DnB Asset Management AS Boosts Stake in Analog Devices, Inc. (NASDAQ:ADI)

DnB Asset Management AS grew its stake in Analog Devices, Inc. (NASDAQ:ADI) by 36.8% during the fourth quarter, HoldingsChannel reports. The fund owned 124,936 shares of the semiconductor company’s stock after acquiring an additional 33,595 shares during the quarter. DnB Asset Management AS’s holdings in Analog Devices were worth $26,544,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Hopwood Financial Services Inc. bought a new stake in Analog Devices during the fourth quarter valued at about $30,000. Mainstream Capital Management LLC purchased a new stake in shares of Analog Devices during the fourth quarter valued at about $30,000. Cassady Schiller Wealth Management LLC boosted its holdings 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 buying an additional 55 shares in the last quarter. Financial Life Planners purchased a new position in shares of Analog Devices in the 4th quarter worth approximately $33,000. Finally, Kestra Investment Management LLC bought a new position in shares of Analog Devices during the 4th quarter worth approximately $41,000. 86.81% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Vivek Jain sold 12,684 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the transaction, the executive vice president now directly owns 43,175 shares of the company’s stock, valued at approximately $9,066,750. This represents a 22.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of Analog Devices 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 sale, the chief financial officer now directly owns 49,916 shares in the company, valued at approximately $10,441,928.04. This trade represents a 7.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,684 shares of company stock worth $7,746,500 in the last 90 days. Insiders own 0.33% of the company’s stock.

Analog Devices Trading Down 3.5 %

Shares of Analog Devices stock opened at $201.56 on Friday. The firm has a 50-day simple moving average of $216.51 and a two-hundred day simple moving average of $219.52. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. Analog Devices, Inc. has a fifty-two week low of $182.57 and a fifty-two week high of $247.10. The company has a market cap of $99.97 billion, a P/E ratio of 64.19, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07.

Analog Devices (NASDAQ:ADI) last announced its 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. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the company posted $1.73 EPS. The business’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, equities analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were paid a dividend of $0.99 per share. The ex-dividend date was Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.96%. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s payout ratio is currently 126.11%.

Analog Devices declared that its Board of Directors has authorized a stock buyback program on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 9.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADI. Williams Trading set a $245.00 price target on shares of Analog Devices in a report on Friday, February 14th. Morgan Stanley upped their target price on Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Maxim Group assumed coverage on Analog Devices in a report on Friday, February 14th. They issued a “buy” rating for the company. Truist Financial upped their price objective on shares of Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. boosted their target price 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. Six equities research 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 company currently has an average rating of “Moderate Buy” and an average price target of $255.41.

About Analog Devices

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.