Adeia (NASDAQ:ADEA) Cut to “Hold” at Zacks Research

Zacks Research cut shares of Adeia (NASDAQ:ADEA) from a strong-buy rating to a hold rating in a research report report published on Thursday morning,Zacks.com reports.

ADEA has been the subject of several other reports. Rosenblatt Securities lifted their price target on Adeia from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Maxim Group raised their target price on Adeia from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, December 23rd. BWS Financial lifted their target price on Adeia from $24.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. UBS Group set a $20.00 price target on Adeia in a research report on Tuesday, December 23rd. Finally, Roth Mkm restated a “buy” rating on shares of Adeia in a research report on Monday, December 22nd. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $25.20.

Adeia Stock Performance

NASDAQ ADEA opened at $20.69 on Thursday. The firm has a market cap of $2.27 billion, a P/E ratio of 21.11 and a beta of 1.44. The company has a quick ratio of 3.72, a current ratio of 3.81 and a debt-to-equity ratio of 0.83. The company’s 50 day moving average is $18.53 and its 200-day moving average is $16.19. Adeia has a 12-month low of $10.59 and a 12-month high of $21.07.

Adeia (NASDAQ:ADEA) last released its quarterly earnings data on Monday, February 23rd. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.73 by $0.13. Adeia had a net margin of 25.05% and a return on equity of 38.01%. The company had revenue of $182.64 million during the quarter, compared to the consensus estimate of $168.45 million. Sell-side analysts predict that Adeia will post 1.09 earnings per share for the current year.

Adeia Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Monday, March 16th. Adeia’s dividend payout ratio is 20.41%.

Institutional Investors Weigh In On Adeia

Several hedge funds have recently bought and sold shares of the stock. Ameriprise Financial Inc. increased its holdings in shares of Adeia by 0.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 14,509,642 shares of the company’s stock worth $205,166,000 after buying an additional 97,666 shares during the last quarter. Harvey Partners LLC lifted its holdings in shares of Adeia by 0.5% during the 2nd quarter. Harvey Partners LLC now owns 3,189,944 shares of the company’s stock worth $45,106,000 after acquiring an additional 17,444 shares during the last quarter. Systematic Financial Management LP grew its position in Adeia by 27.9% in the fourth quarter. Systematic Financial Management LP now owns 2,891,131 shares of the company’s stock worth $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% in the third quarter. Dimensional Fund Advisors LP now owns 2,819,336 shares of the company’s stock valued at $47,364,000 after acquiring an additional 13,412 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Adeia by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 2,799,445 shares of the company’s stock valued at $48,299,000 after acquiring an additional 19,601 shares during the last quarter. 97.36% of the stock is currently owned by institutional investors.

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.