Adeia (NASDAQ:ADEA) Shares Up 4.8% After Dividend Announcement

Adeia Inc. (NASDAQ:ADEA)’s share price rose 4.8% during mid-day trading on Tuesday after the company announced a dividend. The company traded as high as $12.57 and last traded at $12.54. Approximately 306,726 shares were traded during trading, a decline of 36% from the average daily volume of 477,847 shares. The stock had previously closed at $11.96.

The newly announced dividend which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 27th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend is Wednesday, November 27th. Adeia’s payout ratio is 55.56%.

Wall Street Analyst Weigh In

ADEA has been the subject of a number of recent research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $15.00 target price on shares of Adeia in a report on Friday. BWS Financial restated a “buy” rating and issued a $16.00 target price on shares of Adeia in a research note on Monday.

Adeia Stock Performance

The stock has a market cap of $1.37 billion, a PE ratio of 33.22 and a beta of 1.44. The stock has a 50-day moving average of $12.11 and a 200 day moving average of $11.60. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 1.42.

Hedge Funds Weigh In On Adeia

A number of institutional investors and hedge funds have recently made changes to their positions in ADEA. Charles Schwab Investment Management Inc. grew its position in Adeia by 3.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 965,423 shares of the company’s stock valued at $11,498,000 after acquiring an additional 33,845 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of Adeia by 320.5% during the third 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 during the period. Quest Partners LLC grew its holdings in Adeia by 76,084.3% during the third quarter. Quest Partners LLC now owns 38,854 shares of the company’s stock worth $463,000 after acquiring an additional 38,803 shares during the period. Seizert Capital Partners LLC acquired a new position in Adeia during the third quarter worth about $197,000. Finally, Empowered Funds LLC grew its holdings in Adeia by 5.3% during the third quarter. Empowered Funds LLC now owns 132,316 shares of the company’s stock worth $1,576,000 after acquiring an additional 6,700 shares during the period. 97.36% of the stock is owned by institutional investors and hedge funds.

Adeia Company Profile

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.