Zacks Investment Research upgraded shares of Analog Devices, Inc. (NASDAQ:ADI) from a hold rating to a buy rating in a report published on Wednesday. Zacks Investment Research currently has $87.00 target price on the stock.
According to Zacks, “Analog Devices is a leading supplier of analog and DSP integrated circuits. Its fiscal fourth quarter earnings were above the Zacks Consensus Estimate. Over the last one year, the stock has underperformed the Zacks characterised Semi-Analog and Mixed Industry. Management sounded upbeat on the company’s progress toward closure of the Linear Technology acquisition. It is expected to make Analog Devices an industry leader across a huge range of products, customer breadth and scale. Though we remain concerned about weakness in the consumer market, ADI is solidly positioned in growth markets like industrial, auto and communication. Also its products continue to see very strong deployment in the emerging automotive market.”
ADI has been the subject of several other reports. B. Riley restated a buy rating and issued a $87.00 target price on shares of Analog Devices in a research note on Wednesday, November 23rd. Bank of America Corporation upgraded shares of Analog Devices from a neutral rating to a buy rating and increased their price objective for the company from $72.89 to $85.00 in a research note on Wednesday, November 23rd. began coverage on shares of Analog Devices in a research note on Wednesday, October 19th. They set an outperform rating and a $72.00 price objective on the stock. RBC Capital Markets reiterated an outperform rating and set a $75.00 price objective on shares of Analog Devices in a research note on Friday, November 25th. Finally, BMO Capital Markets reiterated a buy rating and set a $85.00 price objective on shares of Analog Devices in a research note on Monday, November 21st. Six investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $77.85.
Analog Devices (NASDAQ:ADI) traded up 3.64% on Wednesday, reaching $80.67. 3,429,403 shares of the company’s stock were exchanged. The firm has a market capitalization of $24.86 billion, a price-to-earnings ratio of 29.23 and a beta of 1.19. The stock’s 50 day moving average price is $74.19 and its 200 day moving average price is $67.78. Analog Devices has a 1-year low of $50.10 and a 1-year high of $81.50.
Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, February 15th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.20. Analog Devices had a net margin of 25.18% and a return on equity of 19.31%. The company earned $984 million during the quarter, compared to analyst estimates of $871.58 million. During the same quarter in the prior year, the business earned $0.56 earnings per share. The business’s quarterly revenue was up 27.9% compared to the same quarter last year. On average, analysts expect that Analog Devices will post $3.39 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 7th. Investors of record on Friday, February 24th will be issued a dividend of $0.45 per share. This is a boost from Analog Devices’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a dividend yield of 2.31%. Analog Devices’s dividend payout ratio (DPR) is currently 60.87%.
In related news, Director John C. Hodgson sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 28th. The shares were sold at an average price of $73.95, for a total transaction of $369,750.00. Following the transaction, the director now owns 15,985 shares of the company’s stock, valued at $1,182,090.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Rick D. Hess sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 1st. The shares were sold at an average price of $73.56, for a total transaction of $441,360.00. Following the transaction, the insider now directly owns 35,085 shares in the company, valued at approximately $2,580,852.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 72,900 shares of company stock valued at $5,370,974. 1.10% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of ADI. Evercore Wealth Management LLC raised its position in Analog Devices by 7.5% in the second quarter. Evercore Wealth Management LLC now owns 1,773 shares of the company’s stock worth $100,000 after buying an additional 123 shares in the last quarter. Peddock Capital Advisors LLC purchased a new position in Analog Devices during the third quarter worth approximately $101,000. Parallel Advisors LLC purchased a new position in Analog Devices during the fourth quarter worth approximately $115,000. Penserra Capital Management LLC raised its position in Analog Devices by 94.4% in the third quarter. Penserra Capital Management LLC now owns 1,932 shares of the company’s stock worth $123,000 after buying an additional 938 shares in the last quarter. Finally, CENTRAL TRUST Co raised its position in Analog Devices by 33.3% in the third quarter. CENTRAL TRUST Co now owns 2,521 shares of the company’s stock worth $162,000 after buying an additional 630 shares in the last quarter. 90.38% of the stock is currently owned by hedge funds and other institutional investors.
About Analog Devices
Analog Devices, Inc (Analog Devices) designs, manufactures and markets a portfolio of solutions that leverage high-performance analog, mixed-signal and digital signal processing technology, including integrated circuits (ICs), algorithms, software and subsystems. Its products include Analog Products, Converters, Amplifiers/Radio Frequency, Other Analog, Power Management and Reference, and Digital Signal Processing Products.
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