Norges Bank Makes New $3.29 Million Investment in Adeia Inc. (NASDAQ:ADEA)

Norges Bank acquired a new position in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 235,183 shares of the company's stock, valued at approximately $3,288,000. Norges Bank owned about 0.22% of Adeia at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in ADEA. State Street Corp grew its position in shares of Adeia by 2.1% during the 3rd quarter. State Street Corp now owns 4,346,537 shares of the company's stock worth $51,767,000 after buying an additional 91,288 shares during the period. Wellington Management Group LLP grew its holdings in Adeia by 1.7% during the 3rd quarter. Wellington Management Group LLP now owns 1,096,117 shares of the company's stock worth $13,055,000 after acquiring an additional 18,664 shares during the period. Jane Street Group LLC raised its position in shares of Adeia by 66.2% during 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 last quarter. Zacks Investment Management lifted its stake in shares of Adeia by 51.5% in the 3rd 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 boosted its position in shares of Adeia by 31.6% in the 3rd 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. 97.36% of the stock is currently owned by institutional investors and hedge funds.

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Adeia Stock Up 1.5 %

Shares of NASDAQ:ADEA traded up $0.18 during trading on Tuesday, hitting $12.03. 261,052 shares of the company's stock traded hands, compared to its average volume of 531,682. 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 company has a 50-day moving average price of $13.81 and a 200-day moving average price of $13.15. Adeia Inc. has a 52 week low of $9.68 and a 52 week high of $17.46. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 21.11 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, hitting analysts' consensus estimates of $0.42. The firm had revenue of $119.17 million during the quarter, compared to analyst estimates of $114.22 million. Adeia had a net margin of 17.19% and a return on equity of 32.81%. During the same period in the prior year, the business earned $0.27 EPS. As a group, research analysts forecast that Adeia Inc. will post 1.09 EPS for the current fiscal year.

Adeia Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $0.20 annualized dividend and a dividend yield of 1.66%. Adeia's dividend payout ratio is currently 35.09%.

Wall Street Analyst Weigh In

ADEA has been the topic of a number of recent analyst reports. BWS Financial restated a "buy" rating and set a $18.00 target price on shares of Adeia in a report on Tuesday. Maxim Group upped their target price on shares of Adeia from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. Finally, Rosenblatt Securities reissued 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.