New York State Common Retirement Fund Trims Stock Holdings in Analog Devices, Inc. (NASDAQ:ADI)

New York State Common Retirement Fund lessened its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 0.6% during the 4th quarter, Holdings Channel reports. The firm owned 748,558 shares of the semiconductor company’s stock after selling 4,307 shares during the quarter. New York State Common Retirement Fund’s holdings in Analog Devices were worth $159,039,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new stake in shares of Analog Devices during the third quarter worth about $28,000. Archer Investment Corp raised its position in Analog Devices by 101.4% during the 3rd quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock worth $33,000 after buying an additional 73 shares during the last quarter. Financial Life Planners acquired a new stake in Analog Devices during the 4th quarter valued at approximately $33,000. Peterson Financial Group Inc. purchased a new stake in shares of Analog Devices in the 3rd quarter valued at $43,000. Finally, Kestra Investment Management LLC acquired a new stake in shares of Analog Devices in the fourth quarter worth $41,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Insider Activity at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at $4,737,116.67. This represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ADI. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research report on Wednesday, November 27th. Morgan Stanley decreased their price objective on Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a report on Wednesday, November 27th. Piper Sandler lowered their target price on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Barclays reduced their price target on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Finally, Wells Fargo & Company initiated coverage on Analog Devices in a research report on Friday, November 22nd. They issued an “equal weight” rating and a $220.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $248.52.

Analog Devices Stock Performance

Shares of Analog Devices stock opened at $220.22 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84. The business’s 50 day moving average price is $214.04 and its 200 day moving average price is $219.65. The company has a market cap of $109.25 billion, a price-to-earnings ratio of 66.94, a PEG ratio of 2.38 and a beta of 1.04. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $244.14.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.03. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.41 billion. During the same quarter in the prior year, the company posted $2.01 EPS. The business’s revenue for the quarter was down 10.1% on a year-over-year basis. On average, research analysts predict that Analog Devices, Inc. will post 7.09 EPS for the current year.

Analog Devices declared that its board has initiated a stock buyback program on Tuesday, February 18th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be given a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.80%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio (DPR) is presently 111.85%.

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.