JPMorgan Chase & Co. Purchases 296,742 Shares of Adeia Inc. $ADEA

JPMorgan Chase & Co. raised its holdings in shares of Adeia Inc. (NASDAQ:ADEA) by 39.4% during the third quarter, HoldingsChannel.com reports. The firm owned 1,049,528 shares of the company’s stock after acquiring an additional 296,742 shares during the quarter. JPMorgan Chase & Co.’s holdings in Adeia were worth $17,632,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. The Manufacturers Life Insurance Company lifted its holdings in Adeia by 19.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company’s stock valued at $39,109,000 after buying an additional 448,274 shares during the period. Jane Street Group LLC boosted its stake in Adeia by 1,193.2% in the first quarter. Jane Street Group LLC now owns 348,961 shares of the company’s stock valued at $4,613,000 after acquiring an additional 321,976 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Adeia during the 3rd quarter worth $3,353,000. Lazard Asset Management LLC acquired a new stake in Adeia during the 3rd quarter worth $3,342,000. Finally, Tudor Investment Corp ET AL bought a new stake in shares of Adeia during the 3rd quarter valued at $3,259,000. Institutional investors own 97.36% of the company’s stock.

Wall Street Analyst Weigh In

ADEA has been the topic of a number of analyst reports. Zacks Research downgraded Adeia from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Maxim Group lifted their price objective on Adeia from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, December 23rd. Roth Mkm upped their price objective on Adeia from $27.00 to $34.00 and gave the company a “buy” rating in a report on Monday, March 16th. Weiss Ratings raised Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. Finally, Wall Street Zen upgraded Adeia from a “hold” rating to a “strong-buy” rating in a report on Saturday, March 7th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.80.

Adeia Stock Performance

Shares of ADEA stock opened at $25.22 on Thursday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.81 and a current ratio of 3.81. Adeia Inc. has a 52 week low of $10.59 and a 52 week high of $26.09. The company’s 50 day moving average price is $20.27 and its two-hundred day moving average price is $17.13. The company has a market capitalization of $2.75 billion, a P/E ratio of 25.73 and a beta of 1.41.

Adeia (NASDAQ:ADEA) last released its quarterly earnings results on Monday, February 23rd. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.13. Adeia had a net margin of 25.05% and a return on equity of 38.01%. The company had revenue of $182.64 million during the quarter, compared to analysts’ expectations of $168.45 million. On average, analysts expect that Adeia Inc. will post 1.09 earnings per share for the current fiscal year.

Adeia Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, March 16th. Adeia’s payout ratio is currently 20.41%.

Adeia Company Profile

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.