36% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Weiss Ratings upgraded Adeia from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, August 19th. BWS Financial increased their target price on Adeia from $30.00 to $50.00 and gave the company a "buy" rating in a research report on Friday, August 14th. Maxim Group set a $35.00 target price on shares of Adeia in a report on Wednesday, May 6th. Roth Capital restated a "buy" rating and issued a $43.00 price target on shares of Adeia in a research report on Tuesday, May 5th. Finally, Zacks Research upgraded shares of Adeia from a "strong sell" rating to a "hold" rating in a research report on Monday, August 3rd. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $37.60.

Adeia Price Performance

NASDAQ:ADEA opened at $26.13 on Thursday. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 24.19 and a beta of 1.39. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25. The business has a 50 day simple moving average of $28.38 and a 200-day simple moving average of $26.71. Adeia Inc. has a 1 year low of $11.61 and a 1 year high of $34.34.

Adeia (NASDAQ:ADEA - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.03. The firm had revenue of $96.12 million for the quarter, compared to the consensus estimate of $96.79 million. Adeia had a return on equity of 39.26% and a net margin of 26.05%. Equities analysts forecast that Adeia Inc. will post 1.17 EPS for the current year.

Adeia Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Monday, August 24th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Monday, August 24th. Adeia's dividend payout ratio (DPR) is 18.52%.

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.

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