Adeia (NASDAQ:ADEA) Reaches New 1-Year High Following Dividend Announcement

Adeia Inc. (NASDAQ:ADEA - Get Free Report) shares reached a new 52-week high during trading on Wednesday after the company announced a dividend. The company traded as high as $16.46 and last traded at $16.75, with a volume of 289289 shares. The stock had previously closed at $13.47.

The newly announced dividend which will be paid on Monday, March 31st. Shareholders 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 yield of 1.16%. The ex-dividend date of this dividend is Monday, March 10th. Adeia's dividend payout ratio is presently 35.09%.

Analyst Upgrades and Downgrades

ADEA has been the subject of several research analyst reports. Rosenblatt Securities reiterated a "buy" rating and set a $18.00 target price on shares of Adeia in a research note on Tuesday. Maxim Group increased their target price on Adeia from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, BWS Financial increased their target price on Adeia from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Wednesday.

Adeia Stock Performance

The company has a current ratio of 3.53, a quick ratio of 3.42 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 30.23 and a beta of 1.37. The company has a 50-day moving average of $13.52 and a 200-day moving average of $12.58.

Adeia (NASDAQ:ADEA - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The company reported $0.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.42. The business had revenue of $119.17 million for the quarter, compared to analyst estimates of $114.22 million. Adeia had a return on equity of 32.81% and a net margin of 17.19%. During the same period in the prior year, the company posted $0.27 EPS. On average, equities research analysts forecast that Adeia Inc. will post 1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adeia

Institutional investors and hedge funds have recently made changes to their positions in the company. Castlekeep Investment Advisors LLC acquired a new stake in Adeia in the fourth quarter worth $25,000. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Adeia in the fourth quarter worth $33,000. Picton Mahoney Asset Management increased its position in Adeia by 52.1% in the fourth quarter. Picton Mahoney Asset Management now owns 2,836 shares of the company's stock worth $39,000 after buying an additional 972 shares during the period. KBC Group NV increased its position in Adeia by 74.6% in the fourth quarter. KBC Group NV now owns 6,968 shares of the company's stock worth $97,000 after buying an additional 2,977 shares during the period. Finally, Linden Thomas Advisory Services LLC acquired a new stake in Adeia in the fourth quarter worth $142,000. 97.36% of the stock is owned by institutional investors and hedge funds.

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.