Prudential Financial Inc. Trims Stock Position in Adeia Inc. (NASDAQ:ADEA)

Prudential Financial Inc. trimmed its stake in Adeia Inc. (NASDAQ:ADEA) by 6.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 609,914 shares of the company’s stock after selling 39,300 shares during the period. Prudential Financial Inc. owned 0.56% of Adeia worth $8,527,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of ADEA. Picton Mahoney Asset Management lifted its holdings in Adeia by 52.1% in the fourth 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 position 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 acquiring an additional 2,977 shares in the last quarter. Linden Thomas Advisory Services LLC purchased a new position in shares of Adeia in the 4th quarter valued at approximately $142,000. Cibc World Markets Corp bought a new stake in shares of Adeia during the fourth quarter valued at approximately $142,000. Finally, Hohimer Wealth Management LLC purchased a new stake in Adeia in the third quarter worth $190,000. Hedge funds and other institutional investors own 97.36% of the company’s stock.

Adeia Trading Down 5.2 %

NASDAQ ADEA opened at $13.25 on Friday. Adeia Inc. has a 12 month low of $9.68 and a 12 month high of $17.46. 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 stock’s fifty 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.

Adeia (NASDAQ:ADEA) last announced its quarterly earnings data on Tuesday, February 18th. The company reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. The company 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 period in the prior year, the firm posted $0.27 EPS. As a group, equities analysts forecast that Adeia Inc. will post 1.09 EPS for the current fiscal year.

Adeia Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ADEA. Maxim Group boosted their target price on shares of Adeia from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. 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. Finally, BWS Financial upped 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.

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.