FIL Ltd Lowers Stake in Analog Devices, Inc. (NASDAQ:ADI)

FIL Ltd cut its stake in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 212,731 shares of the semiconductor company's stock after selling 9,651 shares during the period. FIL Ltd's holdings in Analog Devices were worth $45,197,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADI. Vanguard Group Inc. boosted its stake in shares of Analog Devices by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 49,105,529 shares of the semiconductor company's stock worth $10,432,961,000 after acquiring an additional 413,084 shares during the last quarter. Geode Capital Management LLC lifted its position in Analog Devices by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 10,612,183 shares of the semiconductor company's stock valued at $2,248,971,000 after purchasing an additional 247,737 shares in the last quarter. Franklin Resources Inc. grew its holdings 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 valued at $2,169,689,000 after purchasing an additional 1,189,940 shares during the period. Norges Bank purchased a new stake in Analog Devices in the fourth quarter worth about $1,755,958,000. Finally, FMR LLC raised its stake in shares of Analog Devices by 0.8% in the fourth quarter. FMR LLC now owns 7,450,018 shares of the semiconductor company's stock worth $1,582,831,000 after buying an additional 61,390 shares during the period. 86.81% of the stock is owned by institutional investors.

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Analog Devices Trading Up 0.3 %

ADI stock traded up $0.47 during midday trading on Tuesday, reaching $179.07. 1,789,427 shares of the company traded hands, compared to its average volume of 3,441,067. The firm has a market capitalization of $88.82 billion, a price-to-earnings ratio of 57.16, a P/E/G ratio of 2.85 and a beta of 1.06. Analog Devices, Inc. has a 52-week low of $158.65 and a 52-week high of $247.10. The business has a 50 day moving average of $208.27 and a 200-day moving average of $215.55. 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 (NASDAQ:ADI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.09. The company 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%. Analog Devices's revenue was down 3.6% on a year-over-year basis. During the same period last year, the company earned $1.73 earnings per share. As a group, sell-side analysts expect that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were paid a dividend of $0.99 per share. 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 dividend yield of 2.21%. The ex-dividend date of this dividend was Tuesday, March 4th. Analog Devices's payout ratio is currently 126.11%.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ADI shares. Williams Trading set a $245.00 target price on shares of Analog Devices in a report on Friday, February 14th. Needham & Company LLC reissued a "hold" rating on shares of Analog Devices in a research note on Thursday, February 20th. Wells Fargo & Company raised their price objective on shares of Analog Devices from $220.00 to $240.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. Lake Street Capital initiated coverage on shares of Analog Devices in a report on Friday, February 14th. They issued a "buy" rating for the company. Finally, Maxim Group began coverage on Analog Devices in a report on Friday, February 14th. They set a "buy" rating on the stock. Six equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $254.73.

Insider Transactions at Analog Devices

In related news, EVP Vivek Jain sold 12,684 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $210.00, for a total value of $2,663,640.00. Following the transaction, the executive vice president now owns 43,175 shares of the company's stock, valued at $9,066,750. This represents a 22.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of Analog Devices 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 sale, the chief financial officer now directly owns 49,916 shares of the company's stock, valued at approximately $10,441,928.04. This trade represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,684 shares of company stock worth $5,591,600. Insiders own 0.33% of the company's stock.

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.