KLP Kapitalforvaltning AS Takes $42.33 Million Position in Analog Devices, Inc. (NASDAQ:ADI)

KLP Kapitalforvaltning AS acquired a new position in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 199,221 shares of the semiconductor company's stock, valued at approximately $42,326,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC acquired a new stake in Analog Devices during the fourth quarter worth approximately $30,000. Hopwood Financial Services Inc. bought a new stake in shares of Analog Devices in the 4th quarter valued at $30,000. Cassady Schiller Wealth Management LLC lifted its position in shares of Analog Devices by 63.2% during the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company's stock valued at $30,000 after acquiring an additional 55 shares during the period. Financial Life Planners bought a new position in Analog Devices during the fourth quarter worth $33,000. Finally, Kestra Investment Management LLC bought a new position in Analog Devices during the fourth quarter worth $41,000. Institutional investors own 86.81% of the company's stock.

Analog Devices Stock Performance

NASDAQ:ADI traded down $3.05 during trading hours on Wednesday, reaching $210.53. The stock had a trading volume of 2,452,928 shares, compared to its average volume of 3,112,567. The stock has a market cap of $104.42 billion, a P/E ratio of 67.05, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. The stock has a 50 day simple moving average of $217.13 and a 200 day simple moving average of $219.78. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. Analog Devices, Inc. has a 12-month low of $182.57 and a 12-month high of $247.10.

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Analog Devices (NASDAQ:ADI - Get Free Report) last issued its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, topping 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 analyst estimates of $2.36 billion. During the same quarter last year, the business earned $1.73 earnings per share. The company's quarterly revenue was down 3.6% on a year-over-year basis. On average, research analysts forecast that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 9.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were given a dividend of $0.99 per share. The ex-dividend date was Tuesday, March 4th. This represents a $3.96 annualized dividend and a dividend yield of 1.88%. This is an increase from Analog Devices's previous quarterly dividend of $0.92. Analog Devices's dividend payout ratio is currently 126.11%.

Insider Activity

In other news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the company's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total value of $836,760.00. Following the transaction, the chief financial officer now owns 49,916 shares of the company's stock, valued at approximately $10,441,928.04. This represents a 7.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 of the company's stock, valued at approximately $4,737,116.67. The trade was a 31.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,684 shares of company stock worth $7,746,500. 0.33% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ADI shares. TD Cowen dropped their price objective on shares of Analog Devices from $270.00 to $260.00 and set a "buy" rating on the stock in a report on Wednesday, November 27th. JPMorgan Chase & Co. increased their price target on Analog Devices from $280.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. UBS Group boosted their price objective on Analog Devices from $275.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Maxim Group initiated coverage on Analog Devices in a report on Friday, February 14th. They issued a "buy" rating on the stock. Finally, Wells Fargo & Company boosted their price target on shares of Analog Devices from $220.00 to $240.00 and gave the company an "equal weight" rating 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $255.41.

Analog Devices 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.