MetLife Investment Management LLC Trims Position in Adeia Inc. $ADEA

MetLife Investment Management LLC lessened its position in shares of Adeia Inc. (NASDAQ:ADEA) by 1.7% in the first quarter, Holdings Channel reports. The fund owned 63,908 shares of the company’s stock after selling 1,082 shares during the quarter. MetLife Investment Management LLC’s holdings in Adeia were worth $845,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of the company. Systematic Financial Management LP increased its position in Adeia by 5.4% during the fourth quarter. Systematic Financial Management LP now owns 2,276,288 shares of the company’s stock valued at $31,822,000 after acquiring an additional 116,087 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Adeia by 11.0% in the first quarter. Wellington Management Group LLP now owns 1,229,245 shares of the company’s stock worth $16,251,000 after buying an additional 121,424 shares during the period. Northern Trust Corp raised its stake in shares of Adeia by 7.9% in the fourth quarter. Northern Trust Corp now owns 1,227,987 shares of the company’s stock worth $17,167,000 after buying an additional 89,633 shares during the period. Invesco Ltd. raised its stake in shares of Adeia by 122.2% in the first quarter. Invesco Ltd. now owns 961,356 shares of the company’s stock worth $12,709,000 after buying an additional 528,617 shares during the period. Finally, Nuveen LLC bought a new position in shares of Adeia in the first quarter worth about $11,622,000. Hedge funds and other institutional investors own 97.36% of the company’s stock.

Wall Street Analyst Weigh In

ADEA has been the topic of several recent research reports. Roth Capital assumed coverage on Adeia in a research note on Friday, June 20th. They issued a “buy” rating and a $26.00 price objective on the stock. Wall Street Zen cut Adeia from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. BWS Financial reiterated a “buy” rating and set a $18.00 target price on shares of Adeia in a research report on Wednesday, August 6th. Finally, Zacks Research upgraded Adeia to a “strong-buy” rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $19.50.

Adeia Stock Performance

NASDAQ ADEA opened at $15.43 on Friday. The stock has a market capitalization of $1.69 billion, a PE ratio of 20.85 and a beta of 1.74. The business has a 50 day simple moving average of $14.36 and a two-hundred day simple moving average of $13.76. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.09 and a quick ratio of 3.09. Adeia Inc. has a 1-year low of $10.59 and a 1-year high of $17.46.

Adeia Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, August 26th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Adeia’s dividend payout ratio (DPR) is presently 27.03%.

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.