Ameriprise Financial Inc. Decreases Stake in Analog Devices, Inc. (NASDAQ:ADI)

Ameriprise Financial Inc. decreased its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 3.2% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 6,120,160 shares of the semiconductor company’s stock after selling 201,424 shares during the period. Ameriprise Financial Inc.’s holdings in Analog Devices were worth $1,300,343,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ADI. Mainstream Capital Management LLC acquired a new position in Analog Devices during the 4th quarter worth approximately $30,000. Hopwood Financial Services Inc. acquired a new position in shares of Analog Devices during the fourth quarter worth $30,000. Cassady Schiller Wealth Management LLC boosted its stake in shares of Analog Devices by 63.2% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 55 shares during the period. Financial Life Planners acquired a new stake in Analog Devices during the 4th quarter valued at $33,000. Finally, Kestra Investment Management LLC purchased a new stake in Analog Devices during the 4th quarter worth $41,000. 86.81% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $196.84, for a total transaction of $1,968,400.00. Following the sale, the chief executive officer now directly owns 142,996 shares in the company, valued at approximately $28,147,332.64. The trade was a 6.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ray Stata sold 3,125 shares of the company’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $180.21, for a total transaction of $563,156.25. Following the completion of the sale, the director now directly owns 186,321 shares of the company’s stock, valued at approximately $33,576,907.41. This represents a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,809 shares of company stock worth $8,123,156 in the last three months. 0.33% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Citigroup decreased their price objective on shares of Analog Devices from $265.00 to $235.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Stifel Nicolaus reduced their price target on Analog Devices from $275.00 to $225.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Oppenheimer restated an “outperform” rating and set a $270.00 price objective (up from $245.00) on shares of Analog Devices in a report on Thursday, February 20th. Lake Street Capital assumed coverage on shares of Analog Devices in a research report on Friday, February 14th. They set a “buy” rating for the company. Finally, Truist Financial lifted their price target on shares of Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, Analog Devices currently has a consensus rating of “Moderate Buy” and an average price target of $250.43.

Analog Devices Stock Performance

ADI stock opened at $198.59 on Friday. Analog Devices, Inc. has a 1 year low of $158.65 and a 1 year high of $247.10. The stock has a market capitalization of $98.50 billion, a price-to-earnings ratio of 63.25, a PEG ratio of 2.85 and a beta of 1.06. 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’s fifty day moving average is $198.79 and its two-hundred day moving average is $211.48.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share 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 firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period last year, the firm posted $1.73 EPS. Analog Devices’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, research analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices announced that its Board of Directors has authorized a stock buyback plan on Tuesday, February 18th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were issued a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 1.99%. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date was Tuesday, March 4th. Analog Devices’s dividend payout ratio is 126.11%.

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.