Harvey Partners LLC Has $43.92 Million Holdings in Adeia Inc. $ADEA

Harvey Partners LLC cut its position in shares of Adeia Inc. (NASDAQ:ADEA) by 18.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,614,500 shares of the company’s stock after selling 575,444 shares during the quarter. Adeia makes up about 3.9% of Harvey Partners LLC’s holdings, making the stock its 5th biggest position. Harvey Partners LLC owned approximately 2.39% of Adeia worth $43,924,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bank of America Corp DE grew its position in Adeia by 37.5% during the third quarter. Bank of America Corp DE now owns 707,763 shares of the company’s stock valued at $11,890,000 after buying an additional 192,956 shares during the period. Algert Global LLC bought a new stake in Adeia in the third quarter worth about $727,000. Alliancebernstein L.P. boosted its stake in Adeia by 1.1% in the third quarter. Alliancebernstein L.P. now owns 123,884 shares of the company’s stock valued at $2,081,000 after acquiring an additional 1,343 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Adeia during the 3rd quarter worth approximately $3,342,000. Finally, Zacks Investment Management bought a new stake in shares of Adeia in the 3rd quarter worth approximately $192,000. Hedge funds and other institutional investors own 97.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ADEA shares. BWS Financial reaffirmed a “buy” rating and set a $30.00 price objective on shares of Adeia in a report on Monday, March 9th. Rosenblatt Securities lifted their target price on shares of Adeia to $40.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. Wall Street Zen raised shares of Adeia from a “hold” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Maxim Group lifted their price objective on shares of Adeia from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, December 23rd. Finally, Zacks Research cut Adeia from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $27.20.

Adeia Price Performance

Shares of Adeia stock opened at $22.79 on Monday. The business has a 50 day moving average of $19.41 and a 200 day moving average of $16.66. Adeia Inc. has a 52 week low of $10.59 and a 52 week high of $23.52. The company has a quick ratio of 3.81, a current ratio of 3.81 and a debt-to-equity ratio of 0.83. The company has a market cap of $2.49 billion, a PE ratio of 23.26 and a beta of 1.41.

Adeia (NASDAQ:ADEA) last announced its quarterly earnings data on Monday, February 23rd. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.13. Adeia had a net margin of 25.05% and a return on equity of 38.01%. The business had revenue of $182.64 million for the quarter, compared to analysts’ expectations of $168.45 million. As a group, equities research analysts forecast that Adeia Inc. will post 1.09 earnings per share for the current year.

Adeia Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.20 annualized dividend and a yield of 0.9%. Adeia’s dividend payout ratio is currently 20.41%.

About Adeia

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.