Norges Bank Makes New $1.80 Billion Investment in Analog Devices, Inc. $ADI

Norges Bank acquired a new position in shares of Analog Devices, Inc. (NASDAQ:ADI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 7,576,579 shares of the semiconductor company’s stock, valued at approximately $1,803,377,000. Norges Bank owned about 1.53% of Analog Devices at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Groupama Asset Managment bought a new stake in Analog Devices during the second quarter worth $2,013,000. State Board of Administration of Florida Retirement System increased its position in shares of Analog Devices by 0.6% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 475,568 shares of the semiconductor company’s stock valued at $113,195,000 after purchasing an additional 3,028 shares during the last quarter. Johnson Financial Group Inc. grew its position in Analog Devices by 16.0% during the second quarter. Johnson Financial Group Inc. now owns 907 shares of the semiconductor company’s stock valued at $216,000 after buying an additional 125 shares during the period. Korea Investment CORP boosted its stake in Analog Devices by 6.4% in the second quarter. Korea Investment CORP now owns 369,969 shares of the semiconductor company’s stock valued at $88,060,000 after acquiring an additional 22,282 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its position in shares of Analog Devices by 17.3% during the 2nd quarter. Quadrant Capital Group LLC now owns 12,367 shares of the semiconductor company’s stock valued at $2,944,000 after acquiring an additional 1,823 shares during the period. Institutional investors own 86.81% of the company’s stock.

Insider Buying and Selling

In related news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $234.95, for a total value of $2,349,500.00. Following the completion of the sale, the chief executive officer directly owned 163,640 shares in the company, valued at approximately $38,447,218. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ray Stata sold 3,125 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $230.21, for a total transaction of $719,406.25. Following the completion of the sale, the director owned 142,571 shares in the company, valued at $32,821,269.91. This represents a 2.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 39,750 shares of company stock worth $9,598,496 in the last 90 days. 0.33% of the stock is owned by company insiders.

Analog Devices Stock Up 2.3%

NASDAQ ADI opened at $257.92 on Friday. Analog Devices, Inc. has a 1 year low of $158.65 and a 1 year high of $260.74. The stock has a market capitalization of $126.89 billion, a PE ratio of 65.80, a PEG ratio of 1.98 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.32 and a quick ratio of 1.79. The business’s 50-day moving average is $239.24 and its 200 day moving average is $235.92.

Analog Devices (NASDAQ:ADI) last announced its earnings results on Tuesday, November 25th. The semiconductor company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.22 by $0.04. Analog Devices had a return on equity of 10.32% and a net margin of 18.85%.The company had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter in the prior year, the company earned $1.67 earnings per share. The firm’s revenue for the quarter was up 25.9% on a year-over-year basis. Sell-side analysts forecast that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Monday, December 8th will be issued a dividend of $0.99 per share. The ex-dividend date is Monday, December 8th. This represents a $3.96 annualized dividend and a dividend yield of 1.5%. Analog Devices’s dividend payout ratio (DPR) is presently 86.84%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. BNP Paribas Exane began coverage on Analog Devices in a research note on Tuesday, November 4th. They issued an “outperform” rating and a $300.00 price objective on the stock. Stifel Nicolaus set a $280.00 price objective on shares of Analog Devices in a report on Friday, November 21st. Piper Sandler set a $290.00 price objective on Analog Devices in a research note on Tuesday. Cantor Fitzgerald upped their target price on shares of Analog Devices from $270.00 to $300.00 and gave the stock an “overweight” rating in a report on Tuesday, September 30th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Analog Devices in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $281.87.

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.