199,221 Shares in Analog Devices, Inc. (NASDAQ:ADI) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS acquired a new position in Analog Devices, Inc. (NASDAQ:ADI) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 199,221 shares of the semiconductor company’s stock, valued at approximately $42,326,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADI. Mainstream Capital Management LLC acquired a new position in Analog Devices during the fourth quarter valued at approximately $30,000. Hopwood Financial Services Inc. bought a new position in shares of Analog Devices during the 4th quarter worth about $30,000. Cassady Schiller Wealth Management LLC grew its stake in shares of Analog Devices by 63.2% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 55 shares during the period. Financial Life Planners bought a new stake in Analog Devices in the fourth quarter valued at $33,000. Finally, Kestra Investment Management LLC bought a new position in Analog Devices during the 4th quarter valued at about $41,000. Institutional investors and hedge funds own 86.81% of the company’s stock.

Analog Devices Trading Down 0.7 %

Shares of ADI stock opened at $204.40 on Friday. Analog Devices, Inc. has a 52-week low of $182.57 and a 52-week high of $247.10. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. The firm has a market capitalization of $101.38 billion, a PE ratio of 65.10, a PEG ratio of 2.85 and a beta of 1.07. The stock has a fifty day simple moving average of $217.17 and a two-hundred day simple moving average of $219.84.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the business posted $1.73 earnings per share. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were paid a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend was Tuesday, March 4th. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio is currently 126.11%.

Analog Devices declared that its board has approved a share buyback plan on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to purchase up to 9.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Lake Street Capital assumed coverage on shares of Analog Devices in a research report on Friday, February 14th. They set a “buy” rating for the company. Wells Fargo & Company boosted their target price on shares of Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Piper Sandler decreased their price objective on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a report on Wednesday, November 27th. Oppenheimer reaffirmed an “outperform” rating and set a $270.00 price objective (up previously from $245.00) on shares of Analog Devices in a research report on Thursday, February 20th. Finally, Barclays dropped their target price on shares of Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Six investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $255.41.

Insider Activity at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total value of $2,154,900.00. Following the sale, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. This represents a 31.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total transaction of $836,760.00. Following the completion of the transaction, the chief financial officer now directly owns 49,916 shares in the company, valued at $10,441,928.04. This trade represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,000 shares of company stock valued at $5,082,860. Corporate insiders own 0.33% 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.