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

Adeia Inc. (NASDAQ:ADEA) rose 4.8% during mid-day trading on Tuesday following a dividend announcement from the company. The stock traded as high as $12.57 and last traded at $12.54. Approximately 306,726 shares changed hands during mid-day trading, a decline of 36% from the average daily 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. Stockholders of record on Wednesday, November 27th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date is Wednesday, November 27th. Adeia’s dividend payout ratio is presently 55.56%.

Analyst Ratings Changes

Several analysts recently issued reports on ADEA shares. BWS Financial reaffirmed a “buy” rating and issued a $16.00 price target on shares of Adeia in a report on Monday. Rosenblatt Securities reaffirmed a “buy” rating and set a $15.00 price objective on shares of Adeia in a research note on Friday.

Adeia Price Performance

The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 1.42. The company’s fifty day moving average is $12.11 and its 200 day moving average is $11.60. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of 33.22 and a beta of 1.44.

Institutional Investors Weigh In On Adeia

A number of large investors have recently bought and sold shares of ADEA. Boston Partners raised its holdings in Adeia by 16.5% during the 1st quarter. Boston Partners now owns 2,296,116 shares of the company’s stock worth $24,761,000 after purchasing an additional 325,342 shares during the last quarter. Select Equity Group L.P. grew its holdings in shares of Adeia by 12.6% during the second quarter. Select Equity Group L.P. now owns 653,425 shares of the company’s stock worth $7,309,000 after purchasing an additional 73,204 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Adeia by 243.7% during the third quarter. SG Americas Securities LLC now owns 69,627 shares of the company’s stock worth $829,000 after purchasing an additional 49,367 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Adeia by 24.1% in the second quarter. Mackenzie Financial Corp now owns 68,340 shares of the company’s stock worth $764,000 after buying an additional 13,290 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Adeia by 3.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 100,353 shares of the company’s stock valued at $1,096,000 after acquiring an additional 3,793 shares in the last quarter. 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.