Kentucky Retirement Systems Sells 470 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Kentucky Retirement Systems cut its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 1.4% during the 4th quarter, HoldingsChannel reports. The fund owned 34,099 shares of the semiconductor company’s stock after selling 470 shares during the quarter. Kentucky Retirement Systems’ holdings in Analog Devices were worth $7,245,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Bank of Hawaii raised its holdings in Analog Devices by 4.8% in the 3rd quarter. Bank of Hawaii now owns 1,043 shares of the semiconductor company’s stock valued at $240,000 after acquiring an additional 48 shares in the last quarter. MONECO Advisors LLC increased its position in shares of Analog Devices by 2.8% in the third quarter. MONECO Advisors LLC now owns 1,819 shares of the semiconductor company’s stock worth $419,000 after purchasing an additional 50 shares during the period. DT Investment Partners LLC raised its stake in Analog Devices by 0.7% in the third quarter. DT Investment Partners LLC now owns 6,893 shares of the semiconductor company’s stock valued at $1,587,000 after purchasing an additional 51 shares in the last quarter. Amarillo National Bank lifted its position in Analog Devices by 3.6% during the third quarter. Amarillo National Bank now owns 1,565 shares of the semiconductor company’s stock worth $360,000 after purchasing an additional 54 shares during the period. Finally, NTV Asset Management LLC grew its stake in Analog Devices by 2.7% during the fourth quarter. NTV Asset Management LLC now owns 2,063 shares of the semiconductor company’s stock worth $438,000 after buying an additional 54 shares in the last quarter. 86.81% of the stock is owned by institutional investors.

Analog Devices Trading Up 0.9 %

ADI opened at $243.82 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35. Analog Devices, Inc. has a fifty-two week low of $182.57 and a fifty-two week high of $247.10. The company’s 50 day moving average price is $215.06 and its two-hundred day moving average price is $219.97. The firm has a market capitalization of $120.96 billion, a price-to-earnings ratio of 74.11, a PEG ratio of 2.53 and a beta of 1.04.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.36 billion. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. Analog Devices’s revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.73 earnings per share. As a group, research analysts predict that Analog Devices, Inc. will post 7.09 earnings per share for the current year.

Analog Devices announced that its Board of Directors has approved a share buyback plan on Tuesday, February 18th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 9.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Analog Devices Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be paid a $0.99 dividend. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $3.96 annualized dividend and a dividend yield of 1.62%. Analog Devices’s dividend payout ratio is presently 111.85%.

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total value of $2,154,900.00. Following the sale, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. This represents a 31.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday. UBS Group lifted their price objective on shares of Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday. Truist Financial upped their target price on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price target on Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, TD Cowen lowered their price target on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $255.19.

About Analog Devices

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. The company provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.