Harvey Partners LLC Has $43.92 Million Stake in Adeia Inc. $ADEA

Harvey Partners LLC lessened its holdings in Adeia Inc. (NASDAQ:ADEA) by 18.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,614,500 shares of the company’s stock after selling 575,444 shares during the quarter. Adeia makes up 3.9% of Harvey Partners LLC’s holdings, making the stock its 5th largest holding. Harvey Partners LLC’s holdings in Adeia were worth $43,924,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of ADEA. CWM LLC lifted its holdings in Adeia by 436.0% during the third quarter. CWM LLC now owns 2,444 shares of the company’s stock worth $41,000 after buying an additional 1,988 shares during the period. Osaic Holdings Inc. grew its stake in Adeia by 714.9% in the second quarter. Osaic Holdings Inc. now owns 2,632 shares of the company’s stock valued at $37,000 after purchasing an additional 2,309 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Adeia in the third quarter worth about $56,000. Quadrant Capital Group LLC purchased a new stake in shares of Adeia during the third quarter valued at about $142,000. Finally, Creative Planning purchased a new stake in shares of Adeia during the second quarter valued at about $144,000. 97.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ADEA. BWS Financial reaffirmed a “buy” rating and set a $30.00 price target on shares of Adeia in a research report on Monday, March 9th. Weiss Ratings upgraded Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 12th. UBS Group set a $20.00 target price on Adeia in a research report on Tuesday, December 23rd. Zacks Research lowered Adeia from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Finally, Wall Street Zen upgraded shares of 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 issued a Hold rating to the company. According to data from MarketBeat.com, Adeia currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.20.

Adeia Stock Down 0.3%

Shares of ADEA opened at $22.79 on Monday. The firm has a market cap of $2.49 billion, a P/E ratio of 23.26 and a beta of 1.41. Adeia Inc. has a 12 month low of $10.59 and a 12 month high of $23.52. The stock’s 50 day moving average is $19.41 and its two-hundred day moving average is $16.66. The company has a current ratio of 3.81, a quick ratio of 3.81 and a debt-to-equity ratio of 0.83.

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

Adeia Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Monday, March 16th. Adeia’s dividend payout ratio (DPR) is presently 20.41%.

Adeia 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.