First Manhattan CO. LLC. Sells 2,215 Shares of Analog Devices, Inc. (NASDAQ:ADI)

First Manhattan CO. LLC. lessened its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 9.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,448 shares of the semiconductor company’s stock after selling 2,215 shares during the quarter. First Manhattan CO. LLC.’s holdings in Analog Devices were worth $4,769,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in Analog Devices in the fourth quarter valued at about $1,755,958,000. Raymond James Financial Inc. acquired a new stake in Analog Devices in the fourth quarter valued at approximately $833,386,000. Proficio Capital Partners LLC boosted its stake in Analog Devices by 22,005.0% in the fourth quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company’s stock valued at $652,943,000 after acquiring an additional 3,059,349 shares in the last quarter. Kovitz Investment Group Partners LLC grew its holdings in Analog Devices by 301.1% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,581,157 shares of the semiconductor company’s stock worth $335,933,000 after purchasing an additional 1,186,981 shares during the last quarter. Finally, Deutsche Bank AG increased its position in shares of Analog Devices by 71.0% during the fourth quarter. Deutsche Bank AG now owns 2,158,914 shares of the semiconductor company’s stock worth $458,683,000 after purchasing an additional 896,694 shares in the last quarter. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Analog Devices

In other Analog Devices news, Director Ray Stata sold 3,125 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $195.84, for a total transaction of $612,000.00. Following the completion of the sale, the director now directly owns 180,071 shares in the company, valued at approximately $35,265,104.64. The trade was a 1.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vivek Jain sold 12,684 shares of Analog Devices stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 43,175 shares in the company, valued at $9,066,750. This represents a 22.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 42,934 shares of company stock valued at $8,735,156. 0.33% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Seaport Res Ptn upgraded Analog Devices to a “strong sell” rating in a research note on Wednesday, April 30th. Lake Street Capital began coverage on Analog Devices in a research note on Friday, February 14th. They set a “buy” rating on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a research report on Thursday, February 20th. Citigroup lowered their target price on shares of Analog Devices from $265.00 to $235.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Finally, UBS Group upped their price target on shares of Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Analog Devices has a consensus rating of “Moderate Buy” and an average target price of $250.43.

Analog Devices Stock Performance

Shares of NASDAQ ADI opened at $207.51 on Friday. The company has a market capitalization of $102.92 billion, a PE ratio of 66.09, a price-to-earnings-growth ratio of 2.85 and a beta of 0.98. 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 company’s fifty day moving average price is $196.04 and its 200 day moving average price is $210.70. Analog Devices, Inc. has a 1 year low of $158.65 and a 1 year high of $247.10.

Analog Devices (NASDAQ:ADI) last posted its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period last year, the firm earned $1.73 EPS. On average, research analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices announced that its Board of Directors has initiated a stock repurchase program on Tuesday, February 18th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were given a dividend of $0.99 per share. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.91%. Analog Devices’s dividend payout ratio (DPR) is 126.11%.

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.