Analog Devices, Inc. (NASDAQ:ADI) Stake Cut by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd cut its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 28.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. State Street Corp lifted its stake in Analog Devices by 0.5% during the third quarter. State Street Corp now owns 22,571,586 shares of the semiconductor company’s stock worth $5,195,302,000 after purchasing an additional 106,664 shares during the last quarter. Geode Capital Management LLC lifted its stake in Analog Devices by 1.3% in the third quarter. Geode Capital Management LLC now owns 10,364,446 shares of the semiconductor company’s stock valued at $2,377,094,000 after buying an additional 135,838 shares during the last quarter. Franklin Resources Inc. lifted its stake in Analog Devices by 14.9% in the third quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock valued at $2,169,689,000 after buying an additional 1,189,940 shares during the last quarter. FMR LLC lifted its stake in Analog Devices by 9.9% in the third quarter. FMR LLC now owns 7,388,628 shares of the semiconductor company’s stock valued at $1,700,640,000 after buying an additional 665,149 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in Analog Devices by 17.3% in the third quarter. Van ECK Associates Corp now owns 4,754,759 shares of the semiconductor company’s stock valued at $1,078,617,000 after buying an additional 700,862 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 21,983 shares in the company, valued at approximately $4,737,116.67. The trade was a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ADI. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a research note on Wednesday, November 27th. Wells Fargo & Company began coverage on Analog Devices in a research note on Friday, November 22nd. They issued an “equal weight” rating and a $220.00 target price on the stock. TD Cowen cut their target price on Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Piper Sandler cut their price objective on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Finally, Barclays cut their price objective 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. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $248.70.

Analog Devices Stock Down 0.9 %

Shares of Analog Devices stock opened at $207.83 on Friday. The firm has a market cap of $103.11 billion, a price-to-earnings ratio of 63.17, a P/E/G ratio of 2.43 and a beta of 1.04. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35. Analog Devices, Inc. has a 52-week low of $182.57 and a 52-week high of $244.14. The stock has a 50-day simple moving average of $215.65 and a 200-day simple moving average of $220.68.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.03. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.41 billion. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The firm’s revenue was down 10.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.01 EPS. On average, equities research analysts expect that Analog Devices, Inc. will post 7.09 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Monday, December 9th were issued a $0.92 dividend. The ex-dividend date of this dividend 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 currently 111.85%.

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.