Washington Trust Bank Increases Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Washington Trust Bank boosted its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 306.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,521 shares of the semiconductor company’s stock after buying an additional 7,179 shares during the period. Washington Trust Bank’s holdings in Analog Devices were worth $2,023,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Transactions at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $209.12, for a total value of $2,091,200.00. Following the completion of the sale, the chief executive officer now directly owns 64,918 shares of the company’s stock, valued at approximately $13,575,652.16. This trade represents a 13.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of Analog Devices stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total transaction of $836,760.00. Following the sale, the chief financial officer now directly owns 49,916 shares in the company, valued at $10,441,928.04. The trade was a 7.42 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,000 shares of company stock worth $5,082,860. 0.33% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Truist Financial increased their price objective on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. TD Cowen lowered their price target on Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Morgan Stanley boosted their price objective on Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Maxim Group initiated coverage on shares of Analog Devices in a research report on Friday, February 14th. They issued a “buy” rating on the stock. Finally, Oppenheimer reiterated an “outperform” rating and set a $270.00 target price (up from $245.00) on shares of Analog Devices in a research report on Thursday, February 20th. Six analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $255.41.

Analog Devices Stock Down 0.7 %

Shares of NASDAQ ADI opened at $204.40 on Friday. The firm’s fifty day moving average is $217.17 and its 200 day moving average is $219.84. Analog Devices, Inc. has a 52 week low of $182.57 and a 52 week high of $247.10. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. The company has a market cap of $101.38 billion, a price-to-earnings ratio of 65.10, a PEG ratio of 2.85 and a beta of 1.07.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (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 net margin of 16.75% and a return on equity of 8.91%. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.73 earnings per share. On average, equities research analysts expect that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

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

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were issued a $0.99 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $3.96 annualized dividend and a yield of 1.94%. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. 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.