Exchange Traded Concepts LLC reduced its position in Adeia Inc. (NASDAQ:ADEA – Free Report) by 19.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,076 shares of the company’s stock after selling 8,680 shares during the period. Exchange Traded Concepts LLC’s holdings in Adeia were worth $386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Adeia in the first quarter valued at about $147,767,000. Ameriprise Financial Inc. purchased a new position in Adeia during the first quarter worth about $108,275,000. Rubric Capital Management LP purchased a new position in Adeia during the first quarter worth about $40,690,000. Dimensional Fund Advisors LP purchased a new position in Adeia during the first quarter worth about $32,577,000. Finally, Neuberger Berman Group LLC purchased a new position in Adeia during the first quarter worth about $28,779,000. 91.66% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Separately, Stephens lowered their target price on shares of Adeia from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Tuesday, October 3rd.
Adeia Trading Up 5.2 %
Shares of ADEA stock opened at $9.03 on Friday. The company has a 50-day moving average of $10.15 and a two-hundred day moving average of $9.78. Adeia Inc. has a 1-year low of $7.12 and a 1-year high of $12.37. The company has a debt-to-equity ratio of 1.83, a current ratio of 2.33 and a quick ratio of 2.33. The firm has a market cap of $963.95 million, a PE ratio of -3.22 and a beta of 1.19.
Adeia (NASDAQ:ADEA – Get Free Report) last released its quarterly earnings results on Monday, August 7th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.03. The business had revenue of $83.22 million during the quarter, compared to the consensus estimate of $84.17 million. Adeia had a positive return on equity of 29.68% and a negative net margin of 55.32%. On average, analysts predict that Adeia Inc. will post 1.27 EPS for the current year.
Adeia Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, September 18th. Stockholders of record on Monday, August 28th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Friday, August 25th. Adeia’s dividend payout ratio (DPR) is presently -7.14%.
Adeia Profile
Adeia Inc, together with its subsidiaries, operates as a media and semiconductor intellectual property licensing company worldwide. The company licenses its innovations to media and semiconductor industries and companies under the Adeia brand. It 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 and social media companies; consumer electronics manufacturers, which includes smart televisions, streaming media devices, video game consoles, mobile devices, content storage devices, and other connected media devices; and semiconductors, including sensors, radio frequency components, memory, and logic devices.
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