Townsquare Capital LLC Increases Stake in Analog Devices, Inc. (NASDAQ:ADI)

Townsquare Capital LLC lifted its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 3.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 13,292 shares of the semiconductor company’s stock after purchasing an additional 454 shares during the period. Townsquare Capital LLC’s holdings in Analog Devices were worth $2,824,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Analog Devices in the fourth quarter worth $1,755,958,000. Raymond James Financial Inc. purchased a new position in shares of Analog Devices in the fourth quarter valued at about $833,386,000. Proficio Capital Partners LLC increased its position in shares of Analog Devices by 22,005.0% in the fourth quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company’s stock valued at $652,943,000 after acquiring an additional 3,059,349 shares during the period. Franklin Resources Inc. boosted its holdings in shares of 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 purchasing an additional 1,189,940 shares during the period. Finally, Madison Investment Advisors LLC bought a new stake in shares of Analog Devices in the fourth quarter worth about $111,470,000. 86.81% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Vivek Jain sold 12,684 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the completion of the sale, the executive vice president now owns 43,175 shares in the company, valued at approximately $9,066,750. This trade represents a 22.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total value of $2,091,200.00. Following the completion of the transaction, the chief executive officer now directly owns 64,918 shares in the company, valued at approximately $13,575,652.16. This represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,684 shares of company stock worth $5,591,600 over the last three months. 0.33% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on ADI. Oppenheimer reissued an “outperform” rating and set a $270.00 target price (up from $245.00) on shares of Analog Devices in a research note on Thursday, February 20th. Lake Street Capital started coverage on shares of Analog Devices in a report on Friday, February 14th. They issued a “buy” rating for the company. Barclays cut their target price 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. Truist Financial increased their price target 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. Finally, JPMorgan Chase & Co. lifted their price objective on Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a research report 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. Based on data from MarketBeat, Analog Devices currently has an average rating of “Moderate Buy” and a consensus price target of $254.73.

Analog Devices Stock Performance

ADI opened at $179.54 on Wednesday. The company’s 50 day moving average is $207.71 and its 200 day moving average is $215.30. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. The company has a market cap of $89.05 billion, a price-to-earnings ratio of 57.18, a PEG ratio of 2.85 and a beta of 1.06. Analog Devices, Inc. has a 12-month low of $158.65 and a 12-month high of $247.10.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the previous year, the firm posted $1.73 EPS. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, equities research analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current year.

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

Analog Devices Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.99 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.96 annualized dividend and a yield of 2.21%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s payout ratio is currently 126.11%.

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.