First Manhattan CO. LLC. Lowers Holdings in Analog Devices, Inc. (NASDAQ:ADI)

First Manhattan CO. LLC. cut its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 9.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,448 shares of the semiconductor company’s stock after selling 2,215 shares during the quarter. First Manhattan CO. LLC.’s holdings in Analog Devices were worth $4,769,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ADI. Principal Financial Group Inc. increased its position 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 acquiring an additional 16,051 shares in the last quarter. Nordea Investment Management AB lifted 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 purchasing an additional 1,893 shares in the last quarter. Fulton Bank N.A. boosted its position in shares of Analog Devices by 3.1% during the fourth quarter. Fulton Bank N.A. now owns 1,996 shares of the semiconductor company’s stock valued at $424,000 after buying an additional 60 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Analog Devices by 0.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 271,965 shares of the semiconductor company’s stock worth $62,599,000 after buying an additional 1,055 shares during the last quarter. Finally, ST Germain D J Co. Inc. lifted its stake in Analog Devices by 25.0% during the 4th quarter. ST Germain D J Co. Inc. now owns 6,361 shares of the semiconductor company’s stock valued at $1,351,000 after acquiring an additional 1,274 shares during the period. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Performance

Analog Devices stock opened at $207.51 on Friday. The company’s 50-day moving average price is $196.04 and its 200-day moving average price is $210.70. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. The company has a market cap of $102.92 billion, a PE ratio of 66.09, a price-to-earnings-growth ratio of 2.85 and a beta of 0.98. Analog Devices, Inc. has a twelve month low of $158.65 and a twelve month high of $247.10.

Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.73 EPS. On average, equities research analysts forecast that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were given a $0.99 dividend. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend was Tuesday, March 4th. Analog Devices’s dividend payout ratio is 126.11%.

Analog Devices declared that its Board of Directors has approved a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADI. JPMorgan Chase & Co. boosted their price objective on shares of Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Stifel Nicolaus reduced their price objective on Analog Devices from $275.00 to $225.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Lake Street Capital started coverage on Analog Devices in a research report on Friday, February 14th. They issued a “buy” rating on the stock. Wells Fargo & Company upped their price target on shares of Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Finally, Seaport Res Ptn upgraded shares of Analog Devices to a “strong sell” rating in a research report on Wednesday, April 30th. 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 stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $250.43.

Insider Activity

In related news, EVP Vivek Jain sold 12,684 shares of Analog Devices stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $210.00, for a total transaction 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 trade represents a 22.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ray Stata sold 3,125 shares of the company’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $195.84, for a total transaction of $612,000.00. Following the completion of the transaction, the director now owns 180,071 shares in the company, valued at $35,265,104.64. This represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,934 shares of company stock valued at $8,735,156. 0.33% of the stock is currently owned by 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.