Renaissance Technologies LLC Trims Stock Position in Adeia Inc. (NASDAQ:ADEA)

Renaissance Technologies LLC reduced its holdings in Adeia Inc. (NASDAQ:ADEA - Free Report) by 5.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 840,043 shares of the company's stock after selling 48,700 shares during the period. Renaissance Technologies LLC owned about 0.77% of Adeia worth $11,744,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Picton Mahoney Asset Management raised its position in shares of Adeia by 52.1% in the fourth quarter. Picton Mahoney Asset Management now owns 2,836 shares of the company's stock valued at $39,000 after buying an additional 972 shares during the last quarter. KBC Group NV increased its stake in Adeia by 74.6% during the fourth quarter. KBC Group NV now owns 6,968 shares of the company's stock worth $97,000 after purchasing an additional 2,977 shares during the period. Linden Thomas Advisory Services LLC acquired a new stake in shares of Adeia during the fourth quarter worth about $142,000. Cibc World Markets Corp purchased a new position in shares of Adeia in the fourth quarter valued at approximately $142,000. Finally, EntryPoint Capital LLC acquired a new position in shares of Adeia in the fourth quarter valued at approximately $168,000. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

Adeia Price Performance

Shares of NASDAQ ADEA traded down $0.10 on Friday, hitting $11.88. The company's stock had a trading volume of 500,282 shares, compared to its average volume of 535,283. The company has a debt-to-equity ratio of 1.15, a current ratio of 3.53 and a quick ratio of 3.53. Adeia Inc. has a 12-month low of $9.68 and a 12-month high of $17.46. The stock has a 50 day moving average of $13.76 and a 200-day moving average of $13.14. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 20.84 and a beta of 1.47.

Adeia (NASDAQ:ADEA - Get Free Report) last announced its earnings results on Tuesday, February 18th. The company reported $0.42 earnings per share for the quarter, meeting the consensus estimate of $0.42. Adeia had a net margin of 17.19% and a return on equity of 32.81%. The firm had revenue of $119.17 million during the quarter, compared to the consensus estimate of $114.22 million. During the same quarter in the previous year, the company posted $0.27 EPS. As a group, research analysts predict that Adeia Inc. will post 1.09 EPS for the current year.

Adeia Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 10th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend was Monday, March 10th. Adeia's payout ratio is 35.09%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. BWS Financial reiterated a "buy" rating and set a $18.00 target price on shares of Adeia in a report on Tuesday. Maxim Group raised their price objective on shares of Adeia from $15.00 to $17.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $20.00 price target on shares of Adeia in a report on Friday, February 28th.

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.