Zacks Investment Research upgraded shares of Analog Devices, Inc. (NASDAQ:ADI) from a hold rating to a buy rating in a report released on Tuesday. They currently have $98.00 price objective on the semiconductor company’s stock.
According to Zacks, “Analog Devices is a leading supplier of analog and DSP integrated circuits. The company delivered better-than-expected fiscal third-quarter 2017 results beating the Zacks Consensus Estimate on both counts. Results were driven by strength across all the markets and positive contributions from Linear Technology acquisition. Analog Devices' leading market position, focus on communications, automotive and industrial markets, margin expansion initiatives and strong balance sheet are positives. However, we remain concerned about competitive pressures across several markets. Year to date, the stock has underperformed the industry it belongs to.”
Several other research firms have also recently issued reports on ADI. B. Riley reissued a buy rating and issued a $103.00 target price on shares of Analog Devices in a research note on Tuesday, June 27th. Royal Bank Of Canada reissued a buy rating and issued a $92.00 target price on shares of Analog Devices in a research note on Friday, August 4th. Stifel Nicolaus reissued a buy rating and issued a $97.00 target price on shares of Analog Devices in a research note on Monday, September 25th. BidaskClub raised Analog Devices from a hold rating to a buy rating in a research note on Saturday. Finally, Jefferies Group LLC reissued a buy rating on shares of Analog Devices in a research note on Monday, July 10th. Eleven equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $92.35.
Shares of Analog Devices (NASDAQ ADI) opened at 87.99 on Tuesday. The company’s 50-day moving average price is $83.57 and its 200-day moving average price is $80.49. The company has a market cap of $32.35 billion, a price-to-earnings ratio of 43.80 and a beta of 1.30. Analog Devices has a 12 month low of $59.54 and a 12 month high of $90.49.
Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, August 30th. The semiconductor company reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.11. Analog Devices had a return on equity of 19.06% and a net margin of 14.77%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the firm earned $0.82 earnings per share. The company’s revenue for the quarter was up 64.9% compared to the same quarter last year. Analysts anticipate that Analog Devices will post $4.62 EPS for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 19th. Stockholders of record on Friday, September 8th were issued a dividend of $0.45 per share. The ex-dividend date was Thursday, September 7th. This represents a $1.80 annualized dividend and a dividend yield of 2.05%. Analog Devices’s payout ratio is 86.12%.
In other news, Director Kenton J. Sicchitano sold 15,000 shares of Analog Devices stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $88.15, for a total transaction of $1,322,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Gregory N. Henderson sold 6,396 shares of Analog Devices stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $84.34, for a total transaction of $539,438.64. Following the transaction, the senior vice president now owns 10,327 shares of the company’s stock, valued at $870,979.18. The disclosure for this sale can be found here. Insiders have sold 126,494 shares of company stock valued at $10,677,931 over the last quarter. Company insiders own 1.10% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pathstone Family Office LLC raised its holdings in Analog Devices by 75.0% in the 2nd quarter. Pathstone Family Office LLC now owns 35 shares of the semiconductor company’s stock worth $1,557,000 after acquiring an additional 15 shares during the last quarter. Lazard Asset Management LLC purchased a new position in Analog Devices in the 1st quarter worth approximately $100,000. Guardian Life Insurance Co. of America raised its holdings in Analog Devices by 18.9% in the 1st quarter. Guardian Life Insurance Co. of America now owns 1,403 shares of the semiconductor company’s stock worth $115,000 after acquiring an additional 223 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in Analog Devices by 51.0% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,406 shares of the semiconductor company’s stock worth $109,000 after acquiring an additional 475 shares during the last quarter. Finally, Sumitomo Mitsui Financial Group Inc. purchased a new position in Analog Devices in the 2nd quarter worth approximately $119,000. Institutional investors own 86.67% of the company’s stock.
Analog Devices Company Profile
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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