Adeia (NASDAQ:ADEA) Reaches New 12-Month High Following Dividend Announcement

Adeia Inc. (NASDAQ:ADEA) reached a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $16.46 and last traded at $16.75, with a volume of 289289 shares changing hands. The stock had previously closed at $13.47.

The newly announced dividend which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be given a $0.05 dividend. The ex-dividend date is Monday, March 10th. This represents a $0.20 annualized dividend and a yield of 1.22%. Adeia’s dividend payout ratio is presently 55.56%.

Analyst Upgrades and Downgrades

ADEA has been the subject of several recent research reports. BWS Financial raised their price target on shares of Adeia from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday. Rosenblatt Securities restated a “buy” rating and issued a $18.00 price objective on shares of Adeia in a report on Tuesday. Finally, Maxim Group raised their price objective on shares of Adeia from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday.

Adeia Price Performance

The company’s 50 day moving average is $13.46 and its 200 day moving average is $12.55. The company has a current ratio of 3.42, a quick ratio of 3.42 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 45.53 and a beta of 1.37.

Adeia (NASDAQ:ADEA) last announced its quarterly earnings results on Tuesday, February 18th. The company reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. Adeia had a net margin of 12.01% and a return on equity of 28.37%. The firm had revenue of $119.17 million for the quarter, compared to analyst estimates of $114.22 million. During the same period last year, the business earned $0.27 EPS. Research analysts anticipate that Adeia Inc. will post 1 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ADEA. Stephens Inc. AR increased its stake in Adeia by 5.3% in the third quarter. Stephens Inc. AR now owns 593,636 shares of the company’s stock valued at $7,070,000 after purchasing an additional 29,889 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in Adeia by 169.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 89,065 shares of the company’s stock valued at $1,061,000 after purchasing an additional 55,979 shares during the period. Royce & Associates LP increased its stake in Adeia by 22.2% in the third quarter. Royce & Associates LP now owns 277,630 shares of the company’s stock valued at $3,307,000 after purchasing an additional 50,512 shares during the period. Empowered Funds LLC increased its stake in Adeia by 5.3% in the third quarter. Empowered Funds LLC now owns 132,316 shares of the company’s stock valued at $1,576,000 after purchasing an additional 6,700 shares during the period. Finally, Seizert Capital Partners LLC acquired a new position in Adeia in the third quarter valued at $197,000. 97.36% of the stock is currently owned by institutional investors and hedge funds.

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.