Parallel Advisors LLC Lowers Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Parallel Advisors LLC lessened its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 4.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,972 shares of the semiconductor company’s stock after selling 813 shares during the quarter. Parallel Advisors LLC’s holdings in Analog Devices were worth $3,394,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in ADI. Swedbank AB boosted its holdings in Analog Devices by 6.7% in the 3rd quarter. Swedbank AB now owns 2,894,109 shares of the semiconductor company’s stock valued at $666,137,000 after purchasing an additional 180,870 shares in the last quarter. United Bank lifted its position in shares of Analog Devices by 4.7% during the 3rd quarter. United Bank now owns 6,056 shares of the semiconductor company’s stock valued at $1,394,000 after acquiring an additional 273 shares during the period. Atlanta Consulting Group Advisors LLC acquired a new stake in shares of Analog Devices during the 3rd quarter valued at approximately $508,000. Thrivent Financial for Lutherans lifted its position in shares of Analog Devices by 2.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 25,336 shares of the semiconductor company’s stock valued at $5,832,000 after acquiring an additional 582 shares during the period. Finally, Quest Partners LLC acquired a new stake in shares of Analog Devices during the 3rd quarter valued at approximately $210,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Up 1.4 %

Shares of NASDAQ ADI opened at $211.68 on Tuesday. Analog Devices, Inc. has a 52-week low of $182.57 and a 52-week high of $247.10. The firm has a fifty day moving average of $217.96 and a 200-day moving average of $220.40. The stock has a market capitalization of $104.99 billion, a PE ratio of 67.41, a P/E/G ratio of 2.85 and a beta of 1.07. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the previous year, the company earned $1.73 EPS. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, analysts anticipate that Analog Devices, Inc. will post 7.14 EPS for the current year.

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

Analog Devices Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were paid a dividend of $0.99 per share. 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 annualized dividend and a dividend yield of 1.87%. Analog Devices’s payout ratio is currently 126.11%.

Insider Activity

In related news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 64,918 shares of the company’s stock, valued at approximately $13,575,652.16. This represents a 13.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Oppenheimer reiterated an “outperform” rating and set a $270.00 price target (up from $245.00) on shares of Analog Devices in a research report on Thursday, February 20th. Wells Fargo & Company lifted their price target on shares of Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a research report on Thursday, February 20th. Williams Trading set a $245.00 price objective on Analog Devices in a research report on Friday, February 14th. Finally, Truist Financial lifted their price objective on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $255.41.

Analog Devices Profile

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.