Analog Devices (NASDAQ:ADI) Releases Earnings Results, Beats Estimates By $0.08 EPS

Analog Devices (NASDAQ:ADI – Get Rating) announced its quarterly earnings data on Wednesday. The semiconductor company reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.75 by $0.08, RTT News reports. Analog Devices had a return on equity of 15.27% and a net margin of 28.16%. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.21 billion. During the same period last year, the firm earned $2.40 earnings per share. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. Analog Devices updated its Q3 guidance to $2.42-2.62 EPS.

Analog Devices Price Performance

Shares of NASDAQ ADI traded up $1.38 during mid-day trading on Friday, hitting $173.77. 605,662 shares of the company’s stock traded hands, compared to its average volume of 3,313,199. The company’s 50-day moving average is $186.11 and its two-hundred day moving average is $176.80. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.79 and a quick ratio of 1.50. The company has a market capitalization of $87.90 billion, a P/E ratio of 24.42, a PEG ratio of 1.33 and a beta of 1.15. Analog Devices has a 1 year low of $133.48 and a 1 year high of $198.24.

Analog Devices Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 14th. Stockholders of record on Monday, June 5th will be given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, June 2nd. Analog Devices’s dividend payout ratio is 48.73%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Bank of America raised their target price on Analog Devices from $230.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, April 4th. Sanford C. Bernstein cut their target price on Analog Devices from $220.00 to $210.00 in a research note on Thursday. KeyCorp cut their target price on Analog Devices from $230.00 to $220.00 and set an “overweight” rating on the stock in a research note on Thursday. Raymond James raised their target price on Analog Devices from $200.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday, February 16th. Finally, Oppenheimer cut their target price on Analog Devices from $230.00 to $215.00 in a research note on Thursday. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Analog Devices currently has an average rating of “Moderate Buy” and a consensus target price of $208.17.

Insider Activity

In other news, Director James Champy sold 1,495 shares of the company’s stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $185.44, for a total transaction of $277,232.80. Following the sale, the director now directly owns 6,371 shares in the company, valued at approximately $1,181,438.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Prashanth Mahendra-Rajah sold 26,250 shares of the company’s stock in a transaction dated Monday, March 20th. The shares were sold at an average price of $187.01, for a total transaction of $4,909,012.50. Following the transaction, the chief financial officer now directly owns 23,871 shares in the company, valued at approximately $4,464,115.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Champy sold 1,495 shares of the company’s stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $185.44, for a total transaction of $277,232.80. Following the transaction, the director now owns 6,371 shares in the company, valued at $1,181,438.24. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Analog Devices

Hedge funds have recently added to or reduced their stakes in the company. Fortis Capital Advisors LLC bought a new position in Analog Devices in the 1st quarter worth about $31,000. Worth Asset Management LLC bought a new position in Analog Devices in the 1st quarter worth about $33,000. Quarry LP grew its stake in Analog Devices by 267.4% in the 1st quarter. Quarry LP now owns 169 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 123 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in Analog Devices in the 1st quarter worth about $39,000. Finally, Live Oak Investment Partners purchased a new stake in shares of Analog Devices in the 4th quarter worth approximately $48,000. 85.34% of the stock is currently owned by institutional investors.

About Analog Devices

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Analog Devices, Inc is a global high-performance semiconductor company, which engages in the design, development, manufacture, and marketing of integrated circuits (ICs). It produces a range of innovative products, including data converters, amplifiers and linear products, radio frequency (RF) ICs, power management products, sensors based on micro electromechanical systems (MEMS) technology and other sensors, and processing products, including DSP and other processors.