Penobscot Investment Management Company Inc. Acquires 1,608 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Penobscot Investment Management Company Inc. boosted its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 15.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,697 shares of the semiconductor company’s stock after acquiring an additional 1,608 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Analog Devices were worth $2,323,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADI. Ledyard National Bank increased its holdings in shares of Analog Devices by 39.8% in the fourth quarter. Ledyard National Bank now owns 3,431 shares of the semiconductor company’s stock valued at $681,000 after purchasing an additional 977 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Analog Devices by 14.2% in the fourth quarter. Van ECK Associates Corp now owns 2,890,824 shares of the semiconductor company’s stock valued at $574,002,000 after acquiring an additional 358,697 shares in the last quarter. Adell Harriman & Carpenter Inc. grew its stake in shares of Analog Devices by 11.0% in the fourth quarter. Adell Harriman & Carpenter Inc. now owns 1,397 shares of the semiconductor company’s stock valued at $277,000 after acquiring an additional 139 shares in the last quarter. Choreo LLC grew its stake in shares of Analog Devices by 154.3% in the fourth quarter. Choreo LLC now owns 4,923 shares of the semiconductor company’s stock valued at $978,000 after acquiring an additional 2,987 shares in the last quarter. Finally, Mather Group LLC. grew its stake in Analog Devices by 12.6% during the fourth quarter. Mather Group LLC. now owns 3,917 shares of the semiconductor company’s stock worth $778,000 after buying an additional 437 shares in the last quarter. 86.81% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ADI shares. Barclays increased their price objective on shares of Analog Devices from $180.00 to $185.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 16th. Evercore ISI initiated coverage on shares of Analog Devices in a research note on Tuesday, April 16th. They set an “outperform” rating and a $254.00 price objective on the stock. KeyCorp increased their target price on shares of Analog Devices from $220.00 to $230.00 and gave the stock an “overweight” rating in a report on Thursday, February 22nd. Morgan Stanley reissued an “overweight” rating and issued a $212.00 target price on shares of Analog Devices in a report on Thursday, April 11th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $215.00 price objective on shares of Analog Devices in a report on Thursday, February 22nd. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Analog Devices has an average rating of “Moderate Buy” and a consensus price target of $208.17.

Analog Devices Stock Down 1.3 %

ADI traded down $2.59 during mid-day trading on Tuesday, reaching $201.31. 695,292 shares of the stock were exchanged, compared to its average volume of 3,347,420. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.98 and a current ratio of 1.51. The stock has a market capitalization of $99.83 billion, a PE ratio of 36.48, a price-to-earnings-growth ratio of 5.07 and a beta of 1.17. The company has a 50 day moving average price of $193.76 and a two-hundred day moving average price of $187.66. Analog Devices, Inc. has a 1 year low of $154.99 and a 1 year high of $204.20.

Analog Devices (NASDAQ:ADI) last released its earnings results on Wednesday, February 21st. The semiconductor company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.02. The company had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Analog Devices had a return on equity of 12.76% and a net margin of 24.34%. The business’s revenue for the quarter was down 22.7% compared to the same quarter last year. During the same period in the previous year, the business posted $2.75 EPS. As a group, research analysts anticipate that Analog Devices, Inc. will post 5.86 EPS for the current year.

Analog Devices Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were paid a $0.92 dividend. This is a boost from Analog Devices’s previous quarterly dividend of $0.86. This represents a $3.68 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date was Monday, March 4th. Analog Devices’s payout ratio is currently 65.83%.

Insider Activity at Analog Devices

In other news, Director James Champy sold 1,228 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $197.64, for a total transaction of $242,701.92. Following the completion of the transaction, the director now owns 6,371 shares of the company’s stock, valued at $1,259,164.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Analog Devices news, Director James Champy sold 1,228 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $197.64, for a total value of $242,701.92. Following the completion of the sale, the director now owns 6,371 shares in the company, valued at $1,259,164.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vivek Jain sold 3,479 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $197.56, for a total value of $687,311.24. Following the completion of the sale, the executive vice president now directly owns 5,745 shares of the company’s stock, valued at approximately $1,134,982.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,707 shares of company stock worth $4,825,113. Company insiders own 0.31% of the company’s stock.

Analog Devices Company 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.