Vanguard Group Inc. Sells 68,524 Shares of Adeia Inc. $ADEA

Key Points

• Vanguard trimmed its Adeia stake by 0.5% in the fourth quarter, selling 68,524 shares and leaving it with about 13.99 million shares valued at roughly $241.3 million.
• Adeia reported stronger-than-expected quarterly results, posting EPS of $0.38 versus estimates of $0.36 and revenue of $104.77 million, above the $99.72 million analysts expected.
• The company also announced a quarterly dividend of $0.05 per share, payable June 15, which works out to an annualized yield of about 0.7%.

Vanguard Group Inc. cut its position in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) by 0.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,987,174 shares of the company's stock after selling 68,524 shares during the period. Vanguard Group Inc. owned about 12.77% of Adeia worth $241,279,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. IFP Advisors Inc bought a new stake in shares of Adeia during the third quarter valued at approximately $28,000. Quarry LP increased its position in shares of Adeia by 245.5% during the third quarter. Quarry LP now owns 1,586 shares of the company's stock valued at $27,000 after purchasing an additional 1,127 shares during the period. CWM LLC increased its position in shares of Adeia by 436.0% during the third quarter. CWM LLC now owns 2,444 shares of the company's stock valued at $41,000 after purchasing an additional 1,988 shares during the period. Osaic Holdings Inc. increased its position in shares of Adeia by 714.9% during the second quarter. Osaic Holdings Inc. now owns 2,632 shares of the company's stock valued at $37,000 after purchasing an additional 2,309 shares during the period. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Adeia during the third quarter valued at approximately $56,000. 97.36% of the stock is currently owned by institutional investors.

Adeia Stock Performance

Shares of NASDAQ:ADEA opened at $29.53 on Friday. The business's fifty day moving average price is $25.34 and its two-hundred day moving average price is $19.40. Adeia Inc. has a fifty-two week low of $11.61 and a fifty-two week high of $34.34. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 27.34 and a beta of 1.48. The company has a debt-to-equity ratio of 0.79, a current ratio of 3.44 and a quick ratio of 3.81.

Adeia (NASDAQ:ADEA - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.36 by $0.02. Adeia had a return on equity of 39.49% and a net margin of 26.50%.The firm had revenue of $104.77 million for the quarter, compared to analysts' expectations of $99.72 million. As a group, analysts predict that Adeia Inc. will post 1.11 EPS for the current fiscal year.

Adeia Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Tuesday, May 26th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $0.20 dividend on an annualized basis and a yield of 0.7%. Adeia's payout ratio is currently 18.52%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ADEA. BWS Financial restated a "buy" rating and set a $30.00 price objective on shares of Adeia in a research report on Tuesday. Wall Street Zen lowered Adeia from a "buy" rating to a "hold" rating in a research note on Saturday. Weiss Ratings upgraded Adeia from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday. Rosenblatt Securities reiterated a "buy" rating and issued a $40.00 price target on shares of Adeia in a research report on Tuesday. Finally, Roth Mkm reiterated a "buy" rating and issued a $43.00 price target on shares of Adeia in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "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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