First Citizens Bank & Trust Co. Lowers Stake in Analog Devices, Inc. (NASDAQ:ADI)

First Citizens Bank & Trust Co. cut its position in Analog Devices, Inc. (NASDAQ:ADI) by 1.5% in the first quarter, HoldingsChannel.com reports. The firm owned 40,021 shares of the semiconductor company’s stock after selling 604 shares during the period. First Citizens Bank & Trust Co.’s holdings in Analog Devices were worth $8,071,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ADI. Midwest Professional Planners LTD. raised its stake in shares of Analog Devices by 0.6% during the 4th quarter. Midwest Professional Planners LTD. now owns 9,296 shares of the semiconductor company’s stock worth $1,975,000 after acquiring an additional 53 shares in the last quarter. Portland Global Advisors LLC lifted its holdings in shares of Analog Devices by 1.3% during the 4th quarter. Portland Global Advisors LLC now owns 4,014 shares of the semiconductor company’s stock valued at $853,000 after purchasing an additional 53 shares during the last quarter. NTV Asset Management LLC lifted its holdings in shares of Analog Devices by 2.7% during the 4th quarter. NTV Asset Management LLC now owns 2,063 shares of the semiconductor company’s stock valued at $438,000 after purchasing an additional 54 shares during the last quarter. Cassady Schiller Wealth Management LLC boosted its position in shares of Analog Devices by 63.2% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 55 shares in the last quarter. Finally, Lindbrook Capital LLC grew its stake in Analog Devices by 1.3% during the 4th quarter. Lindbrook Capital LLC now owns 5,243 shares of the semiconductor company’s stock worth $1,114,000 after buying an additional 65 shares during the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADI. Wall Street Zen raised Analog Devices from a “hold” rating to a “buy” rating in a research report on Saturday, May 24th. Cfra Research lowered Analog Devices from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, May 22nd. TD Cowen increased their price objective on shares of Analog Devices from $200.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, May 23rd. Barclays boosted their price target on Analog Devices from $170.00 to $185.00 and gave the company an “equal weight” rating in a research note on Friday, May 23rd. Finally, Williams Trading set a $260.00 price target on shares of Analog Devices in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $248.63.

Insider Buying and Selling

In other Analog Devices news, EVP Vivek Jain sold 12,684 shares of Analog Devices stock in a transaction on Monday, March 24th. The shares were sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the sale, the executive vice president now owns 43,175 shares of the company’s stock, valued at $9,066,750. The trade was a 22.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total transaction of $2,091,200.00. Following the sale, the chief executive officer now directly owns 64,918 shares of the company’s stock, valued at $13,575,652.16. The trade was a 13.35% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,934 shares of company stock worth $8,735,156. Insiders own 0.33% of the company’s stock.

Analog Devices Trading Up 1.9%

Shares of NASDAQ:ADI opened at $222.26 on Monday. The business’s 50 day moving average price is $199.58 and its 200-day moving average price is $210.29. Analog Devices, Inc. has a 1 year low of $158.65 and a 1 year high of $247.10. The firm has a market capitalization of $110.30 billion, a price-to-earnings ratio of 70.78, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings data on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.15. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The company had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same period in the prior year, the business posted $1.40 earnings per share. The firm’s revenue for the quarter was up 22.3% on a year-over-year basis. On average, equities research analysts forecast that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be issued a $0.99 dividend. This represents a $3.96 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Wednesday, June 4th. Analog Devices’s payout ratio is 107.90%.

Analog Devices declared that its board has authorized a share buyback program on Tuesday, February 18th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to purchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.