Intech Investment Management LLC Sells 6,632 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Intech Investment Management LLC trimmed its stake in Analog Devices, Inc. (NASDAQ:ADI) by 51.5% during the 4th quarter, HoldingsChannel reports. The fund owned 6,245 shares of the semiconductor company’s stock after selling 6,632 shares during the quarter. Intech Investment Management LLC’s holdings in Analog Devices were worth $1,327,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of Analog Devices during the fourth quarter valued at $833,386,000. Proficio Capital Partners LLC lifted its holdings in shares of Analog Devices by 22,005.0% during the fourth quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company’s stock valued at $652,943,000 after purchasing an additional 3,059,349 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Analog Devices by 14.9% during the third quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock valued at $2,169,689,000 after purchasing an additional 1,189,940 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Analog Devices by 807.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 959,686 shares of the semiconductor company’s stock valued at $220,891,000 after purchasing an additional 853,931 shares in the last quarter. Finally, Holocene Advisors LP lifted its holdings in shares of Analog Devices by 336.4% during the third quarter. Holocene Advisors LP now owns 1,068,572 shares of the semiconductor company’s stock valued at $245,953,000 after purchasing an additional 823,709 shares in the last quarter. 86.81% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADI. Benchmark upped their price target on Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a report on Thursday, February 20th. UBS Group increased their target price on Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Wells Fargo & Company increased their target price on Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. Finally, Barclays lowered their target price on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Six research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $255.41.

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. This represents a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total value of $836,760.00. Following the transaction, the chief financial officer now directly owns 49,916 shares of the company’s stock, valued at approximately $10,441,928.04. The trade was a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,000 shares of company stock valued at $5,082,860. Insiders own 0.33% of the company’s stock.

Analog Devices Stock Performance

NASDAQ:ADI opened at $204.40 on Friday. 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 $182.57 and a 12-month high of $247.10. The stock has a 50-day moving average price of $217.17 and a 200 day moving average price of $219.84. The stock has a market capitalization of $101.38 billion, a P/E ratio of 65.10, a P/E/G ratio of 2.85 and a beta of 1.07.

Analog Devices (NASDAQ:ADI) last released its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) 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 firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter last year, the business posted $1.73 earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. Equities research analysts forecast that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

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 dividend of $0.99 per share. The ex-dividend date was Tuesday, March 4th. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a yield of 1.94%. Analog Devices’s dividend payout ratio is presently 126.11%.

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

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.