ExodusPoint Capital Management LP Purchases New Shares in Analog Devices, Inc. (NASDAQ:ADI)

ExodusPoint Capital Management LP acquired a new position in Analog Devices, Inc. (NASDAQ:ADI) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 23,148 shares of the semiconductor company’s stock, valued at approximately $4,918,000.

A number of other institutional investors have also recently bought and sold shares of ADI. United Bank grew its position in Analog Devices by 4.7% during the third quarter. United Bank now owns 6,056 shares of the semiconductor company’s stock worth $1,394,000 after buying an additional 273 shares in the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of Analog Devices by 3.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 4,030 shares of the semiconductor company’s stock valued at $927,000 after acquiring an additional 118 shares during the period. Weiss Asset Management LP acquired a new stake in shares of Analog Devices during the 3rd quarter worth $2,198,000. Worldquant Millennium Advisors LLC bought a new position in shares of Analog Devices in the third quarter worth $11,045,000. Finally, Wellington Management Group LLP raised its stake in Analog Devices by 16.6% in the third quarter. Wellington Management Group LLP now owns 43,349 shares of the semiconductor company’s stock valued at $9,978,000 after purchasing an additional 6,164 shares in the last quarter. Institutional investors own 86.81% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company increased their price objective on shares of Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Williams Trading set a $245.00 price objective on shares of Analog Devices in a research note on Friday, February 14th. Morgan Stanley upped their target price on Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Benchmark lifted their price target on Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Finally, Lake Street Capital began coverage on Analog Devices in a report on Friday, February 14th. They set a “buy” rating for the company. Six investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $255.41.

Analog Devices Trading Down 9.0 %

Shares of ADI stock opened at $164.60 on Friday. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 1-year low of $164.14 and a 1-year high of $247.10. The stock has a 50-day moving average of $213.22 and a 200-day moving average of $218.31. The stock has a market cap of $81.64 billion, a price-to-earnings ratio of 52.42, a PEG ratio of 2.85 and a beta of 1.06.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, topping 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 analyst estimates of $2.36 billion. During the same period last year, the company posted $1.73 EPS. The business’s quarterly revenue was down 3.6% 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 year.

Analog Devices Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were issued a dividend of $0.99 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.96 annualized dividend and a dividend yield of 2.41%. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio is currently 126.11%.

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

Insider Buying and Selling

In other Analog Devices news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total value of $836,760.00. Following the completion of the sale, the chief financial officer now directly owns 49,916 shares of the company’s stock, valued at approximately $10,441,928.04. This represents a 7.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Vivek Jain sold 12,684 shares of the company’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 of the company’s stock, valued at approximately $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 three months, insiders have sold 26,684 shares of company stock valued at $5,591,600. 0.33% of the stock is owned by company insiders.

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.