Anchor Capital Advisors LLC Sells 9,951 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Anchor Capital Advisors LLC trimmed its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 3.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 291,671 shares of the semiconductor company’s stock after selling 9,951 shares during the period. Analog Devices makes up approximately 1.8% of Anchor Capital Advisors LLC’s investment portfolio, making the stock its 12th largest position. Anchor Capital Advisors LLC owned about 0.06% of Analog Devices worth $61,969,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ADI. Charles Schwab Investment Management Inc. boosted its stake in Analog Devices by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,708,427 shares of the semiconductor company’s stock valued at $623,399,000 after buying an additional 39,186 shares in the last quarter. Swiss National Bank lifted its holdings in shares of Analog Devices by 0.3% in the third quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock worth $339,012,000 after acquiring an additional 4,600 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its stake in shares of Analog Devices by 47.7% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock valued at $5,264,000 after purchasing an additional 7,386 shares in the last quarter. Curbstone Financial Management Corp bought a new stake in shares of Analog Devices during the 4th quarter valued at approximately $460,000. Finally, Summit Global Investments acquired a new position in Analog Devices during the 3rd quarter worth approximately $867,000. 86.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Piper Sandler cut their target price on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 27th. TD Cowen cut their price objective on Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Oppenheimer reaffirmed an “outperform” rating and issued a $270.00 target price (up previously from $245.00) on shares of Analog Devices in a report on Thursday, February 20th. Maxim Group assumed coverage on Analog Devices in a research report on Friday, February 14th. They issued a “buy” rating for the company. Finally, Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a report on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $255.41.

Analog Devices Stock Performance

Shares of Analog Devices stock opened at $223.85 on Friday. The business has a 50-day moving average price of $217.19 and a two-hundred day moving average price of $220.92. Analog Devices, Inc. has a 1-year low of $182.57 and a 1-year high of $247.10. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. The company has a market cap of $111.02 billion, a P/E ratio of 71.29, a PEG ratio of 2.85 and a beta of 1.04.

Analog Devices (NASDAQ:ADI) last released its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS 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 business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter last year, the firm posted $1.73 earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. As a group, analysts anticipate that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be given a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Tuesday, March 4th. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s payout ratio is presently 126.11%.

Analog Devices declared that its board has authorized a share repurchase program on Tuesday, February 18th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 21,983 shares in the company, valued at approximately $4,737,116.67. This represents a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.33% of the stock is 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.