Allstate Corp Buys Shares of 14,695 Analog Devices, Inc. (NASDAQ:ADI)

Allstate Corp purchased a new position in shares of Analog Devices, Inc. (NASDAQ:ADI) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 14,695 shares of the semiconductor company’s stock, valued at approximately $3,122,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADI. Brown Brothers Harriman & Co. increased its position in shares of Analog Devices by 199.9% in the fourth quarter. Brown Brothers Harriman & Co. now owns 29,128 shares of the semiconductor company’s stock valued at $6,189,000 after acquiring an additional 19,417 shares during the last quarter. DnB Asset Management AS grew its stake in shares of Analog Devices by 36.8% in the fourth quarter. DnB Asset Management AS now owns 124,936 shares of the semiconductor company’s stock valued at $26,544,000 after buying an additional 33,595 shares in the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of Analog Devices by 9.9% in the fourth quarter. Orion Portfolio Solutions LLC now owns 48,196 shares of the semiconductor company’s stock valued at $10,240,000 after buying an additional 4,339 shares in the last quarter. AKO Capital LLP raised its position in Analog Devices by 3.8% during the fourth quarter. AKO Capital LLP now owns 1,167,224 shares of the semiconductor company’s stock worth $247,988,000 after acquiring an additional 42,938 shares in the last quarter. Finally, Norges Bank bought a new stake in Analog Devices during the fourth quarter worth $1,755,958,000. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Analog Devices

In other Analog Devices news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $209.19, for a total value of $836,760.00. Following the completion of the transaction, the chief financial officer now owns 49,916 shares in the company, valued at $10,441,928.04. This represents a 7.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vivek Jain sold 12,684 shares of Analog Devices stock in a transaction on Monday, March 24th. The stock was sold at an average price of $210.00, for a total value of $2,663,640.00. Following the sale, the executive vice president now owns 43,175 shares in the company, valued at $9,066,750. The trade was a 22.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,684 shares of company stock worth $7,746,500 in the last quarter. 0.33% of the stock is currently owned by corporate insiders.

Analog Devices Trading Down 3.5 %

NASDAQ ADI opened at $201.56 on Friday. The business has a 50 day moving average price of $216.51 and a 200-day moving average price of $219.53. Analog Devices, Inc. has a 52 week low of $182.57 and a 52 week high of $247.10. 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 $99.97 billion, a price-to-earnings ratio of 64.19, a P/E/G ratio of 2.85 and a beta of 1.07.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating 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 net margin of 16.75% and a return on equity of 8.91%. The business’s revenue was down 3.6% on a year-over-year basis. During the same period last year, the company earned $1.73 earnings per share. As a group, equities analysts expect that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

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

Analog Devices Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a yield of 1.96%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Tuesday, March 4th. Analog Devices’s payout ratio is currently 126.11%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ADI shares. Maxim Group started coverage on Analog Devices in a research report on Friday, February 14th. They set a “buy” rating on the stock. Morgan Stanley increased their price objective on shares of Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Wells Fargo & Company boosted their price objective on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Lake Street Capital initiated coverage on Analog Devices in a research note on Friday, February 14th. They set a “buy” rating on the stock. Finally, Truist Financial boosted their target price on shares of Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to 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.