Bell Bank Reduces Position in Analog Devices, Inc. (NASDAQ:ADI)

Bell Bank reduced its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 1.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,924 shares of the semiconductor company’s stock after selling 71 shares during the quarter. Bell Bank’s holdings in Analog Devices were worth $1,471,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of ADI. Capital Performance Advisors LLP bought a new stake in shares of Analog Devices during the 3rd quarter valued at $28,000. Archer Investment Corp boosted its holdings in Analog Devices by 101.4% in the 3rd quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 73 shares during the period. Financial Life Planners purchased a new position in shares of Analog Devices during the 4th quarter valued at $33,000. Kestra Investment Management LLC purchased a new stake in shares of Analog Devices in the fourth quarter worth $41,000. Finally, Peterson Financial Group Inc. bought a new stake in Analog Devices during the third quarter valued at $43,000. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling 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 shares were 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 owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. This trade represents a 31.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADI. Morgan Stanley raised their price target on Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a research report on Thursday. Wells Fargo & Company increased their price target on shares of Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday. Truist Financial lifted their price objective on shares of Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a report on Thursday. Finally, JPMorgan Chase & Co. increased their target price on Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday. Seven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $255.19.

Analog Devices Stock Performance

ADI opened at $238.91 on Friday. The firm has a 50 day moving average of $215.50 and a two-hundred day moving average of $220.24. The firm has a market capitalization of $118.52 billion, a PE ratio of 76.09, a P/E/G ratio of 2.76 and a beta of 1.04. The company has a current ratio of 1.93, a quick ratio of 1.35 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.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, beating the consensus estimate of $1.54 by $0.09. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.36 billion. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The firm’s revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.73 earnings per share. On average, analysts anticipate that Analog Devices, Inc. will post 7.11 EPS for the current year.

Analog Devices announced that its board has authorized a share 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 purchase up to 9.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be paid a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a dividend yield of 1.66%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date is Tuesday, March 4th. Analog Devices’s dividend payout ratio is presently 126.11%.

Analog Devices Company 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.