Adeia Inc. $ADEA Shares Purchased by Meritage Portfolio Management

Meritage Portfolio Management grew its holdings in Adeia Inc. (NASDAQ:ADEA) by 160.5% in the second quarter, Holdings Channel reports. The institutional investor owned 121,408 shares of the company’s stock after acquiring an additional 74,805 shares during the quarter. Meritage Portfolio Management’s holdings in Adeia were worth $1,717,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. KLP Kapitalforvaltning AS increased its position in shares of Adeia by 20.1% in the second quarter. KLP Kapitalforvaltning AS now owns 23,897 shares of the company’s stock valued at $338,000 after buying an additional 4,000 shares in the last quarter. State of Alaska Department of Revenue raised its position in Adeia by 6.7% during the second quarter. State of Alaska Department of Revenue now owns 64,592 shares of the company’s stock worth $913,000 after acquiring an additional 4,049 shares during the period. GAMMA Investing LLC raised its position in Adeia by 85.4% during the second quarter. GAMMA Investing LLC now owns 6,681 shares of the company’s stock worth $94,000 after acquiring an additional 3,078 shares during the period. Wedge Capital Management L L P NC raised its position in Adeia by 17.1% during the second quarter. Wedge Capital Management L L P NC now owns 114,547 shares of the company’s stock worth $1,620,000 after acquiring an additional 16,717 shares during the period. Finally, NorthCrest Asset Manangement LLC acquired a new position in Adeia during the second quarter worth $150,000. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ADEA. Zacks Research cut shares of Adeia from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. BWS Financial reaffirmed a “buy” rating and issued a $18.00 price target on shares of Adeia in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Adeia in a research note on Wednesday, October 8th. Roth Capital assumed coverage on Adeia in a research note on Friday, June 20th. They issued a “buy” rating and a $26.00 price target on the stock. Finally, Wall Street Zen lowered Adeia from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $19.50.

Adeia Stock Down 4.3%

ADEA stock opened at $15.71 on Monday. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 21.23 and a beta of 1.74. The company has a current ratio of 3.09, a quick ratio of 3.09 and a debt-to-equity ratio of 1.06. Adeia Inc. has a 12 month low of $10.59 and a 12 month high of $18.25. The firm has a 50-day moving average of $15.57 and a two-hundred day moving average of $14.01.

Adeia Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, August 26th were given a dividend of $0.05 per share. The ex-dividend date was Tuesday, August 26th. This represents a $0.20 dividend on an annualized basis and a yield of 1.3%. Adeia’s dividend payout ratio (DPR) is presently 27.03%.

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.