Ameriprise Financial Inc. Decreases Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Ameriprise Financial Inc. trimmed its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 3.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,120,160 shares of the semiconductor company’s stock after selling 201,424 shares during the quarter. Ameriprise Financial Inc. owned approximately 1.23% of Analog Devices worth $1,300,343,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in ADI. Midwest Professional Planners LTD. raised its position in Analog Devices by 0.6% in the 4th quarter. Midwest Professional Planners LTD. now owns 9,296 shares of the semiconductor company’s stock valued at $1,975,000 after purchasing an additional 53 shares during the last quarter. Portland Global Advisors LLC increased its stake in Analog Devices by 1.3% in the fourth quarter. Portland Global Advisors LLC now owns 4,014 shares of the semiconductor company’s stock valued at $853,000 after purchasing an additional 53 shares during the period. NTV Asset Management LLC raised its holdings in shares of Analog Devices by 2.7% in the fourth quarter. NTV Asset Management LLC now owns 2,063 shares of the semiconductor company’s stock valued at $438,000 after buying an additional 54 shares during the last quarter. West Oak Capital LLC boosted its stake in shares of Analog Devices by 0.4% during the fourth quarter. West Oak Capital LLC now owns 12,509 shares of the semiconductor company’s stock worth $2,658,000 after buying an additional 55 shares during the period. Finally, Cassady Schiller Wealth Management LLC grew its holdings in shares of Analog Devices by 63.2% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock worth $30,000 after buying an additional 55 shares during the last quarter. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Vivek Jain sold 12,684 shares of the company’s 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 in the company, valued at approximately $9,066,750. This represents a 22.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ray Stata sold 3,125 shares of the firm’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $180.21, for a total value of $563,156.25. Following the completion of the sale, the director now directly owns 186,321 shares in the company, valued at approximately $33,576,907.41. The trade was a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 39,809 shares of company stock valued at $8,123,156 in the last ninety days. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ADI. Maxim Group started coverage on Analog Devices in a research report on Friday, February 14th. They set a “buy” rating for the company. Morgan Stanley set a $214.00 price objective on shares of Analog Devices in a research report on Monday, April 21st. Williams Trading set a $245.00 price objective on shares of Analog Devices in a research report on Friday, February 14th. UBS Group lifted their target price on shares of Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Finally, Truist Financial increased their price target on shares of Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $250.43.

Analog Devices Stock Performance

Shares of ADI opened at $198.59 on Friday. The company has a 50-day moving average of $198.79 and a two-hundred day moving average of $211.48. The stock has a market cap of $98.50 billion, a P/E ratio of 63.25, a PEG ratio of 2.85 and a beta of 1.06. Analog Devices, Inc. has a 12-month low of $158.65 and a 12-month high of $247.10. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19.

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

Analog Devices declared that its Board of Directors has authorized 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 buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analog Devices Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were issued a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 1.99%. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date was Tuesday, March 4th. Analog Devices’s dividend payout ratio is 126.11%.

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.