State of Michigan Retirement System Sells 400 Shares of Analog Devices, Inc. (NASDAQ:ADI)

State of Michigan Retirement System cut its stake in Analog Devices, Inc. (NASDAQ:ADI) by 0.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 134,755 shares of the semiconductor company’s stock after selling 400 shares during the quarter. State of Michigan Retirement System’s holdings in Analog Devices were worth $28,630,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in Analog Devices during the 3rd quarter worth $28,000. Archer Investment Corp increased its holdings 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 purchasing an additional 73 shares during the period. Financial Life Planners purchased a new stake in shares of Analog Devices in the fourth quarter worth about $33,000. Kestra Investment Management LLC purchased a new stake in shares of Analog Devices in the fourth quarter worth about $41,000. Finally, Peterson Financial Group Inc. purchased a new stake in shares of Analog Devices in the third quarter worth about $43,000. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. 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 research report on Wednesday, November 27th. Oppenheimer restated an “outperform” rating and issued a $270.00 target price (up previously from $245.00) on shares of Analog Devices in a research report on Thursday, February 20th. Barclays cut their price target on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. UBS Group increased their price target on Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Finally, Truist Financial raised their target price on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently 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 $228.53 on Tuesday. The company has a market capitalization of $113.35 billion, a price-to-earnings ratio of 72.78, a price-to-earnings-growth ratio of 2.85 and a beta of 1.04. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43. The business has a 50-day moving average of $217.82 and a two-hundred day moving average of $221.14. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $247.10.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the business earned $1.73 EPS. Analog Devices’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, analysts forecast that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be paid a $0.99 dividend. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a yield of 1.73%. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio is presently 126.11%.

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

Insider Activity at Analog Devices

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

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.