Maryland State Retirement & Pension System Sells 4,878 Shares of Adeia Inc. (NASDAQ:ADEA)

Maryland State Retirement & Pension System decreased its position in Adeia Inc. (NASDAQ:ADEA) by 13.3% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 31,897 shares of the company’s stock after selling 4,878 shares during the period. Maryland State Retirement & Pension System’s holdings in Adeia were worth $422,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADEA. Castlekeep Investment Advisors LLC purchased a new stake in Adeia in the 4th quarter valued at about $25,000. Ameriprise Financial Inc. increased its stake in Adeia by 6.3% in the 4th quarter. Ameriprise Financial Inc. now owns 14,656,979 shares of the company’s stock valued at $204,902,000 after buying an additional 874,098 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Adeia in the 4th quarter valued at about $2,470,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Adeia in the 4th quarter valued at about $2,370,000. Finally, The Manufacturers Life Insurance Company increased its stake in Adeia by 6.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,169,614 shares of the company’s stock valued at $30,331,000 after buying an additional 132,395 shares during the last quarter. Hedge funds and other institutional investors own 97.36% of the company’s stock.

Adeia Trading Up 0.3%

Shares of ADEA stock opened at $14.98 on Friday. The company has a 50 day moving average of $13.89 and a 200-day moving average of $13.53. The company has a quick ratio of 3.09, a current ratio of 3.09 and a debt-to-equity ratio of 1.06. Adeia Inc. has a 12-month low of $10.59 and a 12-month high of $17.46. The firm has a market cap of $1.64 billion, a P/E ratio of 20.24 and a beta of 1.53.

Adeia Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, August 26th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Tuesday, August 26th. Adeia’s payout ratio is currently 27.03%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ADEA shares. BWS Financial reiterated a “buy” rating and issued a $18.00 price objective on shares of Adeia in a research note on Wednesday, August 6th. Roth Capital initiated coverage on shares of Adeia in a research note on Friday, June 20th. They set a “buy” rating and a $26.00 price target for the company. Zacks Research upgraded shares of Adeia to a “strong-buy” rating in a research note on Friday, August 8th. Rosenblatt Securities restated a “buy” rating and set a $17.00 price target on shares of Adeia in a research note on Tuesday, May 6th. Finally, Wall Street Zen lowered shares of Adeia from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $19.50.

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.