Los Angeles Capital Management LLC Reduces Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Los Angeles Capital Management LLC decreased its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 83.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,992 shares of the semiconductor company’s stock after selling 266,930 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Analog Devices were worth $11,471,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Franklin Resources Inc. increased its position in Analog Devices by 14.9% during the third quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock worth $2,169,689,000 after buying an additional 1,189,940 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Analog Devices by 807.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 959,686 shares of the semiconductor company’s stock valued at $220,891,000 after acquiring an additional 853,931 shares during the last quarter. Holocene Advisors LP increased its position in Analog Devices by 336.4% during the 3rd quarter. Holocene Advisors LP now owns 1,068,572 shares of the semiconductor company’s stock worth $245,953,000 after purchasing an additional 823,709 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Analog Devices by 17.3% in the 3rd quarter. Van ECK Associates Corp now owns 4,754,759 shares of the semiconductor company’s stock valued at $1,078,617,000 after purchasing an additional 700,862 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of Analog Devices by 9.9% during the 3rd quarter. FMR LLC now owns 7,388,628 shares of the semiconductor company’s stock worth $1,700,640,000 after purchasing an additional 665,149 shares during the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

Analog Devices Stock Down 0.7 %

Shares of NASDAQ ADI opened at $233.73 on Thursday. The stock has a fifty day moving average price of $216.87 and a 200 day moving average price of $220.90. The company has a market cap of $115.92 billion, a P/E ratio of 74.44, a P/E/G ratio of 2.85 and a beta of 1.04. Analog Devices, Inc. has a 12-month low of $182.57 and a 12-month high of $247.10. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19.

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

Analog Devices Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be given 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 1.69%. The ex-dividend date of this dividend is Tuesday, March 4th. Analog Devices’s payout ratio is presently 126.11%.

Analog Devices announced that its board has authorized a share repurchase program on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor company to buy up to 9.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ADI shares. Benchmark upped their price objective on shares of Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Maxim Group started coverage on Analog Devices in a research report on Friday, February 14th. They issued a “buy” rating for the company. Lake Street Capital initiated coverage on Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating for the company. JPMorgan Chase & Co. raised their price target on Analog Devices from $280.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $270.00 price objective (up previously from $245.00) on shares of Analog Devices in a research note on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, Analog Devices presently has an average rating of “Moderate Buy” and a consensus price target of $255.41.

Insider Activity

In related news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated 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 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 legal filing with the SEC, which can be accessed through this link. Insiders own 0.33% of the company’s stock.

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.