M&G Plc Cuts Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

M&G Plc cut its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 45.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 429,407 shares of the semiconductor company’s stock after selling 360,104 shares during the quarter. M&G Plc’s holdings in Analog Devices were worth $98,764,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Baader Bank Aktiengesellschaft boosted its stake in Analog Devices by 3.9% during the second quarter. Baader Bank Aktiengesellschaft now owns 1,143 shares of the semiconductor company’s stock worth $259,000 after buying an additional 43 shares during the period. Grove Bank & Trust lifted its position in shares of Analog Devices by 3.1% during the third quarter. Grove Bank & Trust now owns 1,445 shares of the semiconductor company’s stock worth $333,000 after purchasing an additional 43 shares during the last quarter. CVA Family Office LLC lifted its position in shares of Analog Devices by 40.2% during the second quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 45 shares during the last quarter. Legacy Financial Advisors Inc. lifted its position in shares of Analog Devices by 1.4% during the second quarter. Legacy Financial Advisors Inc. now owns 3,482 shares of the semiconductor company’s stock worth $795,000 after purchasing an additional 48 shares during the last quarter. Finally, Quotient Wealth Partners LLC lifted its position in shares of Analog Devices by 2.5% during the third quarter. Quotient Wealth Partners LLC now owns 1,977 shares of the semiconductor company’s stock worth $455,000 after purchasing an additional 48 shares during the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analog Devices Trading Up 4.0 %

Shares of ADI stock opened at $226.25 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.69 and a quick ratio of 1.24. Analog Devices, Inc. has a 1-year low of $166.78 and a 1-year high of $244.14. The company has a market cap of $112.33 billion, a price-to-earnings ratio of 67.94, a PEG ratio of 3.16 and a beta of 1.08. The stock has a 50 day simple moving average of $226.85 and a 200-day simple moving average of $224.09.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.50 by $0.08. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the previous year, the business earned $2.49 earnings per share. The firm’s revenue for the quarter was down 24.8% on a year-over-year basis. On average, equities research analysts expect that Analog Devices, Inc. will post 6.34 EPS for the current fiscal year.

Analog Devices Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Tuesday, September 3rd. Analog Devices’s payout ratio is 110.51%.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Barclays lifted their target price on Analog Devices from $235.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. Bank of America decreased their target price on Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Cantor Fitzgerald restated a “neutral” rating and issued a $250.00 price objective on shares of Analog Devices in a report on Tuesday, October 8th. Truist Financial downgraded Analog Devices from a “buy” rating to a “hold” rating and decreased their price objective for the company from $266.00 to $233.00 in a report on Monday, September 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on Analog Devices from $260.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $249.80.

Insider Buying and Selling

In other Analog Devices news, Director Edward H. Frank sold 995 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $234.31, for a total value of $233,138.45. Following the completion of the sale, the director now directly owns 3,753 shares in the company, valued at $879,365.43. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Edward H. Frank sold 500 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $227.24, for a total transaction of $113,620.00. Following the transaction, the director now owns 4,748 shares of the company’s stock, valued at approximately $1,078,935.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward H. Frank sold 995 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $234.31, for a total value of $233,138.45. Following the transaction, the director now directly owns 3,753 shares in the company, valued at approximately $879,365.43. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,495 shares of company stock worth $25,229,958. 0.31% of the stock is owned by corporate insiders.

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.