Investment Management Corp of Ontario Lowers Position in Analog Devices, Inc. (NASDAQ:ADI)

Investment Management Corp of Ontario decreased its position in Analog Devices, Inc. (NASDAQ:ADI) by 28.8% during the third quarter, HoldingsChannel.com reports. The fund owned 221,521 shares of the semiconductor company’s stock after selling 89,500 shares during the quarter. Analog Devices comprises 1.1% of Investment Management Corp of Ontario’s investment portfolio, making the stock its 13th biggest position. Investment Management Corp of Ontario’s holdings in Analog Devices were worth $50,987,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital Performance Advisors LLP purchased a new stake in shares of Analog Devices in the 3rd quarter worth $28,000. New Millennium Group LLC purchased a new position in shares of Analog Devices in the second quarter worth about $29,000. Archer Investment Corp lifted its stake in Analog Devices by 101.4% during the 3rd quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 73 shares during the period. ORG Partners LLC boosted its stake in shares of Analog Devices by 675.0% in the second quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock worth $35,000 after buying an additional 135 shares during the last quarter. Finally, CVA Family Office LLC boosted its position in Analog Devices by 40.2% in the 2nd quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 45 shares in the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analog Devices Stock Down 0.3 %

Shares of ADI stock opened at $222.40 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84. The stock’s 50 day simple moving average is $224.14 and its 200 day simple moving average is $226.03. The company has a market capitalization of $110.38 billion, a price-to-earnings ratio of 67.82, a PEG ratio of 2.48 and a beta of 1.05. Analog Devices, Inc. has a twelve month low of $179.63 and a twelve month high of $244.14.

Analog Devices Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Monday, December 9th will be given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Monday, December 9th. Analog Devices’s dividend payout ratio is currently 111.85%.

Analysts Set New Price Targets

A number of research firms have recently commented on ADI. Truist Financial dropped their target price on Analog Devices from $233.00 to $227.00 and set a “hold” rating on the stock in a research report on Wednesday, November 27th. Bank of America dropped their price objective on shares of Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Oppenheimer reaffirmed an “outperform” rating and issued a $245.00 target price on shares of Analog Devices in a research note on Thursday, August 22nd. Piper Sandler lowered their price objective on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research report on Wednesday, November 27th. Finally, TD Cowen lowered their target price on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Seven research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $249.33.

Insiders Place Their Bets

In related news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $228.93, for a total transaction of $2,289,300.00. Following the transaction, the chief executive officer now owns 45,326 shares of the company’s stock, valued at $10,376,481.18. This trade represents a 18.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gregory M. Bryant sold 20,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $223.87, for a total value of $4,477,400.00. Following the sale, the executive vice president now directly owns 59,093 shares in the company, valued at approximately $13,229,149.91. This represents a 25.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,000 shares of company stock worth $22,596,300. 0.31% of the stock is currently owned by company insiders.

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.