Retirement Systems of Alabama cut its stake in Analog Devices Inc. (NASDAQ:ADI) by 1.6% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 156,690 shares of the company’s stock after selling 2,472 shares during the period. Retirement Systems of Alabama’s holdings in Analog Devices were worth $8,875,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of ADI. NN Investment Partners Holdings N.V. acquired a new stake in shares of Analog Devices during the first quarter valued at $105,000. Meeder Asset Management Inc. acquired a new stake in shares of Analog Devices during the first quarter valued at $112,000. Peapack Gladstone Financial Corp acquired a new stake in shares of Analog Devices during the first quarter valued at $214,000. Virginia Retirement System acquired a new stake in shares of Analog Devices during the first quarter valued at $300,000. Finally, Creative Planning boosted its stake in shares of Analog Devices by 31.6% in the second quarter. Creative Planning now owns 6,953 shares of the company’s stock valued at $394,000 after buying an additional 1,668 shares during the period. Institutional investors and hedge funds own 85.71% of the company’s stock.
Analog Devices Inc. (NASDAQ:ADI) traded down 0.49% during trading on Friday, reaching $64.42. 1,852,115 shares of the company traded hands. Analog Devices Inc. has a 52 week low of $47.24 and a 52 week high of $66.91. The firm has a market capitalization of $19.81 billion, a price-to-earnings ratio of 30.43 and a beta of 1.25. The company’s 50-day moving average price is $62.92 and its 200 day moving average price is $59.77.
Analog Devices (NASDAQ:ADI) last issued its earnings results on Wednesday, August 17th. The company reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.07. The business earned $870 million during the quarter, compared to analyst estimates of $847.43 million. Analog Devices had a return on equity of 19.40% and a net margin of 19.49%. Analog Devices’s revenue was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.77 EPS. On average, equities research analysts expect that Analog Devices Inc. will post $2.92 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 7th. Shareholders of record on Friday, August 26th were paid a dividend of $0.42 per share. The ex-dividend date was Wednesday, August 24th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.61%. Analog Devices’s dividend payout ratio is currently 79.62%.
Several brokerages have weighed in on ADI. Zacks Investment Research upgraded shares of Analog Devices from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research note on Wednesday. B. Riley restated a “buy” rating and issued a $73.00 target price on shares of Analog Devices in a research report on Wednesday, July 27th. MKM Partners boosted their target price on shares of Analog Devices from $56.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Wells Fargo & Co. restated a “buy” rating on shares of Analog Devices in a research report on Thursday, August 18th. Finally, Oppenheimer Holdings Inc. upgraded shares of Analog Devices from a “market perform” rating to an “outperform” rating and set a $80.00 target price for the company in a research report on Wednesday, July 27th. Eleven equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $70.64.
In related news, Director Ray Stata sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $64.06, for a total transaction of $3,203,000.00. Following the completion of the transaction, the director now directly owns 257,631 shares in the company, valued at approximately $16,503,841.86. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Rick D. Hess sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $60.03, for a total value of $360,180.00. Following the transaction, the senior vice president now owns 36,495 shares of the company’s stock, valued at $2,190,794.85. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.
Analog Devices Company Profile
Analog Devices, Inc is engaged in designing, manufacturing and marketing analog, mixed-signal and digital signal processing (DSP) technology, including integrated circuits (ICs), algorithms, software and subsystems. The Company’s operating segments include United States, Rest of North/South America, Europe, Japan, China and Rest of Asia.
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