Intech Investment Management LLC Lowers Position in Analog Devices, Inc. (NASDAQ:ADI)

Intech Investment Management LLC lowered its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 51.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,245 shares of the semiconductor company’s stock after selling 6,632 shares during the period. Intech Investment Management LLC’s holdings in Analog Devices were worth $1,327,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mainstream Capital Management LLC purchased a new stake in shares of Analog Devices in the 4th quarter valued at about $30,000. Hopwood Financial Services Inc. purchased a new stake in shares of Analog Devices in the 4th quarter valued at about $30,000. Cassady Schiller Wealth Management LLC raised its holdings in shares of Analog Devices by 63.2% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 55 shares in the last quarter. Financial Life Planners purchased a new stake in shares of Analog Devices in the 4th quarter valued at about $33,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Analog Devices in the 4th quarter valued at about $41,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Price Performance

ADI opened at $204.40 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. Analog Devices, Inc. has a 52-week low of $182.57 and a 52-week high of $247.10. The stock has a market capitalization of $101.38 billion, a PE ratio of 65.10, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. The stock’s 50 day moving average price is $217.17 and its 200-day moving average price is $219.84.

Analog Devices (NASDAQ:ADI) last posted its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.09. The firm had revenue of $2.42 billion for 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 business’s revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.73 earnings per share. On average, equities research analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices announced that its board has approved a stock buyback program on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analog Devices Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were paid a $0.99 dividend. This represents a $3.96 annualized dividend and a yield of 1.94%. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Tuesday, March 4th. Analog Devices’s dividend payout ratio is presently 126.11%.

Insider Buying and Selling

In related news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 64,918 shares of the company’s stock, valued at $13,575,652.16. This represents a 13.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the business’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $209.19, for a total value of $836,760.00. Following the completion of the sale, the chief financial officer now directly owns 49,916 shares in the company, valued at $10,441,928.04. This trade represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,000 shares of company stock valued at $5,082,860 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on ADI shares. Williams Trading set a $245.00 target price on Analog Devices in a research report on Friday, February 14th. Truist Financial boosted their target price on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Benchmark boosted their target price on Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Wells Fargo & Company boosted their target price on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Finally, Needham & Company LLC restated a “hold” rating on shares of Analog Devices 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. According to MarketBeat.com, Analog Devices presently has an average rating of “Moderate Buy” and a consensus target price of $255.41.

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.