Analog Devices, Inc. (NASDAQ:ADI) Shares Sold by SP Asset Management LLC

SP Asset Management LLC cut its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 0.9% during the fourth quarter, Holdings Channel reports. The firm owned 75,686 shares of the semiconductor company’s stock after selling 673 shares during the quarter. Analog Devices makes up approximately 1.3% of SP Asset Management LLC’s portfolio, making the stock its 19th largest holding. SP Asset Management LLC’s holdings in Analog Devices were worth $16,080,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ADI. Capital Performance Advisors LLP acquired a new stake in shares of Analog Devices during the third quarter worth $28,000. Mainstream Capital Management LLC acquired a new stake in shares of Analog Devices during the fourth quarter worth $30,000. Archer Investment Corp raised its position in Analog Devices by 101.4% during the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 73 shares during the period. Financial Life Planners acquired a new position in Analog Devices during the fourth quarter valued at $33,000. Finally, Kestra Investment Management LLC acquired a new position in Analog Devices during the fourth quarter valued at $41,000. 86.81% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total value of $2,154,900.00. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.33% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ADI shares. Morgan Stanley upped their price target on Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research report on Thursday, February 20th. TD Cowen dropped their price target on Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Maxim Group started coverage on Analog Devices in a research report on Friday, February 14th. They set a “buy” rating on the stock. Finally, Wells Fargo & Company upped their price target on Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Analog Devices currently has a consensus rating of “Moderate Buy” and an average price target of $255.41.

Analog Devices Stock Performance

ADI opened at $229.47 on Thursday. The stock has a 50-day moving average of $218.21 and a 200-day moving average of $221.22. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. The company has a market cap of $113.81 billion, a PE ratio of 73.08, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a 52-week low of $182.57 and a 52-week high of $247.10.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, beating the consensus estimate of $1.54 by $0.09. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.73 EPS. As a group, equities research analysts forecast that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices declared that its Board of Directors has initiated a share buyback program on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor company to purchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be issued a $0.99 dividend. The ex-dividend date of this dividend is Tuesday, March 4th. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.73%. Analog Devices’s dividend payout ratio is presently 126.11%.

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.