DnB Asset Management AS Grows Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

DnB Asset Management AS boosted its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 36.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 124,936 shares of the semiconductor company’s stock after buying an additional 33,595 shares during the quarter. DnB Asset Management AS’s holdings in Analog Devices were worth $26,544,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Mainstream Capital Management LLC bought a new position in shares of Analog Devices in the fourth quarter worth about $30,000. Hopwood Financial Services Inc. bought a new stake in Analog Devices during the 4th quarter worth approximately $30,000. Cassady Schiller Wealth Management LLC lifted its holdings in Analog Devices by 63.2% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 55 shares in the last quarter. Financial Life Planners bought a new position in shares of Analog Devices in the fourth quarter worth approximately $33,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Analog Devices in the fourth quarter worth $41,000. 86.81% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Vivek Jain sold 12,684 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the transaction, the executive vice president now directly owns 43,175 shares of the company’s stock, valued at approximately $9,066,750. This trade represents a 22.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $209.12, for a total transaction of $2,091,200.00. Following the sale, the chief executive officer now directly owns 64,918 shares of the company’s stock, valued at $13,575,652.16. This represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,684 shares of company stock valued at $7,746,500 in the last 90 days. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ADI shares. UBS Group lifted their target price 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 Analog Devices in a research note on Friday, February 14th. Truist Financial lifted their target price on Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Wells Fargo & Company upped their price target on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Six analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, Analog Devices currently has a consensus rating of “Moderate Buy” and a consensus target price of $255.41.

Analog Devices Stock Performance

Shares of NASDAQ:ADI opened at $201.56 on Friday. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 12 month low of $182.57 and a 12 month high of $247.10. The company has a market capitalization of $99.97 billion, a price-to-earnings ratio of 64.19, a PEG ratio of 2.85 and a beta of 1.07. The firm’s 50-day moving average is $216.51 and its 200 day moving average is $219.52.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.09. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the business posted $1.73 earnings per share. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. Research analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices announced that its board has authorized a stock repurchase plan on Tuesday, February 18th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analog Devices Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were issued a $0.99 dividend. The ex-dividend date of this dividend was 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 dividend yield of 1.96%. Analog Devices’s dividend payout ratio is presently 126.11%.

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.