American International Group Inc. lifted its position in Analog Devices, Inc. (NASDAQ:ADI) by 4.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 187,796 shares of the semiconductor company’s stock after purchasing an additional 7,820 shares during the quarter. American International Group Inc. owned 0.05% of Analog Devices worth $17,364,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of ADI. CIBC Asset Management Inc grew its holdings in Analog Devices by 1.1% during the 3rd quarter. CIBC Asset Management Inc now owns 54,482 shares of the semiconductor company’s stock worth $5,037,000 after acquiring an additional 610 shares during the last quarter. Mutual of America Capital Management LLC grew its holdings in Analog Devices by 1.0% during the 2nd quarter. Mutual of America Capital Management LLC now owns 59,339 shares of the semiconductor company’s stock worth $5,692,000 after acquiring an additional 615 shares during the last quarter. Dempze Nancy E grew its holdings in Analog Devices by 2.5% during the 2nd quarter. Dempze Nancy E now owns 25,160 shares of the semiconductor company’s stock worth $2,414,000 after acquiring an additional 618 shares during the last quarter. Avestar Capital LLC grew its holdings in Analog Devices by 26.1% during the 3rd quarter. Avestar Capital LLC now owns 3,008 shares of the semiconductor company’s stock worth $262,000 after acquiring an additional 622 shares during the last quarter. Finally, McCollum Christoferson Group LLC grew its holdings in Analog Devices by 1.4% during the 3rd quarter. McCollum Christoferson Group LLC now owns 45,542 shares of the semiconductor company’s stock worth $4,211,000 after acquiring an additional 645 shares during the last quarter. 89.06% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have commented on the stock. Morgan Stanley decreased their price objective on shares of Analog Devices from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Wednesday, October 3rd. Zacks Investment Research raised shares of Analog Devices from a “hold” rating to a “buy” rating and set a $107.00 price objective on the stock in a report on Thursday, August 23rd. Raymond James increased their price objective on shares of Analog Devices from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Thursday, August 23rd. ValuEngine lowered shares of Analog Devices from a “hold” rating to a “sell” rating in a report on Monday, October 8th. Finally, B. Riley increased their price objective on shares of Analog Devices to $105.00 and gave the stock a “buy” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $101.10.
Analog Devices (NASDAQ:ADI) last issued its earnings results on Tuesday, November 20th. The semiconductor company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.03. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.57 billion. Analog Devices had a net margin of 24.12% and a return on equity of 20.88%. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.45 EPS. Analysts expect that Analog Devices, Inc. will post 5.68 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Thursday, November 29th will be given a $0.48 dividend. The ex-dividend date of this dividend is Wednesday, November 28th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.17%. Analog Devices’s dividend payout ratio is 32.32%.
Analog Devices announced that its Board of Directors has authorized a share repurchase plan on Tuesday, August 21st that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 5.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Ray Stata sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $100.30, for a total value of $2,006,000.00. Following the sale, the director now directly owns 171,936 shares in the company, valued at approximately $17,245,180.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Joseph Hassett sold 12,000 shares of the stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $100.40, for a total transaction of $1,204,800.00. Following the completion of the sale, the senior vice president now owns 26,711 shares in the company, valued at $2,681,784.40. The disclosure for this sale can be found here. Insiders sold a total of 91,450 shares of company stock worth $8,805,549 over the last quarter. 1.10% of the stock is currently owned by corporate insiders.
About Analog Devices
Analog Devices, Inc designs, manufactures, and markets a portfolio of solutions that leverage analog, mixed-signal, and digital signal processing technology, including integrated circuits (ICs), algorithms, software, and subsystems. It offers data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.
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