235,183 Shares in Adeia Inc. (NASDAQ:ADEA) Bought by Norges Bank

Norges Bank purchased a new stake in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 235,183 shares of the company's stock, valued at approximately $3,288,000. Norges Bank owned approximately 0.22% of Adeia at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of ADEA. State Street Corp boosted its position in shares of Adeia by 2.1% in the 3rd quarter. State Street Corp now owns 4,346,537 shares of the company's stock worth $51,767,000 after purchasing an additional 91,288 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Adeia by 1.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,096,117 shares of the company's stock valued at $13,055,000 after acquiring an additional 18,664 shares during the last quarter. Jane Street Group LLC raised its position in shares of Adeia by 66.2% in the 3rd quarter. Jane Street Group LLC now owns 199,812 shares of the company's stock valued at $2,380,000 after acquiring an additional 79,565 shares during the period. Zacks Investment Management grew its holdings in Adeia by 51.5% during the third quarter. Zacks Investment Management now owns 17,357 shares of the company's stock valued at $207,000 after purchasing an additional 5,902 shares during the period. Finally, Orion Portfolio Solutions LLC raised its holdings in Adeia by 31.6% in the third quarter. Orion Portfolio Solutions LLC now owns 63,819 shares of the company's stock worth $760,000 after purchasing an additional 15,314 shares during the period. Institutional investors own 97.36% of the company's stock.

Adeia Stock Performance

NASDAQ ADEA traded down $0.11 during trading on Wednesday, reaching $11.99. The company's stock had a trading volume of 27,052 shares, compared to its average volume of 531,790. The firm has a 50 day moving average price of $13.80 and a 200 day moving average price of $13.15. Adeia Inc. has a 12 month low of $9.68 and a 12 month high of $17.46. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of 21.01 and a beta of 1.47.

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

Adeia Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 10th were paid a $0.05 dividend. The ex-dividend date was Monday, March 10th. This represents a $0.20 annualized dividend and a dividend yield of 1.67%. Adeia's dividend payout ratio is 35.09%.

Analyst Upgrades and Downgrades

ADEA has been the topic of several recent analyst reports. BWS Financial reiterated a "buy" rating and set a $18.00 target price on shares of Adeia in a report on Tuesday. Maxim Group upped their price objective on 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 reaffirmed a "buy" rating and set a $20.00 price target on shares of Adeia in a research 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.