Irenic Capital Management LP Makes New $4.80 Million Investment in Adeia Inc. $ADEA

Irenic Capital Management LP purchased a new position in Adeia Inc. (NASDAQ:ADEA) in the 1st quarter, Holdings Channel reports. The firm purchased 199,900 shares of the company’s stock, valued at approximately $4,804,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ritholtz Wealth Management boosted its position in shares of Adeia by 2.5% during the first quarter. Ritholtz Wealth Management now owns 14,972 shares of the company’s stock valued at $360,000 after buying an additional 364 shares during the last quarter. ProShare Advisors LLC increased its holdings in Adeia by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 21,153 shares of the company’s stock worth $365,000 after buying an additional 656 shares in the last quarter. Redmond Asset Management LLC raised its position in Adeia by 0.4% in the 4th quarter. Redmond Asset Management LLC now owns 192,350 shares of the company’s stock worth $3,318,000 after buying an additional 727 shares during the last quarter. Amundi raised its position in Adeia by 4.5% in the 4th quarter. Amundi now owns 19,003 shares of the company’s stock worth $328,000 after buying an additional 827 shares during the last quarter. Finally, Vident Advisory LLC lifted its stake in Adeia by 2.6% during the 2nd quarter. Vident Advisory LLC now owns 37,366 shares of the company’s stock valued at $528,000 after acquiring an additional 937 shares during the period. 97.36% of the stock is owned by institutional investors.

Adeia Stock Down 3.5%

Adeia stock opened at $25.15 on Wednesday. The stock has a market cap of $2.77 billion, a PE ratio of 23.29 and a beta of 1.36. The company has a debt-to-equity ratio of 0.79, a quick ratio of 3.44 and a current ratio of 3.44. Adeia Inc. has a one year low of $11.61 and a one year high of $34.34. The stock has a fifty day moving average of $29.22 and a 200 day moving average of $25.38.

Adeia (NASDAQ:ADEA) last posted its earnings results on Monday, May 4th. The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $104.77 million for the quarter, compared to the consensus estimate of $99.72 million. Adeia had a return on equity of 39.49% and a net margin of 26.50%. As a group, sell-side analysts predict that Adeia Inc. will post 1.15 EPS for the current year.

Adeia Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, May 26th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. Adeia’s dividend payout ratio is presently 18.52%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Adeia from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Zacks Research cut shares of Adeia from a “hold” rating to a “strong sell” rating in a report on Friday, July 3rd. Weiss Ratings downgraded shares of Adeia from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 18th. Maxim Group set a $35.00 price objective on shares of Adeia in a research report on Wednesday, May 6th. Finally, BWS Financial restated a “buy” rating and issued a $30.00 target price on shares of Adeia in a report on Tuesday, May 5th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $33.60.

Adeia Profile

Adeia Inc (NASDAQ: ADEA) is a technology licensing company that focuses on acquiring, managing and monetizing intellectual property assets in the electronics and communications sectors. The company’s core business involves the strategic purchase of patent portfolios followed by the negotiation of licensing agreements, collaborative partnerships and, where necessary, enforcement actions to generate revenue from those assets. Adeia’s technology coverage spans semiconductor design, data communications, wireless networking, imaging systems and other advanced electronics applications.

By assembling a diversified collection of high-value patent families, Adeia works closely with original equipment manufacturers, semiconductor suppliers and service providers across North America, Europe and Asia.