Legal & General Group Plc Invests $8.71 Million in Adeia Inc. $ADEA

Legal & General Group Plc acquired a new position in shares of Adeia Inc. (NASDAQ:ADEA) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 264,358 shares of the company’s stock, valued at approximately $8,705,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADEA. State of Wyoming acquired a new position in shares of Adeia in the second quarter worth $1,550,000. Fifth Third Bancorp boosted its stake in shares of Adeia by 13,439.1% during the first quarter. Fifth Third Bancorp now owns 56,052 shares of the company’s stock valued at $1,347,000 after acquiring an additional 55,638 shares during the last quarter. Denali Advisors LLC acquired a new stake in shares of Adeia during the fourth quarter valued at $833,000. BlackRock Inc. purchased a new stake in Adeia during the 2nd quarter worth about $573,267,000. Finally, Thompson Siegel & Walmsley LLC increased its position in Adeia by 45.8% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 584,464 shares of the company’s stock worth $10,082,000 after purchasing an additional 183,670 shares in the last quarter. Hedge funds and other institutional investors own 97.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ADEA shares. Wall Street Zen lowered shares of Adeia from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings upgraded shares of Adeia from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, August 19th. Zacks Research raised shares of Adeia from a “strong sell” rating to a “hold” rating in a research report on Monday, August 3rd. Roth Capital reissued a “buy” rating and set a $43.00 price objective on shares of Adeia in a research note on Tuesday, May 5th. Finally, BWS Financial raised their target price on shares of Adeia from $30.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.60.

Adeia Stock Performance

Shares of ADEA stock opened at $24.37 on Wednesday. Adeia Inc. has a one year low of $11.61 and a one year high of $34.34. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25. The company has a 50 day moving average price of $27.90 and a 200 day moving average price of $26.89. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 22.56 and a beta of 1.38.

Adeia (NASDAQ:ADEA) last announced its quarterly earnings results on Monday, August 3rd. The company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. Adeia had a net margin of 26.05% and a return on equity of 39.26%. The company had revenue of $96.12 million for the quarter, compared to analyst estimates of $96.79 million. Sell-side analysts anticipate that Adeia Inc. will post 1.17 EPS for the current year.

Adeia Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Monday, August 24th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, August 24th. Adeia’s dividend payout ratio (DPR) is 18.52%.

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.