Norway Savings Bank Purchases 1,210 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Norway Savings Bank increased its position in Analog Devices, Inc. (NASDAQ:ADI) by 18.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,750 shares of the semiconductor company’s stock after purchasing an additional 1,210 shares during the quarter. Norway Savings Bank’s holdings in Analog Devices were worth $1,298,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ADI. Amundi bought a new position in Analog Devices in the second quarter worth $696,224,000. Winslow Capital Management LLC bought a new position in Analog Devices in the second quarter worth $256,370,000. Robeco Schweiz AG lifted its position in Analog Devices by 323.7% in the third quarter. Robeco Schweiz AG now owns 1,631,400 shares of the semiconductor company’s stock worth $273,227,000 after purchasing an additional 1,246,400 shares during the period. Morgan Stanley lifted its holdings in shares of Analog Devices by 87.2% during the second quarter. Morgan Stanley now owns 2,071,256 shares of the semiconductor company’s stock valued at $356,588,000 after acquiring an additional 964,538 shares during the period. Finally, FMR LLC lifted its holdings in shares of Analog Devices by 10.2% during the second quarter. FMR LLC now owns 10,306,157 shares of the semiconductor company’s stock valued at $1,774,307,000 after acquiring an additional 953,893 shares during the period. 99.41% of the stock is owned by hedge funds and other institutional investors.

Shares of ADI opened at $182.47 on Thursday. The company has a current ratio of 1.11, a quick ratio of 0.87 and a debt-to-equity ratio of 0.31. Analog Devices, Inc. has a 1 year low of $134.96 and a 1 year high of $191.95. The stock has a market cap of $67.19 billion, a P/E ratio of 39.93, a price-to-earnings-growth ratio of 2.70 and a beta of 1.16. The stock’s 50-day moving average price is $175.94 and its two-hundred day moving average price is $168.66.

Analog Devices (NASDAQ:ADI) last issued its earnings results on Tuesday, November 23rd. The semiconductor company reported $1.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.70 by $0.03. Analog Devices had a return on equity of 18.86% and a net margin of 26.15%. The firm had revenue of $2.34 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter last year, the business earned $1.44 earnings per share. The company’s revenue was up 53.3% compared to the same quarter last year. As a group, equities analysts forecast that Analog Devices, Inc. will post 6.41 EPS for the current year.

Analog Devices declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 25th that permits the company to repurchase $8.50 billion in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 13.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 14th. Shareholders of record on Friday, December 3rd will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Thursday, December 2nd. Analog Devices’s dividend payout ratio (DPR) is currently 60.39%.

In related news, Director Tunc Doluca sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 22nd. The stock was sold at an average price of $190.00, for a total transaction of $190,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Bruce R. Evans acquired 8,001 shares of the firm’s stock in a transaction on Wednesday, October 6th. The stock was purchased at an average cost of $164.98 per share, for a total transaction of $1,320,004.98. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 31,100 shares of company stock worth $5,382,960. Company insiders own 0.91% of the company’s stock.

A number of brokerages have issued reports on ADI. JPMorgan Chase & Co. raised Analog Devices from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $119.00 to $215.00 in a report on Monday, September 20th. Wells Fargo & Company lifted their price objective on Analog Devices from $170.00 to $185.00 and gave the company an “equal weight” rating in a report on Tuesday. Bank of America lifted their price objective on Analog Devices from $210.00 to $220.00 and gave the company a “buy” rating in a report on Wednesday. Zacks Investment Research cut Analog Devices from a “hold” rating to a “sell” rating and set a $194.00 price objective for the company. in a report on Tuesday, November 9th. Finally, Robert W. Baird reissued a “buy” rating on shares of Analog Devices in a report on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat.com, Analog Devices currently has a consensus rating of “Buy” and an average price target of $193.41.

Analog Devices 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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Institutional Ownership by Quarter for Analog Devices (NASDAQ:ADI)

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