Adeia (NASDAQ:ADEA) Trading 4.8% Higher Following Dividend Announcement

Adeia Inc. (NASDAQ:ADEA) traded up 4.8% during mid-day trading on Tuesday following a dividend announcement from the company. The stock traded as high as $12.57 and last traded at $12.54. 306,726 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 477,847 shares. The stock had previously closed at $11.96.

The newly announced dividend which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 27th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Wednesday, November 27th. Adeia’s dividend payout ratio (DPR) is presently 55.56%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Rosenblatt Securities reiterated a “buy” rating and issued a $15.00 price target on shares of Adeia in a research note on Friday, November 8th. BWS Financial reissued a “buy” rating and issued a $16.00 price objective on shares of Adeia in a report on Monday.

Adeia Stock Down 8.0 %

The business has a fifty day moving average price of $12.11 and a two-hundred day moving average price of $11.61. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.42 and a quick ratio of 3.00. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 32.06 and a beta of 1.44.

Institutional Trading of Adeia

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd acquired a new stake in Adeia during the third quarter worth about $253,000. Charles Schwab Investment Management Inc. grew its holdings in Adeia by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 965,423 shares of the company’s stock worth $11,498,000 after acquiring an additional 33,845 shares during the period. Intech Investment Management LLC grew its holdings in Adeia by 320.5% during the third quarter. Intech Investment Management LLC now owns 128,333 shares of the company’s stock worth $1,528,000 after acquiring an additional 97,815 shares during the period. Quest Partners LLC grew its holdings in Adeia by 76,084.3% during the third quarter. Quest Partners LLC now owns 38,854 shares of the company’s stock worth $463,000 after acquiring an additional 38,803 shares during the period. Finally, Seizert Capital Partners LLC acquired a new stake in Adeia during the third quarter worth about $197,000. 97.36% of the stock is owned by institutional investors and hedge funds.

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.