Kendall Capital Management Takes $979,000 Position in Adeia Inc. $ADEA

Kendall Capital Management acquired a new stake in Adeia Inc. (NASDAQ:ADEA) in the second quarter, Holdings Channel.com reports. The fund acquired 29,737 shares of the company’s stock, valued at approximately $979,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in Adeia during the second quarter worth about $117,000. Evolve Private Wealth LLC acquired a new position in Adeia in the 2nd quarter valued at about $1,700,000. Allworth Financial LP purchased a new stake in shares of Adeia in the 2nd quarter valued at approximately $54,000. NewEdge Wealth LLC purchased a new stake in shares of Adeia in the 2nd quarter valued at approximately $3,332,000. Finally, K2 Principal Fund L.P. acquired a new stake in shares of Adeia during the 2nd quarter worth approximately $1,166,000. 97.36% of the stock is currently owned by institutional investors and hedge funds.

Adeia Price Performance

ADEA stock opened at $26.25 on Friday. The company has a current ratio of 3.25, a quick ratio of 3.25 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $2.89 billion, a PE ratio of 24.31 and a beta of 1.39. Adeia Inc. has a 12-month low of $11.61 and a 12-month high of $34.34. The business’s fifty day moving average price is $28.70 and its 200 day moving average price is $26.46.

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

Adeia Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Monday, August 24th will be given a dividend of $0.05 per share. 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 is currently 18.52%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ADEA. Roth Capital reiterated a “buy” rating and issued a $43.00 price objective on shares of Adeia in a report on Tuesday, May 5th. Maxim Group set a $35.00 price target on Adeia in a research note on Wednesday, May 6th. Wall Street Zen cut Adeia from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price objective on shares of Adeia in a research report on Tuesday, August 4th. Finally, Zacks Research upgraded shares of Adeia from a “strong sell” rating to a “hold” rating in a report on Monday, August 3rd. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $37.60.

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.