Adeia (NASDAQ:ADEA) Trading Up 6.3% After Dividend Announcement

Adeia Inc. (NASDAQ:ADEA)’s stock price rose 6.3% during trading on Tuesday following a dividend announcement from the company. The stock traded as high as $13.32 and last traded at $13.13. Approximately 183,666 shares traded hands during trading, a decline of 71% from the average daily volume of 633,554 shares. The stock had previously closed at $12.35.

The newly announced dividend which will be paid on Tuesday, June 17th. Investors of record on Tuesday, May 27th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.53%. The ex-dividend date is Tuesday, May 27th. Adeia’s dividend payout ratio is 35.09%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ADEA shares. BWS Financial reissued a “buy” rating and set a $18.00 price objective on shares of Adeia in a report on Tuesday. Rosenblatt Securities restated a “buy” rating and issued a $17.00 price target on shares of Adeia in a research report on Tuesday. Finally, Maxim Group raised their price objective on shares of Adeia from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th.

Adeia Stock Performance

The stock has a 50 day moving average price of $13.00 and a two-hundred day moving average price of $13.18. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 22.98 and a beta of 1.57. The company has a debt-to-equity ratio of 1.15, a current ratio of 3.53 and a quick ratio of 3.53.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC lifted its holdings in shares of Adeia by 51.9% during the 3rd quarter. Barclays PLC now owns 228,967 shares of the company’s stock valued at $2,728,000 after purchasing an additional 78,276 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Adeia by 21.9% in the third quarter. Franklin Resources Inc. now owns 99,760 shares of the company’s stock valued at $1,185,000 after buying an additional 17,905 shares during the period. Linden Thomas Advisory Services LLC bought a new stake in shares of Adeia during the fourth quarter worth $142,000. KBC Group NV lifted its position in Adeia by 74.6% in the 4th quarter. KBC Group NV now owns 6,968 shares of the company’s stock valued at $97,000 after acquiring an additional 2,977 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Adeia by 3.3% during the fourth quarter. Principal Financial Group Inc. now owns 532,709 shares of the company’s stock worth $7,447,000 after buying an additional 17,130 shares during the period. 97.36% of the stock is currently owned by institutional investors.

Adeia Company 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.