Summit Global Investments Takes $693,000 Position in Adeia Inc. (NASDAQ:ADEA)

Summit Global Investments acquired a new stake in Adeia Inc. (NASDAQ:ADEA) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 49,544 shares of the company’s stock, valued at approximately $693,000.

Several other hedge funds also recently modified their holdings of ADEA. Quest Partners LLC increased its stake in Adeia by 76,084.3% during the 3rd quarter. Quest Partners LLC now owns 38,854 shares of the company’s stock valued at $463,000 after purchasing an additional 38,803 shares in the last quarter. Intech Investment Management LLC increased its stake in Adeia by 320.5% during the 3rd quarter. Intech Investment Management LLC now owns 128,333 shares of the company’s stock valued at $1,528,000 after purchasing an additional 97,815 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Adeia by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 965,423 shares of the company’s stock valued at $11,498,000 after purchasing an additional 33,845 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Adeia during the 3rd quarter valued at $253,000. Finally, Martingale Asset Management L P increased its stake in Adeia by 49.5% during the 3rd quarter. Martingale Asset Management L P now owns 56,321 shares of the company’s stock valued at $671,000 after purchasing an additional 18,652 shares in the last quarter. Institutional investors own 97.36% of the company’s stock.

Adeia Stock Performance

NASDAQ ADEA opened at $13.64 on Monday. Adeia Inc. has a 1 year low of $9.68 and a 1 year high of $17.46. The company has a debt-to-equity ratio of 1.15, a current ratio of 3.53 and a quick ratio of 3.53. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 23.93 and a beta of 1.44. The company has a fifty day moving average price of $13.93 and a 200-day moving average price of $13.07.

Adeia (NASDAQ:ADEA) last posted its earnings results on Tuesday, February 18th. The company reported $0.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.42. Adeia had a net margin of 17.19% and a return on equity of 32.81%. The firm had revenue of $119.17 million during the quarter, compared to analyst estimates of $114.22 million. During the same quarter in the prior year, the business posted $0.27 EPS. As a group, equities research analysts predict that Adeia Inc. will post 1.09 EPS for the current fiscal year.

Adeia Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be paid a $0.05 dividend. The ex-dividend date is Monday, March 10th. This represents a $0.20 annualized dividend and a dividend yield of 1.47%. Adeia’s payout ratio is 35.09%.

Wall Street Analyst Weigh In

ADEA has been the subject of a number of recent research reports. Rosenblatt Securities restated a “buy” rating and set a $20.00 price target on shares of Adeia in a research note on Friday, February 28th. Maxim Group boosted their price target on shares of Adeia from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, BWS Financial boosted their price target on shares of Adeia from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th.

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.