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

Norges Bank purchased a new stake in Adeia Inc. (NASDAQ:ADEA) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 235,183 shares of the company’s stock, valued at approximately $3,288,000.

Several other institutional investors also recently made changes to their positions in the stock. Picton Mahoney Asset Management raised its position in shares of Adeia by 52.1% in the 4th quarter. Picton Mahoney Asset Management now owns 2,836 shares of the company’s stock worth $39,000 after buying an additional 972 shares during the period. KBC Group NV raised its holdings in shares of Adeia by 74.6% in the 4th 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 position in shares of Adeia in the 4th quarter valued at about $142,000. Cibc World Markets Corp purchased a new stake in shares of Adeia during the 4th quarter worth about $142,000. Finally, EntryPoint Capital LLC acquired a new stake in Adeia during the 4th quarter worth approximately $168,000. 97.36% of the stock is owned by hedge funds and other institutional investors.

Adeia Trading Down 5.9 %

ADEA opened at $11.81 on Friday. The firm has a market capitalization of $1.28 billion, a P/E ratio of 20.72 and a beta of 1.47. The firm’s 50 day moving average is $13.84 and its 200-day moving average is $13.14. The company has a quick ratio of 3.53, a current ratio of 3.53 and a debt-to-equity ratio of 1.15. Adeia Inc. has a 52-week low of $9.68 and a 52-week high of $17.46.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.42 EPS for the quarter, hitting analysts’ consensus estimates of $0.42. The firm had revenue of $119.17 million for 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 quarter in the previous year, the business posted $0.27 EPS. Analysts expect 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. Investors of record on Monday, March 10th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date was Monday, March 10th. Adeia’s dividend payout ratio is currently 35.09%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Maxim Group lifted their price target on shares of Adeia from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Rosenblatt Securities restated a “buy” rating and set a $20.00 target price on shares of Adeia in a report on Friday, February 28th. Finally, BWS Financial increased their price target on Adeia from $16.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, February 19th.

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.