Legal & General Group Plc Cuts Position in Analog Devices, Inc. (NASDAQ:ADI)

Legal & General Group Plc lowered its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 26.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,570,492 shares of the semiconductor company's stock after selling 1,269,024 shares during the quarter. Legal & General Group Plc owned 0.72% of Analog Devices worth $758,587,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Bank of Montreal Can grew its holdings in shares of Analog Devices by 45.0% in the fourth quarter. Bank of Montreal Can now owns 917,764 shares of the semiconductor company's stock worth $194,988,000 after purchasing an additional 284,965 shares during the last quarter. FMR LLC grew its stake in Analog Devices by 0.8% in the 4th quarter. FMR LLC now owns 7,450,018 shares of the semiconductor company's stock worth $1,582,831,000 after acquiring an additional 61,390 shares in the last quarter. Titleist Asset Management LLC grew its stake in Analog Devices by 51.3% in the 4th quarter. Titleist Asset Management LLC now owns 1,345 shares of the semiconductor company's stock worth $286,000 after acquiring an additional 456 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Analog Devices by 22.5% during the fourth quarter. Russell Investments Group Ltd. now owns 433,696 shares of the semiconductor company's stock worth $92,150,000 after acquiring an additional 79,648 shares during the period. Finally, Wedbush Securities Inc. raised its stake in shares of Analog Devices by 10.3% during the fourth quarter. Wedbush Securities Inc. now owns 6,498 shares of the semiconductor company's stock valued at $1,380,000 after acquiring an additional 606 shares in the last quarter. Institutional investors own 86.81% of the company's stock.

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Analog Devices Stock Performance

Analog Devices stock traded up $0.80 during mid-day trading on Friday, reaching $179.16. 6,528,835 shares of the company traded hands, compared to its average volume of 3,444,715. The firm's fifty day moving average is $208.90 and its two-hundred day moving average is $216.04. The company has a market capitalization of $88.86 billion, a price-to-earnings ratio of 57.06, a price-to-earnings-growth ratio of 2.85 and a beta of 1.06. Analog Devices, Inc. has a fifty-two week low of $158.65 and a fifty-two week high of $247.10. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43.

Analog Devices (NASDAQ:ADI - Get Free Report) last released its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.09. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the firm earned $1.73 EPS. The firm's revenue was down 3.6% on a year-over-year basis. On average, equities research analysts expect that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices declared that its board has authorized a stock repurchase plan on Tuesday, February 18th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Analog Devices Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were given a $0.99 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a yield of 2.21%. This is a positive change from Analog Devices's previous quarterly dividend of $0.92. Analog Devices's dividend payout ratio is currently 126.11%.

Insider Buying and Selling

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total transaction of $2,091,200.00. Following the sale, the chief executive officer now directly owns 64,918 shares of the company's stock, valued at approximately $13,575,652.16. This trade represents a 13.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the business's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total value of $836,760.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,684 shares of company stock worth $5,591,600. 0.33% of the stock is owned by company insiders.

Analyst Ratings Changes

ADI has been the topic of several research analyst reports. Truist Financial increased their price objective on Analog Devices from $230.00 to $248.00 and gave the stock a "hold" rating in a research note on Thursday, February 20th. Barclays cut their price target on 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. Williams Trading set a $245.00 price objective on shares of Analog Devices in a research note on Friday, February 14th. Citigroup dropped their target price on shares of Analog Devices from $265.00 to $235.00 and set a "buy" rating on the stock in a report on Friday. Finally, UBS Group boosted their price target 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. Six analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $254.73.

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.