Illinois Municipal Retirement Fund Raises Position in Adeia Inc. (NASDAQ:ADEA)

Illinois Municipal Retirement Fund lifted its stake in Adeia Inc. (NASDAQ:ADEA) by 21.1% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 61,510 shares of the company’s stock after acquiring an additional 10,704 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Adeia were worth $813,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Summit Global Investments boosted its holdings in Adeia by 1.9% in the first quarter. Summit Global Investments now owns 50,475 shares of the company’s stock valued at $667,000 after purchasing an additional 931 shares during the last quarter. Picton Mahoney Asset Management raised its position in shares of Adeia by 52.1% during the 4th quarter. Picton Mahoney Asset Management now owns 2,836 shares of the company’s stock worth $39,000 after purchasing an additional 972 shares during the period. Envestnet Asset Management Inc. grew its holdings in Adeia by 5.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 19,441 shares of the company’s stock worth $272,000 after buying an additional 989 shares in the last quarter. GAMMA Investing LLC grew its holdings in Adeia by 80.9% in the 1st quarter. GAMMA Investing LLC now owns 3,603 shares of the company’s stock worth $48,000 after buying an additional 1,611 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in Adeia by 2.9% in the 4th quarter. MetLife Investment Management LLC now owns 64,990 shares of the company’s stock worth $909,000 after buying an additional 1,804 shares in the last quarter. Hedge funds and other institutional investors own 97.36% of the company’s stock.

Wall Street Analyst Weigh In

ADEA has been the subject of a number of research reports. BWS Financial reaffirmed a “buy” rating and set a $18.00 price target on shares of Adeia in a research note on Tuesday, May 6th. Roth Capital began coverage on Adeia in a report on Friday, June 20th. They issued a “buy” rating and a $26.00 target price on the stock. Finally, Rosenblatt Securities restated a “buy” rating and issued a $17.00 target price on shares of Adeia in a report on Tuesday, May 6th.

Adeia Stock Performance

Shares of Adeia stock opened at $14.49 on Thursday. The stock has a market cap of $1.57 billion, a PE ratio of 21.95 and a beta of 1.59. The business has a fifty day simple moving average of $13.28 and a 200-day simple moving average of $13.43. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.13. Adeia Inc. has a 12 month low of $9.68 and a 12 month high of $17.46.

Adeia Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Tuesday, May 27th were given a $0.05 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $0.20 annualized dividend and a dividend yield of 1.38%. Adeia’s dividend payout ratio (DPR) is presently 30.30%.

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.