Principal Financial Group Inc. Grows Position in Adeia Inc. (NASDAQ:ADEA)

Principal Financial Group Inc. lifted its holdings in shares of Adeia Inc. (NASDAQ:ADEA) by 2.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 545,317 shares of the company’s stock after purchasing an additional 12,608 shares during the quarter. Principal Financial Group Inc.’s holdings in Adeia were worth $7,209,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Ritholtz Wealth Management purchased a new position in shares of Adeia during the 1st quarter worth $175,000. GAMMA Investing LLC boosted its holdings in Adeia by 80.9% during the 1st quarter. GAMMA Investing LLC now owns 3,603 shares of the company’s stock valued at $48,000 after acquiring an additional 1,611 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Adeia by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 995,908 shares of the company’s stock valued at $13,923,000 after acquiring an additional 30,485 shares during the period. New York State Teachers Retirement System boosted its holdings in Adeia by 9.6% during the 1st quarter. New York State Teachers Retirement System now owns 148,732 shares of the company’s stock valued at $1,966,000 after acquiring an additional 13,078 shares during the period. Finally, Natixis Advisors LLC purchased a new position in Adeia during the 4th quarter valued at about $302,000. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

Adeia Stock Performance

Shares of ADEA opened at $14.17 on Wednesday. The stock has a 50-day simple moving average of $13.67 and a 200-day simple moving average of $13.48. The company has a debt-to-equity ratio of 1.13, a quick ratio of 2.94 and a current ratio of 2.94. The stock has a market capitalization of $1.54 billion, a PE ratio of 21.47 and a beta of 1.59. Adeia Inc. has a 1 year low of $9.68 and a 1 year high of $17.46.

Adeia Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Tuesday, May 27th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.41%. The ex-dividend date was Tuesday, May 27th. Adeia’s dividend payout ratio (DPR) is presently 30.30%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ADEA shares. Roth Capital started coverage on Adeia in a report on Friday, June 20th. They set a “buy” rating and a $26.00 target price for the company. BWS Financial reiterated a “buy” rating and issued a $18.00 price objective on shares of Adeia in a research note on Wednesday, July 9th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $17.00 price objective on shares of Adeia in a research note on Tuesday, May 6th.

About Adeia

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.