Oak Associates Ltd. OH Takes Position in Adeia Inc. $ADEA

Oak Associates Ltd. OH acquired a new stake in shares of Adeia Inc. (NASDAQ:ADEA) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 23,504 shares of the company’s stock, valued at approximately $565,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADEA. Wellington Management Group LLP grew its holdings in shares of Adeia by 64.5% during the fourth quarter. Wellington Management Group LLP now owns 1,998,488 shares of the company’s stock valued at $34,474,000 after purchasing an additional 783,869 shares during the last quarter. Systematic Financial Management LP raised its position in shares of Adeia by 27.9% during the 4th quarter. Systematic Financial Management LP now owns 2,891,131 shares of the company’s stock worth $49,872,000 after purchasing an additional 630,039 shares during the period. Deutsche Bank AG lifted its holdings in shares of Adeia by 386.1% in the 4th quarter. Deutsche Bank AG now owns 732,859 shares of the company’s stock worth $12,642,000 after purchasing an additional 582,106 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Adeia by 19.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company’s stock worth $39,109,000 after purchasing an additional 448,274 shares during the last quarter. Finally, CastleKnight Management LP acquired a new position in Adeia during the 4th quarter valued at approximately $6,074,000. Institutional investors and hedge funds own 97.36% of the company’s stock.

Adeia Stock Performance

ADEA stock opened at $26.91 on Friday. The company has a 50-day simple moving average of $29.35 and a 200 day simple moving average of $25.23. The company has a market capitalization of $2.97 billion, a P/E ratio of 24.92 and a beta of 1.36. The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 0.79. Adeia Inc. has a fifty-two week low of $11.61 and a fifty-two week high of $34.34.

Adeia (NASDAQ:ADEA) last released its earnings results on Monday, May 4th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Adeia had a net margin of 26.50% and a return on equity of 39.49%. The firm had revenue of $104.77 million for the quarter, compared to analysts’ expectations of $99.72 million. Sell-side analysts predict that Adeia Inc. will post 1.15 earnings per share for the current fiscal year.

Adeia Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, May 26th were issued a $0.05 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $0.20 annualized dividend and a dividend yield of 0.7%. Adeia’s dividend payout ratio is 18.52%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ADEA. Weiss Ratings cut Adeia from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 18th. Roth Capital reaffirmed a “buy” rating and issued a $43.00 price objective on shares of Adeia in a report on Tuesday, May 5th. Maxim Group set a $35.00 price objective on shares of Adeia in a research report on Wednesday, May 6th. Zacks Research lowered shares of Adeia from a “hold” rating to a “strong sell” rating in a research note on Friday, July 3rd. Finally, Rosenblatt Securities restated a “buy” rating and issued a $40.00 target price on shares of Adeia in a research report on Tuesday, May 5th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.60.

About Adeia

Adeia Inc (NASDAQ: ADEA) is a technology licensing company that focuses on acquiring, managing and monetizing intellectual property assets in the electronics and communications sectors. The company’s core business involves the strategic purchase of patent portfolios followed by the negotiation of licensing agreements, collaborative partnerships and, where necessary, enforcement actions to generate revenue from those assets. Adeia’s technology coverage spans semiconductor design, data communications, wireless networking, imaging systems and other advanced electronics applications.

By assembling a diversified collection of high-value patent families, Adeia works closely with original equipment manufacturers, semiconductor suppliers and service providers across North America, Europe and Asia.