Alberta Investment Management Corp Invests $13.53 Million in Analog Devices, Inc. (NASDAQ:ADI)

Alberta Investment Management Corp bought a new position in shares of Analog Devices, Inc. (NASDAQ:ADI) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 63,675 shares of the semiconductor company’s stock, valued at approximately $13,528,000.

Other institutional investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its position in shares of Analog Devices by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,708,427 shares of the semiconductor company’s stock valued at $623,399,000 after acquiring an additional 39,186 shares during the last quarter. Swiss National Bank grew its holdings in Analog Devices by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock worth $339,012,000 after acquiring an additional 4,600 shares in the last quarter. Harvest Fund Management Co. Ltd lifted its position in shares of Analog Devices by 47.7% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock worth $5,264,000 after buying an additional 7,386 shares during the last quarter. Curbstone Financial Management Corp purchased a new stake in shares of Analog Devices during the 4th quarter worth approximately $460,000. Finally, Summit Global Investments purchased a new stake in Analog Devices in the 3rd quarter valued at $867,000. 86.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the completion of the sale, the chief executive officer now owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. This trade represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.33% of the stock is owned by corporate insiders.

Analog Devices Trading Up 2.6 %

NASDAQ ADI opened at $220.22 on Wednesday. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $244.14. The company’s 50 day moving average price is $214.04 and its 200 day moving average price is $219.65. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84. The firm has a market capitalization of $109.25 billion, a price-to-earnings ratio of 66.94, a PEG ratio of 2.38 and a beta of 1.04.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.03. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter last year, the company earned $2.01 earnings per share. Analog Devices’s revenue for the quarter was down 10.1% on a year-over-year basis. On average, sell-side analysts predict that Analog Devices, Inc. will post 7.09 EPS for the current year.

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

Analog Devices Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th will be given a $0.99 dividend. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 annualized dividend and a yield of 1.80%. Analog Devices’s dividend payout ratio (DPR) is 111.85%.

Analyst Upgrades and Downgrades

ADI has been the subject of several research reports. Morgan Stanley reduced their price target on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a research report on Wednesday, November 27th. Wells Fargo & Company initiated coverage on shares of Analog Devices in a research note on Friday, November 22nd. They issued an “equal weight” rating and a $220.00 price objective on the stock. TD Cowen lowered their price target on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a research note on Wednesday, November 27th. Finally, Piper Sandler lowered their price objective on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Seven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Analog Devices currently has an average rating of “Moderate Buy” and an average target price of $248.52.

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.