Adeia (NASDAQ:ADEA) Reaches New 52-Week High on Analyst Upgrade

Adeia Inc. (NASDAQ:ADEA)’s stock price hit a new 52-week high on Thursday after Rosenblatt Securities raised their price target on the stock from $15.00 to $18.00. Rosenblatt Securities currently has a buy rating on the stock. Adeia traded as high as $14.34 and last traded at $14.31, with a volume of 122325 shares traded. The stock had previously closed at $13.89.

Separately, BWS Financial reissued a “buy” rating and issued a $16.00 price target on shares of Adeia in a report on Wednesday, December 4th.

Institutional Investors Weigh In On Adeia

Several large investors have recently modified their holdings of ADEA. State Street Corp boosted its stake in Adeia by 2.1% in the 3rd quarter. State Street Corp now owns 4,346,537 shares of the company’s stock valued at $51,767,000 after buying an additional 91,288 shares in the last quarter. LSV Asset Management boosted its stake in shares of Adeia by 11.6% in the 2nd quarter. LSV Asset Management now owns 3,755,894 shares of the company’s stock valued at $42,010,000 after purchasing an additional 390,836 shares in the last quarter. Harvey Partners LLC grew its holdings in shares of Adeia by 5.8% in the 3rd quarter. Harvey Partners LLC now owns 3,052,000 shares of the company’s stock worth $36,349,000 after purchasing an additional 168,000 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Adeia by 6.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,748,258 shares of the company’s stock worth $30,737,000 after purchasing an additional 159,254 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Adeia by 3.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,616,073 shares of the company’s stock valued at $31,163,000 after purchasing an additional 78,135 shares during the last quarter. 97.36% of the stock is currently owned by institutional investors.

Adeia Stock Performance

The company has a quick ratio of 3.42, a current ratio of 3.42 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 39.94 and a beta of 1.42. The stock’s 50-day simple moving average is $12.43 and its 200 day simple moving average is $11.84.

Adeia Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, November 27th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend is Wednesday, November 27th. Adeia’s payout ratio is currently 55.56%.

About Adeia

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.