Adeia (NASDAQ:ADEA) Lowered to “Hold” Rating by Zacks Research

Zacks Research lowered shares of Adeia (NASDAQ:ADEA) from a strong-buy rating to a hold rating in a research note released on Tuesday morning,Zacks.com reports.

Several other brokerages have also recently weighed in on ADEA. Wall Street Zen cut shares of Adeia from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Roth Mkm reissued a “buy” rating and issued a $43.00 price objective on shares of Adeia in a research note on Tuesday, May 5th. Weiss Ratings cut shares of Adeia from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 18th. BWS Financial reissued a “buy” rating and issued a $30.00 price objective on shares of Adeia in a research note on Tuesday, May 5th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price objective on shares of Adeia in a research note on Tuesday, May 5th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.60.

Adeia Price Performance

Shares of NASDAQ:ADEA opened at $28.25 on Tuesday. The company has a fifty day moving average of $27.36 and a 200-day moving average of $20.64. The company has a market capitalization of $3.12 billion, a PE ratio of 26.16 and a beta of 1.48. 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 has a 52-week low of $11.61 and a 52-week high of $34.34.

Adeia (NASDAQ:ADEA) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. Adeia had a net margin of 26.50% and a return on equity of 39.49%. The company had revenue of $104.77 million during the quarter, compared to the consensus estimate of $99.72 million. On average, equities analysts predict that Adeia will post 1.15 EPS for the current fiscal year.

Adeia Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Tuesday, May 26th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, May 26th. Adeia’s dividend payout ratio is 18.52%.

Hedge Funds Weigh In On Adeia

A number of institutional investors and hedge funds have recently made changes to their positions in ADEA. Wellington Management Group LLP boosted its position in shares of Adeia by 64.5% during the 4th quarter. Wellington Management Group LLP now owns 1,998,488 shares of the company’s stock worth $34,474,000 after purchasing an additional 783,869 shares in the last quarter. Systematic Financial Management LP boosted its position in shares of Adeia by 27.9% during the 4th quarter. Systematic Financial Management LP now owns 2,891,131 shares of the company’s stock worth $49,872,000 after purchasing an additional 630,039 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Adeia by 386.1% during the 4th quarter. Deutsche Bank AG now owns 732,859 shares of the company’s stock worth $12,642,000 after purchasing an additional 582,106 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Adeia by 19.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company’s stock worth $39,109,000 after purchasing an additional 448,274 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Adeia by 948.3% during the 1st quarter. Janus Henderson Group PLC now owns 473,438 shares of the company’s stock worth $11,378,000 after purchasing an additional 428,275 shares in the last quarter. Institutional investors own 97.36% of the company’s stock.

Adeia Company 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.