First Citizens Bank & Trust Co. Decreases Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

First Citizens Bank & Trust Co. trimmed its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 1.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 40,021 shares of the semiconductor company’s stock after selling 604 shares during the period. First Citizens Bank & Trust Co.’s holdings in Analog Devices were worth $8,071,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its position in Analog Devices by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 49,105,529 shares of the semiconductor company’s stock worth $10,432,961,000 after purchasing an additional 413,084 shares during the period. Geode Capital Management LLC grew its holdings in shares of Analog Devices by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 10,612,183 shares of the semiconductor company’s stock worth $2,248,971,000 after acquiring an additional 247,737 shares during the period. Norges Bank purchased a new stake in Analog Devices during the fourth quarter valued at $1,755,958,000. FMR LLC lifted its holdings in Analog Devices by 0.8% in the fourth quarter. FMR LLC now owns 7,450,018 shares of the semiconductor company’s stock valued at $1,582,831,000 after acquiring an additional 61,390 shares during the period. Finally, Northern Trust Corp lifted its holdings in Analog Devices by 8.4% in the fourth quarter. Northern Trust Corp now owns 5,521,162 shares of the semiconductor company’s stock valued at $1,173,026,000 after acquiring an additional 427,328 shares during the period. Institutional investors own 86.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Maxim Group started coverage on Analog Devices in a research note on Friday, February 14th. They set a “buy” rating for the company. Oppenheimer boosted their target price on shares of Analog Devices from $225.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday, May 16th. KGI Securities started coverage on shares of Analog Devices in a research report on Friday, May 23rd. They issued a “buy” rating on the stock. Truist Financial boosted their price objective on shares of Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Finally, Cfra Research lowered Analog Devices from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $248.63.

Analog Devices Price Performance

Shares of NASDAQ:ADI opened at $222.26 on Monday. The firm has a market cap of $110.30 billion, a price-to-earnings ratio of 70.78, a P/E/G ratio of 2.85 and a beta of 1.00. The firm has a fifty day moving average price of $199.58 and a 200 day moving average price of $210.29. Analog Devices, Inc. has a fifty-two week low of $158.65 and a fifty-two week high of $247.10. 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 (NASDAQ:ADI) last posted its earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.15. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.50 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 up 22.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.40 earnings per share. As a group, sell-side analysts expect that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be paid a $0.99 dividend. The ex-dividend date is Wednesday, June 4th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.78%. Analog Devices’s payout ratio is currently 107.90%.

Analog Devices declared that its board has initiated a share repurchase program on Tuesday, February 18th that permits the company to buyback $10.00 billion in outstanding 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 often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $209.12, for a total transaction of $2,091,200.00. Following the completion of the transaction, the chief executive officer now directly owns 64,918 shares of the company’s stock, valued at approximately $13,575,652.16. The trade was a 13.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray Stata sold 3,125 shares of Analog Devices stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $180.21, for a total value of $563,156.25. Following the sale, the director now owns 186,321 shares of the company’s stock, valued at approximately $33,576,907.41. This trade 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 have sold 42,934 shares of company stock worth $8,735,156. 0.33% of the stock is currently owned by corporate insiders.

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.