Penobscot Investment Management Company Inc. Has $2.42 Million Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Penobscot Investment Management Company Inc. trimmed its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 9.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,397 shares of the semiconductor company’s stock after selling 1,240 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Analog Devices were worth $2,421,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of ADI. UNIVEST FINANCIAL Corp increased its position in shares of Analog Devices by 2.1% during the fourth quarter. UNIVEST FINANCIAL Corp now owns 7,487 shares of the semiconductor company’s stock worth $1,591,000 after acquiring an additional 155 shares in the last quarter. Ipsen Advisor Group LLC bought a new position in Analog Devices during the 4th quarter worth about $455,000. Meiji Yasuda Asset Management Co Ltd. increased its holdings in Analog Devices by 3.6% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 46,104 shares of the semiconductor company’s stock worth $9,795,000 after purchasing an additional 1,582 shares in the last quarter. Zions Bancorporation N.A. lifted its holdings in shares of Analog Devices by 40.4% in the fourth quarter. Zions Bancorporation N.A. now owns 5,715 shares of the semiconductor company’s stock valued at $1,214,000 after purchasing an additional 1,644 shares in the last quarter. Finally, TD Asset Management Inc. boosted its position in shares of Analog Devices by 8.6% during the fourth quarter. TD Asset Management Inc. now owns 488,261 shares of the semiconductor company’s stock worth $103,736,000 after buying an additional 38,530 shares during the period. 86.81% of the stock is currently owned by institutional investors.

Analog Devices Trading Up 0.6 %

Shares of ADI stock opened at $213.58 on Wednesday. Analog Devices, Inc. has a 12-month low of $182.57 and a 12-month high of $247.10. The company has a market capitalization of $105.93 billion, a PE ratio of 68.02, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. The firm has a 50 day moving average price of $217.13 and a two-hundred day moving average price of $219.78. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19.

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

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were paid a $0.99 dividend. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date was Tuesday, March 4th. This represents a $3.96 annualized dividend and a yield of 1.85%. Analog Devices’s payout ratio is 126.11%.

Analog Devices announced that its Board of Directors has authorized a share buyback program on Tuesday, February 18th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have commented on ADI. Barclays cut their target price on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. JPMorgan Chase & Co. boosted their price objective on shares of Analog Devices from $280.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a research report on Thursday, February 20th. Lake Street Capital assumed coverage on shares of Analog Devices in a research report on Friday, February 14th. They set a “buy” rating on the stock. Finally, TD Cowen decreased their price objective on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Six analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $255.41.

Insider Buying and Selling at Analog Devices

In other news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $209.19, for a total transaction of $836,760.00. Following the completion of the sale, the chief financial officer now directly owns 49,916 shares in the company, valued at approximately $10,441,928.04. This represents a 7.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total value of $2,091,200.00. Following the completion of the transaction, the chief executive officer now owns 64,918 shares in the company, valued at $13,575,652.16. The trade was a 13.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,000 shares of company stock valued at $5,082,860 in the last quarter. Company 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.