Principal Securities Inc. Grows Position in Analog Devices, Inc. (NASDAQ:ADI)

Principal Securities Inc. boosted its stake in Analog Devices, Inc. (NASDAQ:ADI) by 11.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 8,817 shares of the semiconductor company’s stock after acquiring an additional 888 shares during the period. Principal Securities Inc.’s holdings in Analog Devices were worth $1,873,000 at the end of the most recent quarter.

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

Analog Devices Stock Performance

Shares of ADI stock opened at $220.22 on Wednesday. The stock’s 50-day moving average is $213.95 and its two-hundred day moving average is $219.56. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $244.14. The firm has a market cap 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 released its quarterly earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.64 by $0.03. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter last year, the business posted $2.01 EPS. The firm’s quarterly revenue was down 10.1% compared to the same quarter last year. Analysts predict that Analog Devices, Inc. will post 7.09 earnings per share for the current year.

Analog Devices Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be paid a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a yield of 1.80%. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio is currently 111.85%.

Analog Devices declared that its board has authorized a share repurchase plan on Tuesday, February 18th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

ADI has been the topic of several research reports. Piper Sandler reduced their price target on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 27th. Barclays cut their target price on shares of Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Truist Financial upped their price objective on Analog Devices from $216.00 to $230.00 and gave the stock a “hold” rating in a research report on Friday, January 10th. Benchmark began coverage on Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating and a $245.00 price objective on the stock. Finally, TD Cowen cut their price target on Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Seven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $248.52.

Insiders Place Their Bets

In other news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total value of $2,154,900.00. Following the transaction, the chief executive officer now owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. The trade was a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.33% of the stock is currently owned by insiders.

About Analog Devices

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.