Analog Devices (NASDAQ:ADI) Issues Earnings Results, Beats Expectations By $0.08 EPS

Analog Devices (NASDAQ:ADI – Get Rating) issued its earnings results on Wednesday. The semiconductor company reported $2.83 EPS for the quarter, beating analysts’ consensus estimates of $2.75 by $0.08, RTT News reports. Analog Devices had a return on equity of 15.27% and a net margin of 28.16%. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.21 billion. During the same period in the previous year, the company posted $2.40 EPS. The firm’s revenue was up 9.8% compared to the same quarter last year. Analog Devices updated its Q3 guidance to $2.42-2.62 EPS.

Analog Devices Price Performance

Shares of ADI opened at $172.64 on Friday. The firm has a market cap of $87.33 billion, a PE ratio of 24.42, a P/E/G ratio of 1.33 and a beta of 1.15. The company has a current ratio of 1.79, a quick ratio of 1.50 and a debt-to-equity ratio of 0.18. The firm has a fifty day simple moving average of $186.11 and a two-hundred day simple moving average of $176.80. Analog Devices has a 1-year low of $133.48 and a 1-year high of $198.24.

Analog Devices Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 14th. Investors of record on Monday, June 5th will be issued a $0.86 dividend. The ex-dividend date of this dividend is Friday, June 2nd. This represents a $3.44 dividend on an annualized basis and a yield of 1.99%. Analog Devices’s payout ratio is currently 48.73%.

Insider Buying and Selling at Analog Devices

In other Analog Devices news, Director James Champy sold 1,495 shares of the business’s stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $185.44, for a total transaction of $277,232.80. Following the completion of the sale, the director now directly owns 6,371 shares in the company, valued at approximately $1,181,438.24. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Prashanth Mahendra-Rajah sold 26,250 shares of the company’s stock in a transaction on Monday, March 20th. The shares were sold at an average price of $187.01, for a total value of $4,909,012.50. Following the completion of the transaction, the chief financial officer now owns 23,871 shares of the company’s stock, valued at approximately $4,464,115.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director James Champy sold 1,495 shares of the business’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $185.44, for a total transaction of $277,232.80. Following the completion of the sale, the director now owns 6,371 shares in the company, valued at approximately $1,181,438.24. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Analog Devices

Hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new stake in Analog Devices in the 4th quarter worth about $1,040,194,000. Moneta Group Investment Advisors LLC raised its position in Analog Devices by 101,479.6% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,111,943 shares of the semiconductor company’s stock worth $674,482,000 after purchasing an additional 4,107,895 shares during the period. Morgan Stanley raised its position in Analog Devices by 16.1% in the 4th quarter. Morgan Stanley now owns 5,988,806 shares of the semiconductor company’s stock worth $982,344,000 after purchasing an additional 830,281 shares during the period. Price T Rowe Associates Inc. MD raised its position in Analog Devices by 28.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,215,510 shares of the semiconductor company’s stock worth $527,440,000 after purchasing an additional 703,708 shares during the period. Finally, AQR Capital Management LLC raised its position in Analog Devices by 282.0% in the 1st quarter. AQR Capital Management LLC now owns 636,339 shares of the semiconductor company’s stock worth $123,660,000 after purchasing an additional 469,770 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ADI has been the subject of a number of recent research reports. The Goldman Sachs Group boosted their price objective on Analog Devices from $186.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, February 16th. Bank of America boosted their target price on Analog Devices from $230.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, April 4th. Stifel Nicolaus cut their target price on Analog Devices from $225.00 to $210.00 in a research note on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price objective on Analog Devices from $200.00 to $195.00 in a research note on Thursday. Finally, Sanford C. Bernstein dropped their price objective on Analog Devices from $220.00 to $210.00 in a research note on Thursday. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $208.17.

About Analog Devices

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Analog Devices, Inc is a global high-performance semiconductor company, which engages in the design, development, manufacture, and marketing of integrated circuits (ICs). It produces a range of innovative products, including data converters, amplifiers and linear products, radio frequency (RF) ICs, power management products, sensors based on micro electromechanical systems (MEMS) technology and other sensors, and processing products, including DSP and other processors.