Pacer Advisors Inc. Sells 547,862 Shares of Adeia Inc. $ADEA

Pacer Advisors Inc. cut its holdings in shares of Adeia Inc. (NASDAQ:ADEA) by 97.0% during the 1st quarter, HoldingsChannel reports. The fund owned 17,079 shares of the company’s stock after selling 547,862 shares during the quarter. Pacer Advisors Inc.’s holdings in Adeia were worth $410,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Ritholtz Wealth Management boosted its stake in shares of Adeia by 2.5% in the 1st quarter. Ritholtz Wealth Management now owns 14,972 shares of the company’s stock valued at $360,000 after purchasing an additional 364 shares in the last quarter. ProShare Advisors LLC raised its position in Adeia by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 21,153 shares of the company’s stock worth $365,000 after purchasing an additional 656 shares during the period. Redmond Asset Management LLC lifted its stake in Adeia by 0.4% in the fourth quarter. Redmond Asset Management LLC now owns 192,350 shares of the company’s stock worth $3,318,000 after purchasing an additional 727 shares during the last quarter. Amundi lifted its stake in Adeia by 4.5% in the fourth quarter. Amundi now owns 19,003 shares of the company’s stock worth $328,000 after purchasing an additional 827 shares during the last quarter. Finally, Vident Advisory LLC boosted its position in Adeia by 2.6% during the second quarter. Vident Advisory LLC now owns 37,366 shares of the company’s stock valued at $528,000 after buying an additional 937 shares during the period. 97.36% of the stock is currently owned by institutional investors.

Adeia Price Performance

Shares of Adeia stock opened at $27.72 on Wednesday. The company’s fifty day simple moving average is $29.22 and its two-hundred day simple moving average is $25.99. Adeia Inc. has a 12-month low of $11.61 and a 12-month high of $34.34. The firm has a market cap of $3.06 billion, a PE ratio of 25.67 and a beta of 1.39. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.76.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings data on Monday, August 3rd. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03. The firm had revenue of $96.12 million during the quarter, compared to the consensus estimate of $96.79 million. Adeia had a net margin of 26.05% and a return on equity of 39.26%. As a group, equities analysts expect that Adeia Inc. will post 1.17 EPS for the current year.

Adeia Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, August 24th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, August 24th. This represents a $0.20 dividend on an annualized basis and a yield of 0.7%. Adeia’s dividend payout ratio is presently 18.52%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Adeia in a research note on Tuesday, August 4th. BWS Financial restated a “buy” rating and set a $30.00 target price on shares of Adeia in a report on Tuesday, August 4th. Wall Street Zen lowered Adeia from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Maxim Group set a $35.00 price target on Adeia in a research note on Wednesday, May 6th. Finally, Zacks Research upgraded Adeia from a “strong sell” rating to a “hold” rating in a research report on Monday, August 3rd. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $33.60.

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.