Adeia Inc. (NASDAQ:ADEA) Shares Sold by Kendall Capital Management

Kendall Capital Management lessened its stake in shares of Adeia Inc. (NASDAQ:ADEA) by 18.7% in the 4th quarter, Holdings Channel reports. The firm owned 33,351 shares of the company’s stock after selling 7,660 shares during the period. Kendall Capital Management’s holdings in Adeia were worth $466,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. State Street Corp raised its holdings in Adeia by 2.1% in the 3rd quarter. State Street Corp now owns 4,346,537 shares of the company’s stock valued at $51,767,000 after acquiring an additional 91,288 shares during the last quarter. Harvey Partners LLC raised its holdings in Adeia by 5.8% in the 3rd quarter. Harvey Partners LLC now owns 3,052,000 shares of the company’s stock valued at $36,349,000 after acquiring an additional 168,000 shares during the last quarter. Geode Capital Management LLC raised its holdings in Adeia by 3.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,616,073 shares of the company’s stock valued at $31,163,000 after acquiring an additional 78,135 shares during the last quarter. Systematic Financial Management LP raised its holdings in Adeia by 17.0% in the 3rd quarter. Systematic Financial Management LP now owns 2,160,201 shares of the company’s stock valued at $25,728,000 after acquiring an additional 313,741 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Adeia by 1.2% in the 4th quarter. Bank of New York Mellon Corp now owns 1,124,075 shares of the company’s stock valued at $15,715,000 after acquiring an additional 13,619 shares during the last quarter. Institutional investors and hedge funds own 97.36% of the company’s stock.

Adeia Stock Performance

Adeia stock opened at $14.94 on Monday. The firm has a 50 day simple moving average of $13.92 and a 200-day simple moving average of $12.96. Adeia Inc. has a 1-year low of $9.68 and a 1-year high of $17.46. The company has a debt-to-equity ratio of 1.15, a current ratio of 3.53 and a quick ratio of 3.53. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 26.21 and a beta of 1.44.

Adeia (NASDAQ:ADEA) last posted its quarterly earnings results on Tuesday, February 18th. The company reported $0.42 earnings per share for the quarter, meeting the consensus estimate of $0.42. Adeia had a net margin of 17.19% and a return on equity of 32.81%. The business had revenue of $119.17 million during the quarter, compared to analysts’ expectations of $114.22 million. During the same quarter in the prior year, the company posted $0.27 EPS. On average, analysts expect that Adeia Inc. will post 1.09 EPS for the current year.

Adeia Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.34%. Adeia’s payout ratio is currently 35.09%.

Analyst Upgrades and Downgrades

A number of research firms have commented on ADEA. BWS Financial increased their price objective on shares of Adeia from $16.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Maxim Group increased 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, February 19th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $20.00 price objective on shares of Adeia in a report on Friday, February 28th.

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.