United Bank Boosts Position in Analog Devices, Inc. (NASDAQ:ADI)

United Bank grew its stake in Analog Devices, Inc. (NASDAQ:ADI) by 19.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,263 shares of the semiconductor company’s stock after acquiring an additional 1,207 shares during the period. United Bank’s holdings in Analog Devices were worth $1,543,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Hopwood Financial Services Inc. purchased a new position in Analog Devices during the fourth quarter valued at approximately $30,000. Mainstream Capital Management LLC purchased a new position in shares of Analog Devices in the 4th quarter valued at $30,000. Cassady Schiller Wealth Management LLC raised its position in shares of Analog Devices by 63.2% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 55 shares in the last quarter. Financial Life Planners purchased a new stake in shares of Analog Devices during the 4th quarter worth $33,000. Finally, Kestra Investment Management LLC purchased a new position in Analog Devices in the fourth quarter valued at about $41,000. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. 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 report on Friday, January 17th. Wells Fargo & Company raised their price objective on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Benchmark upped their target price on Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. UBS Group upped their price objective on shares of 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 lifted their target price on shares of Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, Analog Devices has an average rating of “Moderate Buy” and a consensus price target of $255.41.

Analog Devices Price Performance

NASDAQ:ADI opened at $201.56 on Friday. The stock has a market capitalization of $99.97 billion, a PE ratio of 64.19, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a 52 week low of $182.57 and a 52 week high of $247.10. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. The stock’s 50-day moving average price is $216.51 and its 200-day moving average price is $219.53.

Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.09. The business had revenue of $2.42 billion during 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 business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.73 EPS. As a group, equities analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were paid a $0.99 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a yield of 1.96%. Analog Devices’s dividend payout ratio (DPR) is currently 126.11%.

Analog Devices declared that its Board of Directors has approved a share buyback program on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, EVP Vivek Jain sold 12,684 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the sale, the executive vice president now directly owns 43,175 shares in the company, valued at $9,066,750. This represents a 22.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at approximately $4,737,116.67. This represents a 31.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,684 shares of company stock worth $7,746,500. 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.