Hartford Investment Management Co. Reduces Stock Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Hartford Investment Management Co. lowered its stake in Analog Devices, Inc. (NASDAQ:ADI) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,603 shares of the semiconductor company’s stock after selling 592 shares during the period. Hartford Investment Management Co.’s holdings in Analog Devices were worth $6,502,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ADI. State Street Corp lifted its stake in shares of Analog Devices by 0.5% in the 3rd quarter. State Street Corp now owns 22,571,586 shares of the semiconductor company’s stock valued at $5,195,302,000 after purchasing an additional 106,664 shares during the period. Geode Capital Management LLC raised its holdings in Analog Devices by 1.3% in the third quarter. Geode Capital Management LLC now owns 10,364,446 shares of the semiconductor company’s stock worth $2,377,094,000 after purchasing an additional 135,838 shares in the last quarter. Franklin Resources Inc. raised its holdings in Analog Devices by 14.9% in the third quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock worth $2,169,689,000 after purchasing an additional 1,189,940 shares in the last quarter. FMR LLC lifted its position in Analog Devices by 9.9% during the third quarter. FMR LLC now owns 7,388,628 shares of the semiconductor company’s stock valued at $1,700,640,000 after buying an additional 665,149 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in shares of Analog Devices by 17.3% during the 3rd quarter. Van ECK Associates Corp now owns 4,754,759 shares of the semiconductor company’s stock valued at $1,078,617,000 after buying an additional 700,862 shares in the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on ADI. Morgan Stanley decreased their price target on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a research note on Wednesday, November 27th. Truist Financial raised their target price on shares of Analog Devices from $216.00 to $230.00 and gave the company a “hold” rating in a research note on Friday, January 10th. Wells Fargo & Company started coverage on shares of Analog Devices in a report on Friday, November 22nd. They set an “equal weight” rating and a $220.00 target price for the company. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research note on Wednesday, November 27th. Finally, TD Cowen reduced their price objective on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $248.70.

Analog Devices Stock Down 0.7 %

Shares of Analog Devices stock opened at $203.46 on Wednesday. Analog Devices, Inc. has a twelve month low of $182.57 and a twelve month high of $244.14. The company has a quick ratio of 1.35, a current ratio of 1.84 and a debt-to-equity ratio of 0.19. The company’s 50 day moving average is $214.84 and its 200 day moving average is $220.14. The company has a market cap of $100.94 billion, a price-to-earnings ratio of 61.84, a price-to-earnings-growth ratio of 2.38 and a beta of 1.04.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.03. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same period in the prior year, the firm earned $2.01 EPS. The company’s revenue was down 10.1% compared to the same quarter last year. Research analysts anticipate that Analog Devices, Inc. will post 7.09 EPS for the current year.

Analog Devices Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Monday, December 9th were paid a dividend of $0.92 per share. The ex-dividend date of this dividend was Monday, December 9th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.81%. Analog Devices’s dividend payout ratio is currently 111.85%.

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 21,983 shares of the company’s stock, valued at $4,737,116.67. The trade was a 31.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.33% of the company’s stock.

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.