Sumitomo Mitsui DS Asset Management Company Ltd Sells 36,615 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its stake in Analog Devices, Inc. (NASDAQ:ADI) by 28.4% in the fourth quarter, Holdings Channel reports. The firm owned 92,389 shares of the semiconductor company’s stock after selling 36,615 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Analog Devices were worth $19,629,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in Analog Devices in the third quarter valued at approximately $28,000. Archer Investment Corp lifted its position in shares of Analog Devices by 101.4% in the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 73 shares during the last quarter. Financial Life Planners acquired a new stake in shares of Analog Devices in the fourth quarter valued at approximately $33,000. Peterson Financial Group Inc. acquired a new stake in shares of Analog Devices in the third quarter valued at approximately $43,000. Finally, Reston Wealth Management LLC acquired a new stake in shares of Analog Devices in the third quarter valued at approximately $48,000. 86.81% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on ADI. Truist Financial raised their price objective on Analog Devices from $216.00 to $230.00 and gave the company a “hold” rating in a research report on Friday, January 10th. Piper Sandler reduced their target price on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a report on Wednesday, November 27th. Wells Fargo & Company started coverage on shares of Analog Devices in a research report on Friday, November 22nd. They set an “equal weight” rating and a $220.00 target price for the company. TD Cowen reduced their target price on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Finally, Morgan Stanley lowered their price objective on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating on the stock in a report on Wednesday, November 27th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Analog Devices presently has an average rating of “Moderate Buy” and a consensus target price of $248.70.

Analog Devices Stock Down 0.9 %

Shares of Analog Devices stock opened at $207.83 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35. The company has a 50-day moving average of $215.65 and a 200 day moving average of $220.68. The firm has a market cap of $103.11 billion, a price-to-earnings ratio of 63.17, a PEG ratio of 2.43 and a beta of 1.04. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $244.14.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Tuesday, November 26th. The semiconductor company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.64 by $0.03. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.41 billion. During the same period in the prior year, the firm posted $2.01 EPS. Analog Devices’s revenue for the quarter was down 10.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Analog Devices, Inc. will post 7.09 earnings per share for the current fiscal year.

Analog Devices Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Monday, December 9th were given a dividend of $0.92 per share. The ex-dividend date was Monday, December 9th. This represents a $3.68 annualized dividend and a yield of 1.77%. Analog Devices’s dividend payout ratio (DPR) is 111.85%.

Insiders Place Their Bets

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total value of $2,154,900.00. Following the completion of the transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at $4,737,116.67. This represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.33% of the company’s stock.

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.