United Services Automobile Association Cuts Stock Holdings in Analog Devices, Inc. (NASDAQ:ADI)

United Services Automobile Association lessened its stake in Analog Devices, Inc. (NASDAQ:ADI) by 5.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 14,062 shares of the semiconductor company’s stock after selling 847 shares during the quarter. United Services Automobile Association’s holdings in Analog Devices were worth $3,210,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft raised its position in shares of Analog Devices by 3.9% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 1,143 shares of the semiconductor company’s stock worth $259,000 after acquiring an additional 43 shares in the last quarter. CVA Family Office LLC raised its holdings in Analog Devices by 40.2% during the second quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 45 shares in the last quarter. SouthState Corp lifted its position in shares of Analog Devices by 28.6% during the 2nd quarter. SouthState Corp now owns 225 shares of the semiconductor company’s stock worth $51,000 after buying an additional 50 shares during the last quarter. Tsfg LLC lifted its position in shares of Analog Devices by 24.5% during the 2nd quarter. Tsfg LLC now owns 269 shares of the semiconductor company’s stock worth $61,000 after buying an additional 53 shares during the last quarter. Finally, Mcdonald Partners LLC grew its position in shares of Analog Devices by 0.7% in the 1st quarter. Mcdonald Partners LLC now owns 7,567 shares of the semiconductor company’s stock valued at $1,497,000 after buying an additional 54 shares during the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ADI. Bank of America reduced their price objective on Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Oppenheimer restated an “outperform” rating and issued a $245.00 price objective on shares of Analog Devices in a research note on Thursday, August 22nd. Truist Financial decreased their target price on shares of Analog Devices from $275.00 to $266.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. TD Cowen boosted their price target on Analog Devices from $210.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Finally, JPMorgan Chase & Co. lifted their target price on Analog Devices from $260.00 to $280.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $251.45.

Insider Activity

In related news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $226.70, for a total transaction of $2,267,000.00. Following the sale, the chief executive officer now directly owns 51,039 shares in the company, valued at approximately $11,570,541.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Analog Devices news, Director Edward H. Frank sold 995 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $234.31, for a total transaction of $233,138.45. Following the completion of the sale, the director now owns 3,753 shares in the company, valued at approximately $879,365.43. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $226.70, for a total transaction of $2,267,000.00. Following the sale, the chief executive officer now directly owns 51,039 shares of the company’s stock, valued at approximately $11,570,541.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,107 shares of company stock valued at $11,301,610. Company insiders own 0.31% of the company’s stock.

Analog Devices Trading Up 2.3 %

Shares of ADI stock opened at $218.56 on Tuesday. Analog Devices, Inc. has a 1-year low of $154.99 and a 1-year high of $244.14. The firm’s 50-day simple moving average is $225.26 and its 200-day simple moving average is $214.30. The firm has a market cap of $108.45 billion, a P/E ratio of 51.07, a PEG ratio of 3.55 and a beta of 1.07. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.69 and a quick ratio of 1.24.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.27 billion. Analog Devices had a net margin of 17.07% and a return on equity of 9.47%. Analog Devices’s revenue for the quarter was down 24.8% on a year-over-year basis. During the same quarter last year, the business earned $2.49 EPS. As a group, equities analysts forecast that Analog Devices, Inc. will post 6.33 EPS for the current year.

Analog Devices Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Tuesday, September 3rd. Analog Devices’s payout ratio is currently 85.98%.

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.