Illinois Municipal Retirement Fund Sells 2,642 Shares of Adeia Inc. (NASDAQ:ADEA)

Illinois Municipal Retirement Fund trimmed its stake in Adeia Inc. (NASDAQ:ADEA) by 4.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,495 shares of the company’s stock after selling 2,642 shares during the period. Illinois Municipal Retirement Fund owned 0.06% of Adeia worth $762,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Foundry Partners LLC raised its position in shares of Adeia by 10.3% in the 4th quarter. Foundry Partners LLC now owns 518,124 shares of the company’s stock worth $6,420,000 after acquiring an additional 48,430 shares in the last quarter. Carmel Capital Partners LLC raised its position in shares of Adeia by 790.4% in the 4th quarter. Carmel Capital Partners LLC now owns 27,316 shares of the company’s stock worth $338,000 after acquiring an additional 24,248 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Adeia by 115.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,931 shares of the company’s stock worth $358,000 after acquiring an additional 15,519 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Adeia in the 4th quarter worth $664,000. Finally, Highlander Capital Management LLC raised its position in shares of Adeia by 267.3% in the 4th quarter. Highlander Capital Management LLC now owns 2,086 shares of the company’s stock worth $26,000 after acquiring an additional 1,518 shares in the last quarter. 97.36% of the stock is owned by institutional investors.

Adeia Trading Up 1.2 %

Shares of NASDAQ:ADEA opened at $10.26 on Tuesday. The business’s 50-day moving average is $10.80 and its 200 day moving average is $10.73. Adeia Inc. has a 1 year low of $7.12 and a 1 year high of $13.39. The firm has a market capitalization of $1.11 billion, a P/E ratio of 17.39 and a beta of 1.43. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.02 and a quick ratio of 2.02.

Adeia (NASDAQ:ADEA) last announced its earnings results on Tuesday, February 20th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.01. Adeia had a return on equity of 42.74% and a net margin of 17.33%. The company had revenue of $86.87 million for the quarter, compared to analyst estimates of $89.23 million. On average, research analysts predict that Adeia Inc. will post 1.18 earnings per share for the current fiscal year.

Adeia Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 26th. Shareholders of record on Tuesday, March 12th were paid a dividend of $0.05 per share. The ex-dividend date was Monday, March 11th. This represents a $0.20 annualized dividend and a yield of 1.95%. Adeia’s payout ratio is presently 33.90%.

Analysts Set New Price Targets

ADEA has been the subject of several recent research reports. Rosenblatt Securities initiated coverage on Adeia in a research report on Friday, February 23rd. They issued a “buy” rating and a $15.00 price target for the company. BWS Financial reaffirmed a “buy” rating and set a $16.00 target price on shares of Adeia in a research report on Friday, April 19th.

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.