Adeia (NASDAQ:ADEA) Hits New 12-Month High on Analyst Upgrade

Adeia Inc. (NASDAQ:ADEA) hit a new 52-week high during trading on Thursday after Rosenblatt Securities raised their price target on the stock from $15.00 to $18.00. Rosenblatt Securities currently has a buy rating on the stock. Adeia traded as high as $14.34 and last traded at $14.31, with a volume of 122325 shares changing hands. The stock had previously closed at $13.89.

Separately, BWS Financial reissued a “buy” rating and issued a $16.00 target price on shares of Adeia in a research report on Wednesday, December 4th.

Institutional Trading of Adeia

Large investors have recently made changes to their positions in the stock. Select Equity Group L.P. lifted its holdings in Adeia by 12.6% in the 2nd quarter. Select Equity Group L.P. now owns 653,425 shares of the company’s stock worth $7,309,000 after purchasing an additional 73,204 shares during the last quarter. Harvey Partners LLC lifted its stake in shares of Adeia by 5.8% in the third quarter. Harvey Partners LLC now owns 3,052,000 shares of the company’s stock worth $36,349,000 after buying an additional 168,000 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Adeia by 243.7% during the 3rd quarter. SG Americas Securities LLC now owns 69,627 shares of the company’s stock worth $829,000 after buying an additional 49,367 shares during the period. Mackenzie Financial Corp grew its stake in Adeia by 24.1% in the 2nd quarter. Mackenzie Financial Corp now owns 68,340 shares of the company’s stock valued at $764,000 after buying an additional 13,290 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Adeia in the 2nd quarter worth $689,000. Institutional investors own 97.36% of the company’s stock.

Adeia Stock Performance

The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.42 and a current ratio of 3.42. The stock’s 50-day simple moving average is $12.43 and its two-hundred day simple moving average is $11.84. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of 39.94 and a beta of 1.42.

Adeia Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, November 27th will be given a dividend of $0.05 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.20 annualized dividend and a dividend yield of 1.39%. Adeia’s dividend payout ratio is presently 55.56%.

About Adeia

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.