Adeia (NASDAQ:ADEA) Trading Up 4.8% After Dividend Announcement

Adeia Inc. (NASDAQ:ADEA)’s stock price traded up 4.8% during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as $12.57 and last traded at $12.54. 306,726 shares were traded during trading, a decline of 36% from the average session volume of 477,847 shares. The stock had previously closed at $11.96.

The newly announced dividend which will be paid on Wednesday, December 18th. Investors of record on Wednesday, November 27th will be paid a dividend of $0.05 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.59%. Adeia’s dividend payout ratio is presently 55.56%.

Analyst Upgrades and Downgrades

ADEA has been the topic of a number of research analyst reports. BWS Financial reaffirmed a “buy” rating and set a $16.00 target price on shares of Adeia in a report on Monday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Adeia in a research note on Friday, November 8th.

Adeia Trading Up 4.9 %

The firm has a 50 day moving average price of $12.12 and a two-hundred day moving average price of $11.61. The firm has a market capitalization of $1.37 billion, a P/E ratio of 34.86 and a beta of 1.44. The company has a debt-to-equity ratio of 1.42, a quick ratio of 3.00 and a current ratio of 3.00.

Hedge Funds Weigh In On Adeia

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. LSV Asset Management boosted its position in shares of Adeia by 11.6% in the second quarter. LSV Asset Management now owns 3,755,894 shares of the company’s stock worth $42,010,000 after buying an additional 390,836 shares during the period. Boston Partners grew its stake in Adeia by 16.5% during the 1st quarter. Boston Partners now owns 2,296,116 shares of the company’s stock valued at $24,761,000 after acquiring an additional 325,342 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Adeia by 6.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,748,258 shares of the company’s stock valued at $30,737,000 after acquiring an additional 159,254 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Adeia by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 14,117,819 shares of the company’s stock valued at $154,167,000 after purchasing an additional 132,718 shares during the period. Finally, Skylands Capital LLC boosted its holdings in shares of Adeia by 99.7% during the second quarter. Skylands Capital LLC now owns 207,950 shares of the company’s stock worth $2,327,000 after purchasing an additional 103,817 shares during the period. Institutional investors and hedge funds own 97.36% of the company’s stock.

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.