Canopy Partners LLC Takes $740,000 Position in Analog Devices, Inc. (NASDAQ:ADI)

Canopy Partners LLC bought a new position in shares of Analog Devices, Inc. (NASDAQ:ADI) in the 4th quarter, HoldingsChannel reports. The fund bought 3,484 shares of the semiconductor company’s stock, valued at approximately $740,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Bank of Montreal Can increased its stake in Analog Devices by 45.0% during the 4th quarter. Bank of Montreal Can now owns 917,764 shares of the semiconductor company’s stock worth $194,988,000 after buying an additional 284,965 shares during the period. FMR LLC increased its stake in shares of Analog Devices by 0.8% during the fourth quarter. FMR LLC now owns 7,450,018 shares of the semiconductor company’s stock worth $1,582,831,000 after buying an additional 61,390 shares during the period. Titleist Asset Management LLC increased its position in shares of Analog Devices by 51.3% in the 4th quarter. Titleist Asset Management LLC now owns 1,345 shares of the semiconductor company’s stock valued at $286,000 after purchasing an additional 456 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Analog Devices by 22.5% during the 4th quarter. Russell Investments Group Ltd. now owns 433,696 shares of the semiconductor company’s stock worth $92,150,000 after acquiring an additional 79,648 shares in the last quarter. Finally, Wedbush Securities Inc. lifted its stake in Analog Devices by 10.3% during the fourth quarter. Wedbush Securities Inc. now owns 6,498 shares of the semiconductor company’s stock worth $1,380,000 after purchasing an additional 606 shares during the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

Insider Transactions at Analog Devices

In other Analog Devices news, EVP Vivek Jain sold 12,684 shares of Analog Devices stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 43,175 shares in the company, valued at approximately $9,066,750. The trade was a 22.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total transaction of $836,760.00. Following the completion of the sale, the chief financial officer now owns 49,916 shares in the company, valued at $10,441,928.04. This represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,684 shares of company stock valued at $5,591,600 in the last 90 days. 0.33% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Barclays cut their price target on shares of Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Benchmark upped their target price on Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Wells Fargo & Company lifted their price target on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Lake Street Capital initiated coverage on Analog Devices in a report on Friday, February 14th. They issued a “buy” rating for the company. Finally, Maxim Group began coverage on shares of Analog Devices in a report on Friday, February 14th. They issued a “buy” rating on the stock. Six investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, Analog Devices currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.41.

Analog Devices Price Performance

Analog Devices stock opened at $164.60 on Monday. The business has a fifty day moving average of $213.22 and a two-hundred day moving average of $218.28. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. The company has a market cap of $81.64 billion, a P/E ratio of 52.42, a price-to-earnings-growth ratio of 2.85 and a beta of 1.06. Analog Devices, Inc. has a one year low of $159.66 and a one year high of $247.10.

Analog Devices (NASDAQ:ADI) last issued its earnings results 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 company had revenue of $2.42 billion during 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 firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the company posted $1.73 earnings per share. As a group, analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices announced that its board has approved a share repurchase program on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor company to buy up to 9.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Analog Devices Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were given a $0.99 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 2.41%. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio (DPR) is currently 126.11%.

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.