Kestrel Investment Management Corp Sells 58,300 Shares of Adeia Inc. (NASDAQ:ADEA)

Kestrel Investment Management Corp reduced its stake in shares of Adeia Inc. (NASDAQ:ADEA) by 18.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 260,313 shares of the company’s stock after selling 58,300 shares during the period. Adeia comprises about 2.2% of Kestrel Investment Management Corp’s investment portfolio, making the stock its 23rd largest holding. Kestrel Investment Management Corp’s holdings in Adeia were worth $3,225,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADEA. Vanguard Group Inc. boosted its stake in shares of Adeia by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 13,941,966 shares of the company’s stock worth $148,900,000 after buying an additional 233,675 shares during the last quarter. Boston Partners purchased a new position in shares of Adeia in the 3rd quarter worth approximately $7,168,000. The Manufacturers Life Insurance Company boosted its stake in shares of Adeia by 4.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,441,865 shares of the company’s stock worth $26,079,000 after buying an additional 97,792 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Adeia by 35.4% in the 4th quarter. Pacer Advisors Inc. now owns 3,456,033 shares of the company’s stock worth $42,820,000 after buying an additional 903,568 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Adeia by 4.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 842,812 shares of the company’s stock worth $9,001,000 after buying an additional 34,678 shares during the last quarter. 97.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ADEA has been the topic of a number of research analyst reports. Rosenblatt Securities began coverage on Adeia in a research note on Friday, February 23rd. They issued a “buy” rating and a $15.00 target price on the stock. BWS Financial reiterated a “buy” rating and issued a $16.00 price objective on shares of Adeia in a research note on Friday.

Adeia Stock Performance

Adeia stock traded up $0.21 during trading on Friday, hitting $9.94. The stock had a trading volume of 483,114 shares, compared to its average volume of 526,824. Adeia Inc. has a 1 year low of $7.12 and a 1 year high of $13.39. The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 1.46. The stock’s 50 day moving average is $11.10 and its two-hundred day moving average is $10.66. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 16.85 and a beta of 1.43.

Adeia (NASDAQ:ADEA) last posted its quarterly earnings data on Tuesday, February 20th. The company reported $0.24 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 business had revenue of $86.87 million for the quarter, compared to the consensus estimate of $89.23 million. As a group, analysts predict that Adeia Inc. will post 1.18 EPS for the current year.

Adeia Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 26th. Shareholders of record on Tuesday, March 12th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, March 11th. This represents a $0.20 annualized dividend and a dividend yield of 2.01%. Adeia’s dividend payout ratio is currently 33.90%.

Adeia Company Profile

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.