CIBC Asset Management Inc Boosts Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

CIBC Asset Management Inc raised its stake in Analog Devices, Inc. (NASDAQ:ADI) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 183,227 shares of the semiconductor company’s stock after purchasing an additional 3,529 shares during the quarter. CIBC Asset Management Inc’s holdings in Analog Devices were worth $38,928,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in Analog Devices by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,708,427 shares of the semiconductor company’s stock worth $623,399,000 after buying an additional 39,186 shares during the last quarter. Swiss National Bank increased its position in Analog Devices by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock worth $339,012,000 after purchasing an additional 4,600 shares during the period. Harvest Fund Management Co. Ltd raised its stake in shares of Analog Devices by 47.7% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock worth $5,264,000 after buying an additional 7,386 shares in the last quarter. Curbstone Financial Management Corp acquired a new stake in shares of Analog Devices in the 4th quarter valued at approximately $460,000. Finally, Summit Global Investments acquired a new position in Analog Devices during the third quarter worth $867,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analysts Set New Price Targets

ADI has been the subject of a number of recent analyst reports. Benchmark initiated coverage on Analog Devices in a report on Friday. They issued a “buy” rating and a $245.00 target price for the company. Wells Fargo & Company assumed coverage on shares of Analog Devices in a report on Friday, November 22nd. They set an “equal weight” rating and a $220.00 price objective on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a research report on Wednesday, November 27th. Piper Sandler lowered their price target on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a report on Wednesday, November 27th. Finally, Barclays decreased their target price on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $248.52.

Insider Activity

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 stock was sold at an average price of $215.49, for a total value of $2,154,900.00. Following the transaction, the chief executive officer now directly 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 at the SEC website. Insiders own 0.33% of the company’s stock.

Analog Devices Stock Up 2.5 %

ADI opened at $214.61 on Monday. The company has a market cap of $106.47 billion, a PE ratio of 65.23, a price-to-earnings-growth ratio of 2.38 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 1.84. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $244.14. The firm has a 50 day moving average price of $214.04 and a 200 day moving average price of $219.59.

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

Analog Devices Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Monday, December 9th were issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend was Monday, December 9th. Analog Devices’s dividend payout ratio is presently 111.85%.

Analog Devices Company 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.