Principal Financial Group Inc. Decreases Stake in Adeia Inc. (NASDAQ:ADEA)

Principal Financial Group Inc. trimmed its position in shares of Adeia Inc. (NASDAQ:ADEA) by 11.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 515,579 shares of the company’s stock after selling 66,410 shares during the period. Principal Financial Group Inc. owned about 0.47% of Adeia worth $6,141,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Franklin Resources Inc. raised its position in shares of Adeia by 21.9% during the 3rd quarter. Franklin Resources Inc. now owns 99,760 shares of the company’s stock worth $1,185,000 after acquiring an additional 17,905 shares in the last quarter. Hohimer Wealth Management LLC purchased a new stake in shares of Adeia during the 3rd quarter worth approximately $190,000. Geode Capital Management LLC lifted its position in Adeia by 3.1% in the third quarter. Geode Capital Management LLC now owns 2,616,073 shares of the company’s stock valued at $31,163,000 after acquiring an additional 78,135 shares during the last quarter. Barclays PLC boosted its stake in Adeia by 51.9% in the third quarter. Barclays PLC now owns 228,967 shares of the company’s stock valued at $2,728,000 after acquiring an additional 78,276 shares in the last quarter. Finally, Orion Portfolio Solutions LLC grew its holdings in shares of Adeia by 31.6% during 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 last quarter. Institutional investors and hedge funds own 97.36% of the company’s stock.

Adeia Price Performance

Shares of ADEA opened at $13.98 on Thursday. The firm has a 50-day simple moving average of $12.92 and a 200-day simple moving average of $12.06. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.42 and a current ratio of 3.42. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 38.83 and a beta of 1.42. Adeia Inc. has a fifty-two week low of $9.68 and a fifty-two week high of $14.75.

Adeia Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, November 27th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend was Wednesday, November 27th. Adeia’s payout ratio is currently 55.56%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADEA. Rosenblatt Securities upped their target price on Adeia from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. BWS Financial restated a “buy” rating and set a $16.00 target price on shares of Adeia in a research report on Wednesday, December 4th.

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.