Adeia Inc. $ADEA Shares Bought by Irenic Capital Management LP

Irenic Capital Management LP raised its position in shares of Adeia Inc. (NASDAQ:ADEA) by 217.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 634,772 shares of the company’s stock after buying an additional 434,872 shares during the period. Adeia makes up about 1.0% of Irenic Capital Management LP’s portfolio, making the stock its 24th biggest holding. Irenic Capital Management LP’s holdings in Adeia were worth $20,903,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Adeia during the 2nd quarter worth about $573,267,000. Ameriprise Financial Inc. boosted its holdings in Adeia by 0.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 14,509,642 shares of the company’s stock valued at $205,166,000 after acquiring an additional 97,666 shares during the period. Systematic Financial Management LP grew its position in Adeia by 27.9% in the 4th quarter. Systematic Financial Management LP now owns 2,891,131 shares of the company’s stock valued at $49,872,000 after acquiring an additional 630,039 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Adeia by 0.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,819,336 shares of the company’s stock worth $47,364,000 after purchasing an additional 13,412 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Adeia by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 2,799,445 shares of the company’s stock worth $48,299,000 after purchasing an additional 19,601 shares in the last quarter. 97.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on ADEA. Wall Street Zen lowered shares of Adeia from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 target price on shares of Adeia in a report on Tuesday, August 4th. BWS Financial raised their price target on shares of Adeia from $30.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Weiss Ratings downgraded shares of Adeia from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday. Finally, Zacks Research raised Adeia from a “strong sell” rating to a “hold” rating in a research report on Monday, August 3rd. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Adeia presently has a consensus rating of “Moderate Buy” and an average price target of $37.60.

Adeia Stock Performance

Shares of ADEA opened at $26.50 on Friday. Adeia Inc. has a 1 year low of $11.61 and a 1 year high of $34.34. The stock has a market capitalization of $2.92 billion, a PE ratio of 24.54 and a beta of 1.38. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25. The stock has a 50-day simple moving average of $27.61 and a 200-day simple moving average of $26.98.

Adeia (NASDAQ:ADEA) last issued 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. Adeia had a net margin of 26.05% and a return on equity of 39.26%. The firm had revenue of $96.12 million for the quarter, compared to analysts’ expectations of $96.79 million. On average, analysts predict that Adeia Inc. will post 1.17 earnings per share for the current fiscal year.

Adeia Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, August 24th will be given a $0.05 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.8%. Adeia’s dividend payout ratio is currently 18.52%.

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.