Hillsdale Investment Management Inc. Acquires 55,892 Shares of Adeia Inc. (NASDAQ:ADEA)

Hillsdale Investment Management Inc. boosted its holdings in shares of Adeia Inc. (NASDAQ:ADEA) by 21.0% in the fourth quarter, Holdings Channel reports. The firm owned 321,433 shares of the company’s stock after purchasing an additional 55,892 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Adeia were worth $4,494,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADEA. Hotchkis & Wiley Capital Management LLC bought a new position in Adeia during the third quarter worth about $8,412,000. Intech Investment Management LLC lifted its stake in Adeia by 250.9% during the fourth quarter. Intech Investment Management LLC now owns 450,303 shares of the company’s stock worth $6,295,000 after purchasing an additional 321,970 shares during the period. Systematic Financial Management LP lifted its stake in Adeia by 17.0% during the third quarter. Systematic Financial Management LP now owns 2,160,201 shares of the company’s stock worth $25,728,000 after purchasing an additional 313,741 shares during the period. Raymond James Financial Inc. bought a new position in Adeia during the fourth quarter worth about $2,470,000. Finally, Harvey Partners LLC lifted its stake in Adeia by 5.8% during the third quarter. Harvey Partners LLC now owns 3,052,000 shares of the company’s stock worth $36,349,000 after purchasing an additional 168,000 shares during the period. Institutional investors own 97.36% of the company’s stock.

Adeia Stock Performance

NASDAQ:ADEA opened at $13.64 on Friday. Adeia Inc. has a 1 year low of $9.68 and a 1 year high of $17.46. The firm has a 50 day moving average of $13.93 and a 200-day moving average of $13.06. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $1.47 billion, a P/E ratio of 23.93 and a beta of 1.44.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $0.42 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.42. The business had revenue of $119.17 million during the quarter, compared to analyst estimates of $114.22 million. Adeia had a net margin of 17.19% and a return on equity of 32.81%. During the same quarter last year, the business posted $0.27 earnings per share. As a group, sell-side analysts anticipate that Adeia Inc. will post 1.09 EPS for the current fiscal year.

Adeia Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date is Monday, March 10th. Adeia’s dividend payout ratio is currently 35.09%.

Wall Street Analyst Weigh In

A number of research analysts have commented on ADEA shares. Rosenblatt Securities restated a “buy” rating and set a $20.00 price target on shares of Adeia in a research note on Friday, February 28th. Maxim Group lifted their target price on shares of Adeia from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, BWS Financial lifted their target price on shares of Adeia from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th.

About Adeia

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.