Kayne Anderson Rudnick Investment Management LLC Decreases Stake in Analog Devices, Inc. (NASDAQ:ADI)

Kayne Anderson Rudnick Investment Management LLC reduced its stake in Analog Devices, Inc. (NASDAQ:ADI) by 1.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 198,888 shares of the semiconductor company’s stock after selling 2,781 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned about 0.05% of Analog Devices worth $22,449,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in ADI. Advisor Group Inc. raised its position in Analog Devices by 4.5% during the 1st quarter. Advisor Group Inc. now owns 39,544 shares of the semiconductor company’s stock worth $4,164,000 after buying an additional 1,696 shares during the last quarter. CIBC World Markets Inc. raised its position in Analog Devices by 7.0% during the 1st quarter. CIBC World Markets Inc. now owns 16,203 shares of the semiconductor company’s stock worth $1,706,000 after buying an additional 1,061 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Analog Devices by 10.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 305,758 shares of the semiconductor company’s stock worth $32,187,000 after buying an additional 29,051 shares during the last quarter. Fiera Capital Corp raised its position in Analog Devices by 2.8% during the 1st quarter. Fiera Capital Corp now owns 1,667,696 shares of the semiconductor company’s stock worth $175,559,000 after buying an additional 44,740 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in Analog Devices by 17.1% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 19,641 shares of the semiconductor company’s stock worth $2,068,000 after buying an additional 2,861 shares during the last quarter. 87.50% of the stock is owned by hedge funds and other institutional investors.

In related news, SVP Gregory N. Henderson sold 3,476 shares of Analog Devices stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $115.04, for a total value of $399,879.04. Following the sale, the senior vice president now owns 7,774 shares of the company’s stock, valued at approximately $894,320.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $118.43, for a total transaction of $1,184,300.00. Following the completion of the sale, the chief executive officer now directly owns 31,206 shares in the company, valued at approximately $3,695,726.58. The disclosure for this sale can be found here. Insiders sold a total of 44,206 shares of company stock worth $4,952,061 in the last three months. 0.50% of the stock is owned by corporate insiders.

Analog Devices stock traded up $0.46 during trading on Monday, reaching $111.50. The company had a trading volume of 97,624 shares, compared to its average volume of 1,749,789. The firm’s 50-day simple moving average is $111.35 and its 200 day simple moving average is $110.33. Analog Devices, Inc. has a 1-year low of $76.62 and a 1-year high of $124.79. The firm has a market capitalization of $41.02 billion, a PE ratio of 18.78, a price-to-earnings-growth ratio of 2.07 and a beta of 1.43. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.92 and a current ratio of 1.35.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.04. Analog Devices had a net margin of 24.71% and a return on equity of 17.87%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the company earned $1.53 EPS. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. Analysts anticipate that Analog Devices, Inc. will post 5.2 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 11th. Investors of record on Friday, August 30th were paid a $0.54 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $2.16 dividend on an annualized basis and a yield of 1.94%. Analog Devices’s dividend payout ratio is currently 36.36%.

A number of brokerages have recently commented on ADI. Nomura began coverage on shares of Analog Devices in a research note on Monday, June 3rd. They set a “neutral” rating and a $90.00 price objective on the stock. Morgan Stanley raised their price objective on shares of Analog Devices from $97.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. Goldman Sachs Group raised shares of Analog Devices from a “sell” rating to a “buy” rating and raised their price objective for the stock from $101.00 to $114.00 in a research note on Monday, June 10th. Barclays raised shares of Analog Devices from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $105.00 to $130.00 in a research note on Thursday, September 12th. Finally, Piper Jaffray Companies raised their price objective on shares of Analog Devices from $118.00 to $135.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the stock. Analog Devices currently has an average rating of “Buy” and a consensus target price of $113.56.

Analog Devices Company Profile

Analog Devices, Inc engages in the design, development, manufacture, and marketing of integrated circuits (ICs). Its products include industrial process control systems, medical imaging equipment, factory process automation systems, patient vital signs monitoring devices, instrumentation and measurement systems, wireless infrastructure equipment, energy management systems, networking equipment, aerospace and defense electronics, optical systems, automobiles, and portable consumer devices.

Read More: Market Capitalization and Individual Investors

Want to see what other hedge funds are holding ADI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Analog Devices, Inc. (NASDAQ:ADI).

Institutional Ownership by Quarter for Analog Devices (NASDAQ:ADI)

Receive News & Ratings for Analog Devices Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Analog Devices and related companies with MarketBeat.com's FREE daily email newsletter.