Washington Trust Bank Grows Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Washington Trust Bank boosted its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 306.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,521 shares of the semiconductor company’s stock after acquiring an additional 7,179 shares during the period. Washington Trust Bank’s holdings in Analog Devices were worth $2,023,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Raymond James Financial Inc. bought a new position in Analog Devices during the 4th quarter valued at approximately $833,386,000. Proficio Capital Partners LLC raised its position in shares of Analog Devices by 22,005.0% in the 4th quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company’s stock worth $652,943,000 after purchasing an additional 3,059,349 shares during the last quarter. Franklin Resources Inc. boosted its stake in Analog Devices by 14.9% in the 3rd quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock worth $2,169,689,000 after purchasing an additional 1,189,940 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in Analog Devices by 807.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 959,686 shares of the semiconductor company’s stock valued at $220,891,000 after purchasing an additional 853,931 shares during the last quarter. Finally, Holocene Advisors LP increased its stake in Analog Devices by 336.4% during the 3rd quarter. Holocene Advisors LP now owns 1,068,572 shares of the semiconductor company’s stock valued at $245,953,000 after purchasing an additional 823,709 shares in the last quarter. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Insider Buying and Selling

In related news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total value of $2,091,200.00. Following the sale, the chief executive officer now directly owns 64,918 shares in the company, valued at approximately $13,575,652.16. The trade was a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total value of $836,760.00. Following the transaction, the chief financial officer now owns 49,916 shares of the company’s stock, valued at $10,441,928.04. This represents a 7.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,000 shares of company stock worth $5,082,860. 0.33% of the stock is owned by insiders.

Analog Devices Trading Down 0.7 %

Shares of ADI stock opened at $204.40 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. The stock has a fifty day simple moving average of $217.17 and a two-hundred day simple moving average of $219.84. The firm has a market capitalization of $101.38 billion, a PE ratio of 65.10, a PEG ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a 52-week low of $182.57 and a 52-week high of $247.10.

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

Analog Devices declared that its Board of Directors has approved a share repurchase program on Tuesday, February 18th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were issued a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Tuesday, March 4th. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s payout ratio is 126.11%.

Analyst Ratings Changes

A number of research firms have recently commented on ADI. TD Cowen cut their price target on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. UBS Group increased their target price on Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Maxim Group assumed coverage on Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating for the company. Wells Fargo & Company increased their price objective on 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, Piper Sandler cut their target price on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research report on Wednesday, November 27th. Six equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $255.41.

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.