Intact Investment Management Inc. Trims Stake in Analog Devices, Inc. (NASDAQ:ADI)

Intact Investment Management Inc. reduced its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 4.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,800 shares of the semiconductor company’s stock after selling 1,600 shares during the period. Intact Investment Management Inc.’s holdings in Analog Devices were worth $6,615,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in Analog Devices in the fourth quarter valued at $1,755,958,000. Raymond James Financial Inc. bought a new position in Analog Devices in the fourth quarter valued at $833,386,000. Proficio Capital Partners LLC increased 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 during the last quarter. GAMMA Investing LLC increased its stake in Analog Devices by 25,460.1% in the first quarter. GAMMA Investing LLC now owns 2,211,715 shares of the semiconductor company’s stock valued at $446,037,000 after acquiring an additional 2,203,062 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC increased its stake 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 valued at $335,933,000 after acquiring an additional 1,186,981 shares during the last quarter. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Vivek Jain sold 12,684 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the transaction, the executive vice president now directly owns 43,175 shares in the company, valued at $9,066,750. The trade was a 22.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ray Stata sold 3,125 shares of Analog Devices 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 trade represents a 1.65% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,934 shares of company stock worth $5,807,196. Insiders own 0.33% of the company’s stock.

Analog Devices Stock Down 0.6%

NASDAQ ADI opened at $228.35 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.08 and a quick ratio of 1.51. The stock has a market capitalization of $113.32 billion, a PE ratio of 62.22, a PEG ratio of 2.11 and a beta of 1.00. Analog Devices, Inc. has a 1 year low of $158.65 and a 1 year high of $247.10. The business’s 50-day moving average is $209.55 and its 200 day moving average is $211.09.

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, beating the consensus estimate of $1.70 by $0.15. The business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Analog Devices had a return on equity of 9.56% and a net margin of 18.65%. The business’s revenue was up 22.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.40 EPS. Sell-side analysts forecast that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were issued a dividend of $0.99 per share. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $3.96 annualized dividend and a dividend yield of 1.73%. Analog Devices’s payout ratio is 107.90%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Stifel Nicolaus increased their target price on Analog Devices from $225.00 to $248.00 and gave the company a “buy” rating in a research note on Tuesday, May 20th. Cantor Fitzgerald upgraded shares of Analog Devices from a “neutral” rating to an “overweight” rating and upped their price target for the company from $250.00 to $270.00 in a research report on Wednesday. Morgan Stanley cut their price target on shares of Analog Devices from $214.00 to $212.00 and set an “overweight” rating for the company in a research report on Friday, May 23rd. Williams Trading set a $260.00 price target on shares of Analog Devices in a research report on Friday, May 23rd. Finally, Wells Fargo & Company set a $235.00 price target on shares of Analog Devices and gave the company an “equal weight” rating in a research report on Monday, June 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Analog Devices presently has an average rating of “Moderate Buy” and an average target price of $251.75.

About Analog Devices

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.