Adeia (NASDAQ:ADEA) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of Adeia (NASDAQ:ADEA) from a hold rating to a strong sell rating in a research report report published on Thursday morning,Zacks reports.

A number of other brokerages have also recently issued reports on ADEA. Weiss Ratings cut shares of Adeia from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, September 29th. BWS Financial reaffirmed a “buy” rating and issued a $50.00 price target on shares of Adeia in a report on Wednesday, October 7th. Finally, Rosenblatt Securities reduced their price target on Adeia from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Adeia presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.60.

Adeia Stock Performance

Shares of ADEA traded up $0.68 during trading hours on Thursday, hitting $15.50. The company’s stock had a trading volume of 2,127,015 shares, compared to its average volume of 1,186,632. The company has a market cap of $1.71 billion, a price-to-earnings ratio of 15.20 and a beta of 1.46. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25. The business has a 50 day simple moving average of $23.48 and a two-hundred day simple moving average of $25.42. Adeia has a 52-week low of $11.61 and a 52-week high of $34.34.

Adeia (NASDAQ:ADEA) last posted its quarterly earnings results on Monday, November 2nd. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.09). The business had revenue of $80.19 million during the quarter, compared to the consensus estimate of $98.88 million. Adeia had a net margin of 25.04% and a return on equity of 36.32%. On average, equities analysts expect that Adeia will post 1.03 earnings per share for the current fiscal year.

Adeia Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 14th. Shareholders of record on Monday, November 23rd will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, November 23rd. Adeia’s dividend payout ratio is currently 19.61%.

Institutional Trading of Adeia

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in shares of Adeia during the second quarter worth about $573,267,000. Wellington Management Group LLP grew its stake in Adeia by 4.6% in the 2nd quarter. Wellington Management Group LLP now owns 1,712,143 shares of the company’s stock worth $56,381,000 after buying an additional 75,520 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Adeia in the 2nd quarter worth approximately $46,004,000. Deutsche Bank AG purchased a new position in Adeia in the 2nd quarter worth approximately $34,520,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Adeia in the 2nd quarter worth $34,425,000. Hedge funds and other institutional investors own 97.36% of the company’s stock.

About Adeia

Adeia Inc is a semiconductor intellectual property company that develops and licenses technologies used in the design, manufacture and packaging of advanced electronic devices. Rather than producing semiconductors itself, the company works with chipmakers, foundries and other industry participants to commercialize its intellectual property.

Adeia’s portfolio includes technologies for three-dimensional semiconductor integration, hybrid bonding, advanced packaging, memory and chip-to-chip connectivity.