Riverwater Partners LLC Invests $2.31 Million in Adeia Inc. $ADEA

Riverwater Partners LLC purchased a new position in Adeia Inc. (NASDAQ:ADEA) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 137,314 shares of the company’s stock, valued at approximately $2,307,000. Adeia comprises about 1.0% of Riverwater Partners LLC’s investment portfolio, making the stock its 27th biggest holding. Riverwater Partners LLC owned 0.13% of Adeia as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Assenagon Asset Management S.A. bought a new position in shares of Adeia during the third quarter valued at $3,353,000. JPMorgan Chase & Co. raised its position in Adeia by 110.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 752,786 shares of the company’s stock worth $10,644,000 after buying an additional 395,462 shares during the last quarter. Cresset Asset Management LLC bought a new position in Adeia during the 2nd quarter valued at about $1,874,000. Campbell & CO Investment Adviser LLC boosted its holdings in shares of Adeia by 320.9% during the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 88,917 shares of the company’s stock valued at $1,257,000 after acquiring an additional 67,794 shares during the last quarter. Finally, Summit Global Investments boosted its holdings in shares of Adeia by 62.1% during the 2nd quarter. Summit Global Investments now owns 81,833 shares of the company’s stock valued at $1,157,000 after acquiring an additional 31,358 shares during the last quarter. 97.36% of the stock is owned by hedge funds and other institutional investors.

Adeia Stock Performance

NASDAQ:ADEA opened at $18.87 on Tuesday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.72 and a current ratio of 3.72. The stock has a 50-day simple moving average of $15.56 and a two-hundred day simple moving average of $15.34. The firm has a market capitalization of $2.07 billion, a PE ratio of 29.03 and a beta of 1.46. Adeia Inc. has a 52-week low of $10.59 and a 52-week high of $20.33.

Adeia (NASDAQ:ADEA) last posted its quarterly earnings data on Monday, November 3rd. The company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.08). Adeia had a return on equity of 29.36% and a net margin of 19.32%.The company had revenue of $87.34 million during the quarter, compared to the consensus estimate of $99.24 million. Analysts forecast that Adeia Inc. will post 1.09 EPS for the current year.

Adeia Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, November 24th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, November 24th. This represents a $0.20 annualized dividend and a yield of 1.1%. Adeia’s payout ratio is currently 30.77%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. BWS Financial increased their price objective on shares of Adeia from $18.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, December 29th. Rosenblatt Securities increased their price target on Adeia from $17.00 to $20.00 and gave the company a “buy” rating in a report on Monday, December 22nd. Maxim Group raised their price target on Adeia from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, December 23rd. UBS Group set a $20.00 price objective on Adeia in a research report on Tuesday, December 23rd. Finally, Zacks Research raised Adeia from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $22.00.

About Adeia

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.