Prudential Financial Inc. Sells 39,300 Shares of Adeia Inc. (NASDAQ:ADEA)

Prudential Financial Inc. decreased its stake in shares of Adeia Inc. (NASDAQ:ADEA) by 6.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 609,914 shares of the company’s stock after selling 39,300 shares during the period. Prudential Financial Inc.’s holdings in Adeia were worth $8,527,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Adeia by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 14,423,573 shares of the company’s stock valued at $201,642,000 after buying an additional 143,297 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Adeia during the fourth quarter valued at $347,000. Hillsdale Investment Management Inc. lifted its holdings in Adeia by 21.0% in the fourth quarter. Hillsdale Investment Management Inc. now owns 321,433 shares of the company’s stock valued at $4,494,000 after acquiring an additional 55,892 shares during the period. American Century Companies Inc. boosted its position in Adeia by 10.1% in the fourth quarter. American Century Companies Inc. now owns 230,954 shares of the company’s stock worth $3,229,000 after purchasing an additional 21,102 shares during the last quarter. Finally, Summit Global Investments bought a new stake in shares of Adeia during the 4th quarter valued at about $693,000. Hedge funds and other institutional investors own 97.36% of the company’s stock.

Adeia Stock Down 5.2 %

ADEA stock opened at $13.25 on Friday. The business’s 50-day moving average price is $14.03 and its 200-day moving average price is $13.14. The stock has a market cap of $1.42 billion, a P/E ratio of 23.25 and a beta of 1.44. 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 twelve month low of $9.68 and a twelve month high of $17.46.

Adeia (NASDAQ:ADEA) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $0.42 earnings per share for the quarter, meeting the consensus estimate of $0.42. The business had revenue of $119.17 million for the quarter, compared to the consensus estimate 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 firm earned $0.27 earnings per share. On average, equities research analysts forecast that Adeia Inc. will post 1.09 EPS for the current year.

Adeia Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be given a $0.05 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.20 annualized dividend and a dividend yield of 1.51%. Adeia’s payout ratio is 35.09%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ADEA shares. BWS Financial raised their price objective on shares of Adeia from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Rosenblatt Securities reiterated a “buy” rating and issued a $20.00 price target on shares of Adeia in a research report on Friday, February 28th. Finally, Maxim Group boosted their price objective 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.

Adeia 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.