Fisher Funds Management LTD Takes Position in Analog Devices, Inc. (NASDAQ:ADI)

Fisher Funds Management LTD acquired a new stake in shares of Analog Devices, Inc. (NASDAQ:ADI) during the fourth quarter, Holdings Channel.com reports. The fund acquired 36,630 shares of the semiconductor company’s stock, valued at approximately $7,773,000.

A number of other hedge funds also recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new stake in shares of Analog Devices during the third quarter worth approximately $28,000. Archer Investment Corp grew its position in shares of Analog Devices by 101.4% during the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock worth $33,000 after buying an additional 73 shares in the last quarter. Financial Life Planners acquired a new stake in shares of Analog Devices during the fourth quarter worth approximately $33,000. Kestra Investment Management LLC acquired a new stake in shares of Analog Devices during the fourth quarter worth approximately $41,000. Finally, Peterson Financial Group Inc. acquired a new stake in shares of Analog Devices during the third quarter worth approximately $43,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Performance

Shares of ADI opened at $238.91 on Friday. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $247.10. The company has a market cap of $118.49 billion, a price-to-earnings ratio of 76.09, a price-to-earnings-growth ratio of 2.60 and a beta of 1.04. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.93. The firm has a fifty day moving average of $215.50 and a 200-day moving average of $220.34.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the previous year, the business earned $1.73 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis. As a group, equities analysts anticipate that Analog Devices, Inc. will post 7.09 earnings per share for the current year.

Analog Devices announced that its Board of Directors has approved a stock repurchase program on Tuesday, February 18th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analog Devices Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be paid a dividend of $0.99 per share. This is a boost 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 1.66%. The ex-dividend date of this dividend is Tuesday, March 4th. Analog Devices’s payout ratio is currently 117.20%.

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the sale, the chief executive officer now directly owns 21,983 shares in the company, valued at $4,737,116.67. The trade was a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Piper Sandler decreased their price target on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research report on Wednesday, November 27th. Morgan Stanley lifted their price objective on shares of Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday. Maxim Group assumed coverage on shares of Analog Devices in a report on Friday, February 14th. They issued a “buy” rating for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a report on Thursday. Finally, Barclays decreased their price objective on shares of Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Six investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, Analog Devices presently has an average rating of “Moderate Buy” and an average target price of $255.41.

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.