Concentric Capital Strategies LP Sells 9,929 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Concentric Capital Strategies LP cut its position in Analog Devices, Inc. (NASDAQ:ADI) by 16.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,423 shares of the semiconductor company’s stock after selling 9,929 shares during the quarter. Concentric Capital Strategies LP’s holdings in Analog Devices were worth $10,500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in shares of Analog Devices by 2.7% during the third quarter. Principal Financial Group Inc. now owns 605,596 shares of the semiconductor company’s stock valued at $139,390,000 after purchasing an additional 16,051 shares during the period. Nordea Investment Management AB increased its holdings in shares of Analog Devices by 4.5% during the fourth quarter. Nordea Investment Management AB now owns 43,967 shares of the semiconductor company’s stock valued at $9,381,000 after acquiring an additional 1,893 shares in the last quarter. CWA Asset Management Group LLC lifted its position in Analog Devices by 38.9% in the 4th quarter. CWA Asset Management Group LLC now owns 4,441 shares of the semiconductor company’s stock valued at $944,000 after acquiring an additional 1,244 shares in the last quarter. Fulton Bank N.A. raised its position in Analog Devices by 3.1% in the 4th quarter. Fulton Bank N.A. now owns 1,996 shares of the semiconductor company’s stock worth $424,000 after buying an additional 60 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Analog Devices by 0.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 271,965 shares of the semiconductor company’s stock valued at $62,599,000 after acquiring an additional 1,055 shares during the last quarter. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ADI shares. Barclays dropped their price target on shares of Analog Devices from $240.00 to $170.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. Maxim Group assumed coverage on Analog Devices in a report on Friday, February 14th. They set a “buy” rating on the stock. Oppenheimer reiterated an “outperform” rating and issued a $270.00 price target (up previously from $245.00) on shares of Analog Devices in a research report on Thursday, February 20th. UBS Group boosted their price objective on shares of Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Finally, Lake Street Capital initiated coverage on shares of Analog Devices in a report on Friday, February 14th. They set a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $250.43.

Analog Devices Trading Down 0.9 %

Shares of ADI opened at $195.88 on Wednesday. Analog Devices, Inc. has a 12-month low of $158.65 and a 12-month high of $247.10. The firm has a market capitalization of $97.15 billion, a P/E ratio of 62.38, a P/E/G ratio of 2.85 and a beta of 0.98. The firm has a 50-day moving average price of $197.51 and a 200 day moving average price of $211.05. 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 issued its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the previous year, the firm earned $1.73 EPS. Analog Devices’s revenue was down 3.6% on a year-over-year basis. Sell-side analysts forecast that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were issued a $0.99 dividend. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.96 annualized dividend and a yield of 2.02%. Analog Devices’s dividend payout ratio (DPR) is 126.11%.

Analog Devices announced that its board has approved a stock buyback program on Tuesday, February 18th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor company to buy up to 9.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Analog Devices

In related news, EVP Vivek Jain sold 12,684 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the sale, the executive vice president now owns 43,175 shares in the company, valued at $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 is available through the SEC website. Also, Director Ray Stata sold 3,125 shares of Analog Devices stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $180.21, for a total transaction of $563,156.25. Following the completion of the transaction, the director now owns 186,321 shares in the company, valued at approximately $33,576,907.41. This represents a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 39,809 shares of company stock valued at $8,123,156. 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.