Nuveen Asset Management LLC Grows Position in Analog Devices, Inc. (NASDAQ:ADI)

Nuveen Asset Management LLC grew its stake in Analog Devices, Inc. (NASDAQ:ADI) by 9.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,221,053 shares of the semiconductor company’s stock after buying an additional 266,532 shares during the period. Nuveen Asset Management LLC owned 0.65% of Analog Devices worth $684,345,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Norges Bank purchased a new stake in Analog Devices in the fourth quarter valued at approximately $1,755,958,000. Raymond James Financial Inc. purchased a new position in shares of Analog Devices during the fourth quarter worth $833,386,000. Proficio Capital Partners LLC grew its position in Analog Devices by 22,005.0% during the 4th quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company’s stock worth $652,943,000 after purchasing an additional 3,059,349 shares during the period. Kovitz Investment Group Partners LLC grew its position in Analog Devices by 301.1% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,581,157 shares of the semiconductor company’s stock worth $335,933,000 after purchasing an additional 1,186,981 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Analog Devices by 71.0% in the 4th quarter. Deutsche Bank AG now owns 2,158,914 shares of the semiconductor company’s stock valued at $458,683,000 after buying an additional 896,694 shares during the period. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADI has been the topic of several analyst reports. Lake Street Capital started coverage on Analog Devices in a report on Friday, February 14th. They set a “buy” rating on the stock. Truist Financial lifted their price objective on shares of Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a report on Thursday, February 20th. Stifel Nicolaus cut their price target on Analog Devices from $275.00 to $225.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a report on Thursday, February 20th. Finally, Morgan Stanley set a $214.00 price target on shares of Analog Devices in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $250.20.

Insider Transactions at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total value of $2,091,200.00. Following the completion of the transaction, the chief executive officer now directly owns 64,918 shares in the company, valued at approximately $13,575,652.16. This represents a 13.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ray Stata sold 3,125 shares of Analog Devices stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $195.84, for a total value of $612,000.00. Following the completion of the sale, the director now owns 180,071 shares in the company, valued at $35,265,104.64. This represents a 1.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,934 shares of company stock worth $8,735,156 in the last quarter. Company insiders own 0.33% of the company’s stock.

Analog Devices Stock Up 1.6%

Shares of NASDAQ ADI opened at $226.68 on Wednesday. The stock has a market cap of $112.43 billion, a PE ratio of 72.19, a P/E/G ratio of 2.85 and a beta of 0.98. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 12-month low of $158.65 and a 12-month high of $247.10. The company has a 50-day moving average of $195.99 and a 200 day moving average of $210.52.

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

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were paid a $0.99 dividend. The ex-dividend date was Tuesday, March 4th. This is an increase 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 1.75%. Analog Devices’s dividend payout ratio (DPR) is 126.11%.

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

Analog Devices Profile

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.