Renaissance Technologies LLC Sells 182,400 Shares of Adeia Inc. (NASDAQ:ADEA)

Renaissance Technologies LLC reduced its position in shares of Adeia Inc. (NASDAQ:ADEA) by 16.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 951,243 shares of the company’s stock after selling 182,400 shares during the period. Renaissance Technologies LLC owned approximately 0.88% of Adeia worth $10,640,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ADEA. Charles Schwab Investment Management Inc. grew its position in shares of Adeia by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 869,421 shares of the company’s stock valued at $10,772,000 after purchasing an additional 26,609 shares in the last quarter. Norges Bank purchased a new position in shares of Adeia during the 4th quarter valued at $9,198,000. PNC Financial Services Group Inc. grew its position in shares of Adeia by 24.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 22,269 shares of the company’s stock valued at $276,000 after purchasing an additional 4,315 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in shares of Adeia by 59.4% during the 4th quarter. Orion Portfolio Solutions LLC now owns 45,997 shares of the company’s stock valued at $555,000 after purchasing an additional 17,141 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Adeia by 1.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 2,467,711 shares of the company’s stock valued at $30,575,000 after purchasing an additional 25,846 shares in the last quarter. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

Adeia Stock Down 1.8 %

Shares of NASDAQ:ADEA opened at $12.30 on Tuesday. Adeia Inc. has a 52-week low of $8.11 and a 52-week high of $13.39. The firm has a fifty day moving average of $11.67 and a 200 day moving average of $11.21. The firm has a market capitalization of $1.33 billion, a PE ratio of 36.18 and a beta of 1.46. The company has a debt-to-equity ratio of 1.42, a quick ratio of 3.00 and a current ratio of 3.00.

Adeia (NASDAQ:ADEA) last announced its earnings results on Tuesday, August 6th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.03. Adeia had a net margin of 12.87% and a return on equity of 33.28%. The company had revenue of $87.35 million during the quarter, compared to analyst estimates of $83.74 million. As a group, research analysts anticipate that Adeia Inc. will post 1.18 EPS for the current fiscal year.

Adeia Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, August 27th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.20 annualized dividend and a yield of 1.63%. Adeia’s payout ratio is 58.82%.

Analysts Set New Price Targets

ADEA has been the subject of a number of recent analyst reports. Rosenblatt Securities restated a “buy” rating and set a $15.00 price target on shares of Adeia in a research report on Thursday, June 20th. BWS Financial reiterated a “buy” rating and issued a $16.00 target price on shares of Adeia in a research report on Thursday, August 8th.

Adeia Profile

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.