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

Key Points

• The Manufacturers Life Insurance Company cut its Adeia stake by 23.9% in the first quarter, selling 581,970 shares and retaining 1.85 million shares worth approximately $44.6 million.
• Institutional ownership remains high at 97.36%, while several firms—including UBS Asset Management and Jane Street— increased their positions in Adeia during the quarter.
• Adeia beat quarterly earnings and revenue estimates, reporting $0.38 in EPS and $104.77 million in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $33.60, and the company pays a $0.05 quarterly dividend.

The Manufacturers Life Insurance Company trimmed its holdings in Adeia Inc. (NASDAQ:ADEA - Free Report) by 23.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,854,826 shares of the company's stock after selling 581,970 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 1.68% of Adeia worth $44,571,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Adeia by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,701 shares of the company's stock worth $855,000 after purchasing an additional 2,829 shares during the last quarter. Caxton Associates LLP purchased a new stake in shares of Adeia in the first quarter valued at about $174,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Adeia by 22.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 231,421 shares of the company's stock valued at $3,059,000 after buying an additional 42,918 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of Adeia by 1,193.2% during the first quarter. Jane Street Group LLC now owns 348,961 shares of the company's stock worth $4,613,000 after buying an additional 321,976 shares during the period. Finally, Focus Partners Wealth purchased a new position in shares of Adeia during the first quarter worth about $167,000. Hedge funds and other institutional investors own 97.36% of the company's stock.

Adeia Stock Up 9.7%

Shares of NASDAQ:ADEA opened at $25.40 on Friday. Adeia Inc. has a fifty-two week low of $11.61 and a fifty-two week high of $34.34. The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 0.79. The firm's 50-day simple moving average is $29.13 and its 200-day simple moving average is $25.47. The company has a market cap of $2.80 billion, a price-to-earnings ratio of 23.52 and a beta of 1.36.

Adeia (NASDAQ:ADEA - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.38 EPS for the quarter, beating analysts' consensus estimates of $0.36 by $0.02. Adeia had a net margin of 26.50% and a return on equity of 39.49%. The firm had revenue of $104.77 million during the quarter, compared to the consensus estimate of $99.72 million. As a group, equities research analysts predict that Adeia Inc. will post 1.15 earnings per share for the current year.

Adeia Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, May 26th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, May 26th. Adeia's dividend payout ratio is 18.52%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ADEA shares. Zacks Research cut Adeia from a "hold" rating to a "strong sell" rating in a research report on Friday, July 3rd. Weiss Ratings cut Adeia from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, May 18th. Rosenblatt Securities reiterated a "buy" rating and issued a $40.00 target price on shares of Adeia in a research note on Tuesday, May 5th. Wall Street Zen lowered Adeia from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Finally, Maxim Group set a $35.00 price target on Adeia in a research note on Wednesday, May 6th. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $33.60.

About Adeia

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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