Point72 Italy S.r.l. Increases Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Point72 Italy S.r.l. lifted its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 894.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 55,710 shares of the semiconductor company’s stock after purchasing an additional 50,107 shares during the period. Analog Devices comprises approximately 4.2% of Point72 Italy S.r.l.’s holdings, making the stock its 7th biggest position. Point72 Italy S.r.l.’s holdings in Analog Devices were worth $12,823,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft lifted its position in shares of Analog Devices by 3.9% during the second quarter. Baader Bank Aktiengesellschaft now owns 1,143 shares of the semiconductor company’s stock worth $259,000 after purchasing an additional 43 shares during the last quarter. Grove Bank & Trust lifted its holdings in Analog Devices by 3.1% in the 3rd quarter. Grove Bank & Trust now owns 1,445 shares of the semiconductor company’s stock valued at $333,000 after purchasing an additional 43 shares in the last quarter. Legacy Financial Advisors Inc. increased its stake in shares of Analog Devices by 1.4% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 3,482 shares of the semiconductor company’s stock worth $795,000 after acquiring an additional 48 shares during the last quarter. Quotient Wealth Partners LLC increased its position in shares of Analog Devices by 2.5% during the 3rd quarter. Quotient Wealth Partners LLC now owns 1,977 shares of the semiconductor company’s stock worth $455,000 after purchasing an additional 48 shares during the last quarter. Finally, Bank of Hawaii boosted its holdings in Analog Devices by 4.8% during the 3rd quarter. Bank of Hawaii now owns 1,043 shares of the semiconductor company’s stock valued at $240,000 after acquiring an additional 48 shares during the period. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analog Devices Stock Performance

Shares of Analog Devices stock opened at $221.54 on Wednesday. The firm has a fifty day moving average of $223.97 and a two-hundred day moving average of $226.15. The stock has a market capitalization of $109.95 billion, a price-to-earnings ratio of 67.34, a PEG ratio of 2.54 and a beta of 1.05. Analog Devices, Inc. has a 52 week low of $179.63 and a 52 week high of $244.14. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data 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 company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.41 billion. During the same quarter last year, the company earned $2.01 EPS. Analog Devices’s revenue for the quarter was down 10.1% compared to the same quarter last year. As a group, equities research analysts predict that Analog Devices, Inc. will post 7.15 EPS for the current year.

Analog Devices Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Monday, December 9th will be paid a dividend of $0.92 per share. The ex-dividend date is Monday, December 9th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.66%. Analog Devices’s payout ratio is presently 111.85%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ADI shares. Truist Financial dropped their target price on Analog Devices from $233.00 to $227.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. Morgan Stanley lowered their target price on Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a research note on Wednesday, November 27th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $250.00 target price on shares of Analog Devices in a report on Tuesday, October 8th. Bank of America lowered their target price on Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company began coverage on Analog Devices in a research report on Friday, November 22nd. They set an “equal weight” rating and a $220.00 price target on the stock. Seven analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $249.33.

Insider Buying and Selling at Analog Devices

In other news, EVP Gregory M. Bryant sold 30,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $224.10, for a total transaction of $6,723,000.00. Following the sale, the executive vice president now owns 109,093 shares in the company, valued at approximately $24,447,741.30. This trade represents a 21.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $228.93, for a total transaction of $2,289,300.00. Following the completion of the sale, the chief executive officer now directly owns 45,326 shares in the company, valued at approximately $10,376,481.18. This trade represents a 18.07 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,000 shares of company stock valued at $22,596,300. 0.31% of the stock is currently owned by insiders.

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.