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

Principal Financial Group Inc. lowered its stake in shares of Adeia Inc. (NASDAQ:ADEA) by 11.4% during the third quarter, Holdings Channel reports. The institutional investor owned 515,579 shares of the company’s stock after selling 66,410 shares during the period. Principal Financial Group Inc.’s holdings in Adeia were worth $6,141,000 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. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Adeia in the third quarter valued at $8,412,000. LSV Asset Management raised its position in Adeia by 11.6% during the second quarter. LSV Asset Management now owns 3,755,894 shares of the company’s stock worth $42,010,000 after acquiring an additional 390,836 shares during the last quarter. Systematic Financial Management LP lifted its holdings in shares of Adeia by 17.0% in the third quarter. Systematic Financial Management LP now owns 2,160,201 shares of the company’s stock valued at $25,728,000 after purchasing an additional 313,741 shares in the last quarter. Harvey Partners LLC grew its position in shares of Adeia by 5.8% in the third quarter. Harvey Partners LLC now owns 3,052,000 shares of the company’s stock valued at $36,349,000 after purchasing an additional 168,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Adeia by 6.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,748,258 shares of the company’s stock worth $30,737,000 after purchasing an additional 159,254 shares in the last quarter. 97.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADEA has been the topic of a number of recent research reports. Rosenblatt Securities upped their target price on Adeia from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. BWS Financial reissued a “buy” rating and issued a $16.00 price target on shares of Adeia in a report on Wednesday, December 4th.

Adeia Stock Performance

Shares of NASDAQ ADEA opened at $13.98 on Thursday. The company has a 50-day simple moving average of $12.92 and a 200-day simple moving average of $12.06. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.42 and a quick ratio of 3.42. The company has a market cap of $1.53 billion, a PE ratio of 38.83 and a beta of 1.42. Adeia Inc. has a 12 month low of $9.68 and a 12 month high of $14.75.

Adeia Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, November 27th were paid a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $0.20 annualized dividend and a yield of 1.43%. Adeia’s payout ratio is currently 55.56%.

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.