Adeia Inc. (NASDAQ:ADEA) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC decreased its stake in Adeia Inc. (NASDAQ:ADEA - Free Report) by 5.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 840,043 shares of the company's stock after selling 48,700 shares during the quarter. Renaissance Technologies LLC owned approximately 0.77% of Adeia worth $11,744,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Picton Mahoney Asset Management lifted its position in shares of Adeia by 52.1% in the fourth quarter. Picton Mahoney Asset Management now owns 2,836 shares of the company's stock valued at $39,000 after acquiring an additional 972 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Adeia by 5.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 19,441 shares of the company's stock worth $272,000 after purchasing an additional 989 shares during the last quarter. Bank of Montreal Can lifted its stake in Adeia by 16.7% during the fourth quarter. Bank of Montreal Can now owns 14,003 shares of the company's stock worth $196,000 after purchasing an additional 2,001 shares in the last quarter. Swiss National Bank boosted its position in shares of Adeia by 1.1% during the fourth quarter. Swiss National Bank now owns 214,246 shares of the company's stock worth $2,995,000 after buying an additional 2,300 shares during the period. Finally, KBC Group NV grew its stake in shares of Adeia by 74.6% in the fourth quarter. KBC Group NV now owns 6,968 shares of the company's stock valued at $97,000 after buying an additional 2,977 shares in the last quarter. Institutional investors and hedge funds own 97.36% of the company's stock.

Adeia Stock Down 1.5 %

Shares of Adeia stock traded down $0.18 on Monday, reaching $11.70. 56,713 shares of the company were exchanged, compared to its average volume of 533,647. The stock's 50 day moving average price is $13.73 and its 200-day moving average price is $13.16. The company has a debt-to-equity ratio of 1.15, a current ratio of 3.53 and a quick ratio of 3.53. Adeia Inc. has a 1-year low of $9.68 and a 1-year high of $17.46. The company has a market cap of $1.27 billion, a P/E ratio of 20.59 and a beta of 1.47.

Adeia (NASDAQ:ADEA - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The company reported $0.42 earnings per share for the quarter, meeting analysts' consensus estimates of $0.42. Adeia had a return on equity of 32.81% and a net margin of 17.19%. The company had revenue of $119.17 million for the quarter, compared to analysts' expectations of $114.22 million. During the same period last year, the firm earned $0.27 earnings per share. As a group, equities analysts forecast that Adeia Inc. will post 1.09 EPS for the current year.

Adeia Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 10th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.71%. The ex-dividend date was Monday, March 10th. Adeia's dividend payout ratio (DPR) is presently 35.09%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. BWS Financial reissued a "buy" rating and set a $18.00 target price on shares of Adeia in a research note on Tuesday, April 15th. Maxim Group boosted their price target on shares of Adeia from $15.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, February 19th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $20.00 price objective on shares of Adeia in a research note on Friday, February 28th.

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.