Adeia Inc. (NASDAQ:ADEA) Short Interest Down 6.5% in September

Adeia Inc. (NASDAQ:ADEA) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 3,470,000 shares, a decrease of 6.5% from the August 31st total of 3,710,000 shares. Based on an average daily volume of 467,500 shares, the short-interest ratio is currently 7.4 days. Currently, 3.4% of the company’s stock are sold short.

Institutional Investors Weigh In On Adeia

A number of institutional investors and hedge funds have recently modified their holdings of ADEA. Norges Bank purchased a new position in Adeia during the 4th quarter worth approximately $9,198,000. Wellington Management Group LLP lifted its position in Adeia by 16.1% during the fourth quarter. Wellington Management Group LLP now owns 576,745 shares of the company’s stock valued at $7,146,000 after purchasing an additional 80,146 shares during the period. LSV Asset Management boosted its holdings in Adeia by 59.8% in the first quarter. LSV Asset Management now owns 3,365,058 shares of the company’s stock valued at $36,746,000 after purchasing an additional 1,259,857 shares during the last quarter. Boston Partners grew its position in Adeia by 16.5% during the 1st quarter. Boston Partners now owns 2,296,116 shares of the company’s stock worth $24,761,000 after purchasing an additional 325,342 shares during the period. Finally, Select Equity Group L.P. raised its stake in shares of Adeia by 12.6% during the 2nd quarter. Select Equity Group L.P. now owns 653,425 shares of the company’s stock valued at $7,309,000 after buying an additional 73,204 shares during the last quarter. Institutional investors and hedge funds own 97.36% of the company’s stock.

Adeia Trading Down 0.3 %

Shares of Adeia stock opened at $11.93 on Monday. Adeia has a 12-month low of $8.11 and a 12-month high of $13.39. The firm’s 50 day simple moving average is $11.68 and its two-hundred day simple moving average is $11.23. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 1.42. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 35.09 and a beta of 1.46.

Adeia (NASDAQ:ADEA) last released its earnings results on Tuesday, August 6th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.03. Adeia had a return on equity of 33.28% and a net margin of 12.87%. The firm had revenue of $87.35 million for the quarter, compared to the consensus estimate of $83.74 million. Analysts predict that Adeia will post 1.18 EPS for the current year.

Adeia Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, August 27th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.68%. The ex-dividend date was Tuesday, August 27th. Adeia’s payout ratio is 58.82%.

Wall Street Analyst Weigh In

ADEA has been the subject of a number of recent analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $15.00 price objective on shares of Adeia in a research report on Thursday, June 20th. BWS Financial reissued a “buy” rating and issued a $16.00 price target on shares of Adeia in a report on Thursday.

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.