K2 Principal Fund L.P. Takes Position in Adeia Inc. $ADEA

K2 Principal Fund L.P. bought a new position in Adeia Inc. (NASDAQ:ADEA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 35,406 shares of the company’s stock, valued at approximately $1,166,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Adeia during the 2nd quarter valued at about $573,267,000. Deutsche Bank AG purchased a new stake in Adeia in the 2nd quarter worth $34,520,000. Bank of New York Mellon Corp purchased a new position in Adeia during the 2nd quarter valued at approximately $34,425,000. Wellington Management Group LLP increased its position in Adeia by 64.5% in the fourth quarter. Wellington Management Group LLP now owns 1,998,488 shares of the company’s stock worth $34,474,000 after purchasing an additional 783,869 shares during the last quarter. Finally, Systematic Financial Management LP raised its position in shares of Adeia by 27.9% during the 4th quarter. Systematic Financial Management LP now owns 2,891,131 shares of the company’s stock valued at $49,872,000 after buying an additional 630,039 shares in the last quarter. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

Adeia Stock Down 5.6%

ADEA opened at $28.02 on Wednesday. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 25.94 and a beta of 1.39. Adeia Inc. has a fifty-two week low of $11.61 and a fifty-two week high of $34.34. 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 company has a fifty day moving average of $29.00 and a two-hundred day moving average of $26.34.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings results on Monday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. Adeia had a return on equity of 39.26% and a net margin of 26.05%.The company had revenue of $96.12 million for the quarter, compared to the consensus estimate of $96.79 million. On average, research analysts expect that Adeia Inc. will post 1.17 earnings per share for the current 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 paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.7%. The ex-dividend date is Monday, August 24th. Adeia’s payout ratio is 18.52%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BWS Financial lifted their price objective on shares of Adeia from $30.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Roth Capital reissued a “buy” rating and set a $43.00 target price on shares of Adeia in a research report on Tuesday, May 5th. Wall Street Zen cut Adeia from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price target on shares of Adeia in a report on Tuesday, August 4th. Finally, Zacks Research raised shares of Adeia from a “strong sell” rating to a “hold” rating in a research report on Monday, August 3rd. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.60.

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.