PNC Financial Services Group Inc. trimmed its stake in Analog Devices, Inc. (NASDAQ:ADI) by 8.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 131,070 shares of the semiconductor company’s stock after selling 11,506 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Analog Devices were worth $11,751,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADI. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Analog Devices by 0.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 87,452 shares of the semiconductor company’s stock valued at $10,393,000 after purchasing an additional 469 shares during the period. Candriam Luxembourg S.C.A. grew its position in shares of Analog Devices by 34.4% in the fourth quarter. Candriam Luxembourg S.C.A. now owns 288,628 shares of the semiconductor company’s stock valued at $34,301,000 after purchasing an additional 73,807 shares during the period. SeaCrest Wealth Management LLC grew its position in shares of Analog Devices by 3.7% in the fourth quarter. SeaCrest Wealth Management LLC now owns 3,460 shares of the semiconductor company’s stock valued at $411,000 after purchasing an additional 122 shares during the period. Savior LLC purchased a new stake in shares of Analog Devices in the fourth quarter valued at $27,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Analog Devices in the fourth quarter valued at $655,000. 86.97% of the stock is owned by institutional investors.
Shares of ADI opened at $111.06 on Friday. The stock’s 50-day moving average is $102.33 and its two-hundred day moving average is $109.51. The stock has a market cap of $40.90 billion, a PE ratio of 37.27, a P/E/G ratio of 2.07 and a beta of 1.37. Analog Devices, Inc. has a 12 month low of $79.07 and a 12 month high of $127.30. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.30 and a quick ratio of 0.75.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 9th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Thursday, May 28th. Analog Devices’s dividend payout ratio is presently 48.16%.
In related news, SVP Gregory N. Henderson sold 883 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $100.00, for a total value of $88,300.00. Following the transaction, the senior vice president now owns 5,826 shares in the company, valued at $582,600. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Edward H. Frank sold 8,460 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $113.42, for a total value of $959,533.20. Following the completion of the transaction, the director now owns 19,775 shares in the company, valued at approximately $2,242,880.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,574 shares of company stock worth $1,387,634. Insiders own 0.42% of the company’s stock.
A number of equities research analysts have recently commented on ADI shares. Bank of America lifted their price objective on Analog Devices from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday. Zacks Investment Research downgraded Analog Devices from a “hold” rating to a “sell” rating and set a $109.00 price objective for the company. in a research report on Thursday, May 14th. BidaskClub raised Analog Devices from a “sell” rating to a “hold” rating in a research report on Tuesday, March 24th. Morgan Stanley boosted their price target on Analog Devices from $95.00 to $101.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, Credit Suisse Group reissued a “buy” rating and set a $130.00 price target on shares of Analog Devices in a research report on Thursday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $121.70.
Analog Devices Company Profile
Analog Devices, Inc engages in the design, development, manufacture, and marketing of integrated circuits (ICs). Its products include industrial process control systems, medical imaging equipment, factory process automation systems, patient vital signs monitoring devices, instrumentation and measurement systems, wireless infrastructure equipment, energy management systems, networking equipment, aerospace and defense electronics, optical systems, automobiles, and portable consumer devices.
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