Canada Pension Plan Investment Board Trims Holdings in Analog Devices, Inc. $ADI

Canada Pension Plan Investment Board reduced its stake in Analog Devices, Inc. (NASDAQ:ADI) by 8.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,095,326 shares of the semiconductor company’s stock after selling 100,898 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Analog Devices were worth $260,709,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in ADI. Solstein Capital LLC increased its holdings in shares of Analog Devices by 2.0% in the 2nd quarter. Solstein Capital LLC now owns 2,307 shares of the semiconductor company’s stock valued at $549,000 after acquiring an additional 46 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Analog Devices by 7.7% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,001,839 shares of the semiconductor company’s stock valued at $238,458,000 after purchasing an additional 71,735 shares during the last quarter. West Family Investments Inc. acquired a new stake in Analog Devices during the second quarter worth approximately $376,000. Nisa Investment Advisors LLC lifted its position in shares of Analog Devices by 13.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 203,286 shares of the semiconductor company’s stock worth $48,386,000 after buying an additional 24,425 shares during the last quarter. Finally, Bank of Montreal Can boosted its holdings in shares of Analog Devices by 88.2% in the 2nd quarter. Bank of Montreal Can now owns 1,040,536 shares of the semiconductor company’s stock valued at $247,668,000 after buying an additional 487,535 shares in the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

Wall Street Analysts Forecast Growth

ADI has been the subject of several research analyst reports. Evercore ISI decreased their price objective on shares of Analog Devices from $303.00 to $282.00 and set an “outperform” rating for the company in a research note on Tuesday, November 25th. Bank of America upped their target price on Analog Devices from $275.00 to $290.00 and gave the company a “buy” rating in a research report on Wednesday, November 26th. JPMorgan Chase & Co. raised their price target on Analog Devices from $310.00 to $320.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 26th. Piper Sandler set a $290.00 price objective on Analog Devices in a research note on Tuesday, November 25th. Finally, Wells Fargo & Company raised their target price on shares of Analog Devices from $250.00 to $265.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 25th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $283.61.

Analog Devices Stock Up 0.6%

Analog Devices stock opened at $283.39 on Friday. The stock has a 50 day moving average of $245.39 and a two-hundred day moving average of $239.65. Analog Devices, Inc. has a twelve month low of $158.65 and a twelve month high of $283.81. The stock has a market capitalization of $138.76 billion, a price-to-earnings ratio of 62.15, a PEG ratio of 1.56 and a beta of 1.04. The company has a current ratio of 2.19, a quick ratio of 1.68 and a debt-to-equity ratio of 0.24.

Analog Devices (NASDAQ:ADI) last released its earnings results on Tuesday, November 25th. The semiconductor company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.22 by $0.04. Analog Devices had a return on equity of 11.23% and a net margin of 20.58%.The business had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same quarter in the previous year, the company posted $1.67 earnings per share. The company’s revenue for the quarter was up 25.9% compared to the same quarter last year. As a group, research analysts expect that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Monday, December 8th will be paid a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Monday, December 8th. Analog Devices’s payout ratio is 86.84%.

Insider Activity

In other Analog Devices news, Director Edward H. Frank sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $242.74, for a total transaction of $242,740.00. Following the transaction, the director owned 5,118 shares in the company, valued at approximately $1,242,343.32. The trade was a 16.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 163,640 shares of the company’s stock, valued at approximately $38,447,218. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 35,419 shares of company stock valued at $8,791,598. Company insiders own 0.33% of the company’s stock.

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.