US Bancorp DE Cuts Stake in Analog Devices, Inc. (NASDAQ:ADI)

US Bancorp DE lessened its stake in Analog Devices, Inc. (NASDAQ:ADI) by 0.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 498,967 shares of the semiconductor company’s stock after selling 3,634 shares during the quarter. US Bancorp DE owned approximately 0.10% of Analog Devices worth $106,011,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Bank of Hawaii increased its stake in Analog Devices by 4.8% in the 3rd quarter. Bank of Hawaii now owns 1,043 shares of the semiconductor company’s stock worth $240,000 after acquiring an additional 48 shares during the last quarter. NTV Asset Management LLC grew its holdings in shares of Analog Devices by 2.7% in the fourth quarter. NTV Asset Management LLC now owns 2,063 shares of the semiconductor company’s stock valued at $438,000 after purchasing an additional 54 shares in the last quarter. West Oak Capital LLC increased its position in Analog Devices by 0.4% in the fourth quarter. West Oak Capital LLC now owns 12,509 shares of the semiconductor company’s stock worth $2,658,000 after purchasing an additional 55 shares during the last quarter. D.A. Davidson & CO. raised its stake in Analog Devices by 0.8% during the third quarter. D.A. Davidson & CO. now owns 6,810 shares of the semiconductor company’s stock valued at $1,568,000 after purchasing an additional 57 shares in the last quarter. Finally, Relyea Zuckerberg Hanson LLC lifted its position in Analog Devices by 4.3% during the fourth quarter. Relyea Zuckerberg Hanson LLC now owns 1,406 shares of the semiconductor company’s stock valued at $299,000 after purchasing an additional 58 shares during the last quarter. Institutional investors own 86.81% of the company’s stock.

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total value of $2,154,900.00. Following the transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at approximately $4,737,116.67. This trade represents a 31.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.33% of the company’s stock.

Analog Devices Stock Up 2.7 %

Shares of NASDAQ ADI opened at $229.82 on Friday. Analog Devices, Inc. has a 52-week low of $182.57 and a 52-week high of $247.10. The firm has a market capitalization of $113.99 billion, a price-to-earnings ratio of 73.19, a PEG ratio of 2.85 and a beta of 1.04. The stock has a 50 day moving average price of $217.55 and a 200 day moving average price of $221.07. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93.

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

Analog Devices announced that its Board of Directors has authorized a share repurchase plan on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 9.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.99 per share. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a yield of 1.72%. Analog Devices’s dividend payout ratio (DPR) is 126.11%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Benchmark boosted their target price on shares of Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Oppenheimer reissued an “outperform” rating and set a $270.00 price objective (up from $245.00) on shares of Analog Devices in a research note on Thursday, February 20th. Lake Street Capital initiated coverage on Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating for the company. Williams Trading set a $245.00 target price on Analog Devices in a research report on Friday, February 14th. Finally, Piper Sandler decreased their price target on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a report on Wednesday, November 27th. Six research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $255.41.

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.