Ritholtz Wealth Management Grows Stake in Adeia Inc. $ADEA

Ritholtz Wealth Management raised its stake in Adeia Inc. (NASDAQ:ADEA) by 38.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,234 shares of the company’s stock after acquiring an additional 5,025 shares during the quarter. Ritholtz Wealth Management’s holdings in Adeia were worth $258,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADEA. Nuveen LLC purchased a new position in Adeia in the first quarter valued at about $11,622,000. Invesco Ltd. boosted its stake in Adeia by 122.2% in the first quarter. Invesco Ltd. now owns 961,356 shares of the company’s stock valued at $12,709,000 after acquiring an additional 528,617 shares during the last quarter. Jane Street Group LLC boosted its stake in Adeia by 1,193.2% in the first quarter. Jane Street Group LLC now owns 348,961 shares of the company’s stock valued at $4,613,000 after acquiring an additional 321,976 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in Adeia by 55.3% in the first quarter. Public Sector Pension Investment Board now owns 423,485 shares of the company’s stock valued at $5,598,000 after acquiring an additional 150,757 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Adeia by 6.8% in the first quarter. The Manufacturers Life Insurance Company now owns 2,317,585 shares of the company’s stock valued at $30,638,000 after acquiring an additional 147,971 shares during the last quarter. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

Adeia Stock Performance

Shares of ADEA stock opened at $17.01 on Wednesday. The firm’s 50 day moving average is $15.99 and its 200 day moving average is $14.19. The company has a current ratio of 3.09, a quick ratio of 3.09 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $1.86 billion, a P/E ratio of 22.99 and a beta of 1.74. Adeia Inc. has a 12 month low of $10.59 and a 12 month high of $18.25.

Adeia Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, August 26th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Tuesday, August 26th. Adeia’s dividend payout ratio is 27.03%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ADEA shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Adeia in a research note on Wednesday, October 8th. BWS Financial restated a “buy” rating and set a $18.00 price target on shares of Adeia in a research note on Monday, October 6th. Wall Street Zen cut shares of Adeia from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Zacks Research cut shares of Adeia from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.50.

Adeia 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.