CenterBook Partners LP Makes New $1.98 Million Investment in Adeia Inc. $ADEA

CenterBook Partners LP purchased a new stake in shares of Adeia Inc. (NASDAQ:ADEA) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 77,433 shares of the company’s stock, valued at approximately $1,982,000.

Several other large investors have also recently bought and sold shares of ADEA. Public Employees Retirement System of Ohio acquired a new stake in Adeia during the 2nd quarter worth about $34,000. Rockefeller Capital Management L.P. grew its stake in Adeia by 148.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,980 shares of the company’s stock valued at $51,000 after acquiring an additional 1,781 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Adeia by 66.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,083 shares of the company’s stock valued at $53,000 after acquiring an additional 829 shares in the last quarter. Allworth Financial LP acquired a new position in shares of Adeia in the 2nd quarter valued at about $54,000. Finally, Sterling Capital Management LLC increased its holdings in shares of Adeia by 529.5% in the 3rd quarter. Sterling Capital Management LLC now owns 3,544 shares of the company’s stock valued at $91,000 after purchasing an additional 2,981 shares during the period. 97.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ADEA shares. Rosenblatt Securities reduced their price target on shares of Adeia from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, November 3rd. Zacks Research downgraded shares of Adeia from a “hold” rating to a “strong sell” rating in a research report on Thursday. BWS Financial reaffirmed a “buy” rating and set a $50.00 price objective on shares of Adeia in a research report on Wednesday, October 7th. Finally, Weiss Ratings lowered shares of Adeia from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, September 29th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.60.

Adeia Price Performance

ADEA opened at $15.50 on Monday. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 15.20 and a beta of 1.46. Adeia Inc. has a 1 year low of $11.61 and a 1 year high of $34.34. The company has a current ratio of 3.64, a quick ratio of 3.64 and a debt-to-equity ratio of 0.75. The stock has a fifty day moving average price of $23.48 and a 200 day moving average price of $25.42.

Adeia (NASDAQ:ADEA) last issued its earnings results on Monday, November 2nd. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.09). Adeia had a net margin of 25.04% and a return on equity of 36.17%. The firm had revenue of $80.19 million during the quarter, compared to analysts’ expectations of $98.88 million. Analysts forecast that Adeia Inc. will post 1.03 EPS for the current fiscal year.

Adeia Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 14th. Stockholders of record on Monday, November 23rd will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Monday, November 23rd. Adeia’s payout ratio is currently 19.61%.

Adeia Company Profile

Adeia Inc is an intellectual-property licensing company focused on technologies used in media, entertainment, consumer electronics and semiconductors. Rather than primarily selling consumer products, it develops and licenses innovations that other companies can incorporate into their products and services.

Its portfolio includes media technologies related to content discovery and entertainment experiences, as well as semiconductor technologies used in areas such as advanced packaging and chip manufacturing.