Concentric Capital Strategies LP Reduces Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Concentric Capital Strategies LP decreased its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 16.7% during the 4th quarter, Holdings Channel.com reports. The fund owned 49,423 shares of the semiconductor company’s stock after selling 9,929 shares during the period. Concentric Capital Strategies LP’s holdings in Analog Devices were worth $10,500,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Midwest Professional Planners LTD. lifted its position in 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 buying an additional 53 shares in the last quarter. Portland Global Advisors LLC grew its stake in Analog Devices by 1.3% in the fourth 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 in the last quarter. NTV Asset Management LLC increased its position 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 worth $438,000 after purchasing an additional 54 shares during the last quarter. West Oak Capital LLC raised its stake in shares of Analog Devices by 0.4% during the 4th quarter. West Oak Capital LLC now owns 12,509 shares of the semiconductor company’s stock worth $2,658,000 after purchasing an additional 55 shares in the last quarter. Finally, Cassady Schiller Wealth Management LLC grew 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 buying an additional 55 shares in the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

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 on 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 owns 142,996 shares of the company’s stock, valued at $28,147,332.64. The trade was a 6.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ray Stata sold 3,125 shares of Analog Devices stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $180.21, for a total value of $563,156.25. Following the completion of the transaction, the director now 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,809 shares of company stock valued at $8,123,156. 0.33% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ADI shares. Lake Street Capital began coverage on shares of Analog Devices in a research note on Friday, February 14th. They set a “buy” rating on the stock. Wells Fargo & Company increased their price objective on shares of Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Williams Trading set a $245.00 price target on shares of Analog Devices in a report on Friday, February 14th. JPMorgan Chase & Co. raised their price objective on shares of Analog Devices from $280.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Finally, Truist Financial increased their target price on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. One equities research 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $250.43.

Analog Devices Trading Down 0.9 %

ADI opened at $195.88 on Wednesday. The company has a fifty day moving average price of $197.51 and a two-hundred day moving average price of $211.05. Analog Devices, Inc. has a 1-year low of $158.65 and a 1-year high of $247.10. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. The company has a market cap of $97.15 billion, a P/E ratio of 62.38, a price-to-earnings-growth ratio of 2.85 and a beta of 0.98.

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

Analog Devices announced that its Board of Directors has authorized a share repurchase plan on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analog Devices Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors 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. This represents a $3.96 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Tuesday, March 4th. Analog Devices’s dividend payout ratio (DPR) is presently 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.