Intech Investment Management LLC Purchases 321,970 Shares of Adeia Inc. (NASDAQ:ADEA)

Intech Investment Management LLC increased its position in shares of Adeia Inc. (NASDAQ:ADEA) by 250.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 450,303 shares of the company’s stock after purchasing an additional 321,970 shares during the quarter. Intech Investment Management LLC’s holdings in Adeia were worth $6,295,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in ADEA. State Street Corp lifted its stake in Adeia by 2.1% in the third quarter. State Street Corp now owns 4,346,537 shares of the company’s stock worth $51,767,000 after purchasing an additional 91,288 shares during the last quarter. Harvey Partners LLC lifted its stake in shares of Adeia by 5.8% during the 3rd quarter. Harvey Partners LLC now owns 3,052,000 shares of the company’s stock worth $36,349,000 after acquiring an additional 168,000 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Adeia by 3.1% during 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 period. Systematic Financial Management LP grew its position 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 increased its stake in Adeia by 1.2% in the fourth quarter. Bank of New York Mellon Corp now owns 1,124,075 shares of the company’s stock worth $15,715,000 after purchasing an additional 13,619 shares during the period. 97.36% of the stock is currently owned by institutional investors.

Adeia Price Performance

ADEA opened at $13.60 on Wednesday. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of 23.86 and a beta of 1.44. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.15. Adeia Inc. has a 12-month low of $9.68 and a 12-month high of $17.46. The business’s fifty day simple moving average is $13.91 and its 200-day simple moving average is $13.04.

Adeia (NASDAQ:ADEA) last posted its earnings results on Tuesday, February 18th. The company reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $114.22 million. During the same quarter last year, the firm posted $0.27 EPS. On average, equities research analysts anticipate that Adeia Inc. will post 1.09 earnings per share for the current fiscal year.

Adeia Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend is Monday, March 10th. Adeia’s dividend payout ratio (DPR) is 35.09%.

Wall Street Analysts Forecast Growth

ADEA has been the subject of a number of recent analyst reports. Maxim Group boosted their target price on shares of Adeia from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Rosenblatt Securities reissued a “buy” rating and issued a $20.00 price objective on shares of Adeia in a research report on Friday, February 28th. Finally, BWS Financial upped their target price on shares of Adeia from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th.

Adeia Profile

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.