Patten & Patten Inc. TN Cuts Stock Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Patten & Patten Inc. TN lowered its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 7.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,461 shares of the semiconductor company’s stock after selling 125 shares during the quarter. Patten & Patten Inc. TN’s holdings in Analog Devices were worth $310,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of ADI. Mainstream Capital Management LLC purchased a new position in Analog Devices in the fourth quarter valued at $30,000. Hopwood Financial Services Inc. purchased a new position in Analog Devices in the fourth quarter valued at $30,000. Financial Life Planners purchased a new position in Analog Devices in the fourth quarter valued at $33,000. Kestra Investment Management LLC purchased a new position in Analog Devices in the fourth quarter valued at $41,000. Finally, Peterson Financial Group Inc. purchased a new position in Analog Devices in the third quarter valued at $43,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Trading Up 2.4 %

NASDAQ ADI opened at $208.75 on Monday. The stock has a market capitalization of $103.53 billion, a P/E ratio of 66.48, a P/E/G ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a 52-week low of $182.57 and a 52-week high of $247.10. The firm has a 50-day moving average price of $218.09 and a 200 day moving average price of $220.53. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last posted its quarterly 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. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.73 earnings per share. Equities research analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices declared that its Board of Directors has authorized a share buyback program on Tuesday, February 18th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor company to purchase up to 9.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th will be issued a $0.99 dividend. The ex-dividend date of this dividend is Tuesday, March 4th. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a yield of 1.90%. Analog Devices’s dividend payout ratio (DPR) is 126.11%.

Insider Buying and Selling at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $209.12, for a total value of $2,091,200.00. Following the completion of the transaction, the chief executive officer now directly owns 64,918 shares of the company’s stock, valued at approximately $13,575,652.16. This trade represents a 13.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.33% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ADI has been the topic of several recent analyst reports. Truist Financial increased their target price on Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a report on Thursday, February 20th. TD Cowen decreased their price objective on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. UBS Group upped their price objective on shares of Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Williams Trading set a $245.00 price objective on shares of Analog Devices in a research note on Friday, February 14th. Finally, Morgan Stanley upped their price objective on shares of Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Six analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $255.41.

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.