ING Groep NV Raises Position in Analog Devices, Inc. (NASDAQ:ADI)

ING Groep NV raised its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 17.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 165,538 shares of the semiconductor company’s stock after purchasing an additional 24,512 shares during the period. ING Groep NV’s holdings in Analog Devices were worth $35,170,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Analog Devices by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,708,427 shares of the semiconductor company’s stock worth $623,399,000 after buying an additional 39,186 shares during the period. Swiss National Bank grew its stake in Analog Devices by 0.3% in the third quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock worth $339,012,000 after purchasing an additional 4,600 shares in the last quarter. Harvest Fund Management Co. Ltd increased its holdings in Analog Devices by 47.7% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock worth $5,264,000 after purchasing an additional 7,386 shares during the period. Curbstone Financial Management Corp purchased a new position in Analog Devices during the 4th quarter worth $460,000. Finally, Summit Global Investments purchased a new position in Analog Devices during the 3rd quarter worth $867,000. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wells Fargo & Company assumed coverage on Analog Devices in a report on Friday, November 22nd. They set an “equal weight” rating and a $220.00 price objective on the stock. Truist Financial raised their price objective on Analog Devices from $216.00 to $230.00 and gave the stock a “hold” rating in a report on Friday, January 10th. Barclays reduced their price objective on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Morgan Stanley reduced their price objective on Analog Devices from $252.00 to $248.00 and set an “overweight” rating on the stock in a report on Wednesday, November 27th. Finally, Piper Sandler reduced their price objective on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a report on Wednesday, November 27th. Seven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $248.52.

Analog Devices Stock Performance

Shares of ADI opened at $241.66 on Thursday. The stock has a 50-day moving average of $214.54 and a two-hundred day moving average of $219.80. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $244.14. 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 has a market cap of $119.89 billion, a P/E ratio of 73.45, a P/E/G ratio of 2.46 and a beta of 1.04.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the previous year, the firm posted $1.73 EPS. The firm’s revenue was down 3.6% compared to the same quarter last year. As a group, research analysts predict that Analog Devices, Inc. will post 7.09 EPS for the current year.

Analog Devices Increases Dividend

The company also recently declared 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. 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 1.64%. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s payout ratio is currently 111.85%.

Analog Devices declared that its Board of Directors has initiated a stock buyback plan on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 9.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 21,983 shares of the company’s stock, valued at $4,737,116.67. The trade was a 31.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.33% of the company’s stock.

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.