Analog Devices, Inc. (NASDAQ:ADI) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System reduced its stake in Analog Devices, Inc. (NASDAQ:ADI) by 0.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,755 shares of the semiconductor company’s stock after selling 400 shares during the period. State of Michigan Retirement System’s holdings in Analog Devices were worth $28,630,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ADI. Swedbank AB increased its holdings in Analog Devices by 6.7% in the 3rd quarter. Swedbank AB now owns 2,894,109 shares of the semiconductor company’s stock valued at $666,137,000 after purchasing an additional 180,870 shares in the last quarter. Optas LLC boosted its position in Analog Devices by 16.6% in the 3rd quarter. Optas LLC now owns 1,409 shares of the semiconductor company’s stock valued at $324,000 after buying an additional 201 shares during the last quarter. Janney Capital Management LLC boosted its position in Analog Devices by 0.9% in the 3rd quarter. Janney Capital Management LLC now owns 8,032 shares of the semiconductor company’s stock valued at $1,849,000 after buying an additional 73 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Analog Devices by 16.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 300,368 shares of the semiconductor company’s stock valued at $69,136,000 after buying an additional 42,777 shares during the last quarter. Finally, Forum Financial Management LP boosted its position in Analog Devices by 11.7% in the 3rd quarter. Forum Financial Management LP now owns 5,111 shares of the semiconductor company’s stock valued at $1,176,000 after buying an additional 534 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Analog Devices

In related 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 transaction, the chief executive officer now owns 21,983 shares in the company, valued at $4,737,116.67. This trade represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.33% of the stock is owned by company insiders.

Analog Devices Stock Performance

Shares of NASDAQ ADI opened at $228.53 on Tuesday. 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 firm’s 50-day moving average price is $217.82 and its two-hundred day moving average price is $221.14. Analog Devices, Inc. has a 52-week low of $182.57 and a 52-week high of $247.10. The stock has a market capitalization of $113.35 billion, a P/E ratio of 72.78, a P/E/G ratio of 2.85 and a beta of 1.04.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, beating the consensus estimate of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the business earned $1.73 earnings per share. Analog Devices’s revenue was down 3.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices declared that its board has approved a share buyback plan on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 9.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analog Devices Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th will be paid a $0.99 dividend. The ex-dividend date is Tuesday, March 4th. This represents a $3.96 annualized dividend and a dividend yield of 1.73%. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio (DPR) is presently 126.11%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ADI. Benchmark upped their price objective on shares of Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. upped their price objective on shares of Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Maxim Group began coverage on shares of Analog Devices in a research report on Friday, February 14th. They issued a “buy” rating for the company. Morgan Stanley upped 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. Finally, Piper Sandler decreased their price objective 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 given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $255.41.

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.