Manning & Napier Advisors LLC Sells 32,022 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Manning & Napier Advisors LLC lessened its stake in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 25.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 91,883 shares of the semiconductor company's stock after selling 32,022 shares during the quarter. Manning & Napier Advisors LLC's holdings in Analog Devices were worth $19,521,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ADI. Northwestern Mutual Wealth Management Co. grew its holdings in Analog Devices by 4.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 29,502 shares of the semiconductor company's stock valued at $6,733,000 after buying an additional 1,317 shares in the last quarter. Invst LLC purchased a new position in shares of Analog Devices during the second quarter worth about $204,000. Quarry LP purchased a new position in shares of Analog Devices during the second quarter worth about $92,000. EP Wealth Advisors LLC grew its holdings in shares of Analog Devices by 10.1% during the second quarter. EP Wealth Advisors LLC now owns 4,983 shares of the semiconductor company's stock worth $1,137,000 after purchasing an additional 457 shares in the last quarter. Finally, Truist Financial Corp grew its holdings in shares of Analog Devices by 7.3% during the second quarter. Truist Financial Corp now owns 2,102,508 shares of the semiconductor company's stock worth $479,919,000 after purchasing an additional 142,654 shares in the last quarter. Hedge funds and other institutional investors own 86.81% of the company's stock.

Insider Activity

In related news, CEO Vincent Roche sold 10,000 shares of the company's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $223.87, for a total value of $2,238,700.00. Following the sale, the chief executive officer now directly owns 21,983 shares of the company's stock, valued at $4,921,334.21. This represents a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Gregory M. Bryant sold 20,000 shares of the company's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $223.87, for a total value of $4,477,400.00. Following the completion of the sale, the executive vice president now directly owns 59,093 shares in the company, valued at approximately $13,229,149.91. The trade was a 25.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,000 shares of company stock valued at $11,029,300. Company insiders own 0.31% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on ADI shares. TD Cowen cut their price objective on Analog Devices from $270.00 to $260.00 and set a "buy" rating for the company in a report on Wednesday, November 27th. Truist Financial boosted their price objective on Analog Devices from $216.00 to $230.00 and gave the stock a "hold" rating in a report on Friday, January 10th. Piper Sandler cut their price objective on Analog Devices from $235.00 to $220.00 and set a "neutral" rating for the company in a report on Wednesday, November 27th. Morgan Stanley cut their price objective on Analog Devices from $252.00 to $248.00 and set an "overweight" rating for the company in a report on Wednesday, November 27th. Finally, Wells Fargo & Company assumed coverage on Analog Devices in a research report on Friday, November 22nd. They issued an "equal weight" rating and a $220.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $248.70.

Analog Devices Trading Up 1.2 %

ADI stock traded up $2.49 during midday trading on Thursday, hitting $212.40. The company had a trading volume of 2,958,242 shares, compared to its average volume of 3,297,197. The company has a current ratio of 1.84, a quick ratio of 1.35 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 52 week low of $182.57 and a 52 week high of $244.14. The stock's 50 day moving average price is $216.50 and its 200 day moving average price is $221.67. The stock has a market cap of $105.37 billion, a price-to-earnings ratio of 64.56, a PEG ratio of 2.57 and a beta of 1.05.

Analog Devices (NASDAQ:ADI - Get Free Report) last posted its earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.03. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The firm had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.41 billion. During the same period in the previous year, the firm earned $2.01 earnings per share. The business's revenue was down 10.1% compared to the same quarter last year. As a group, equities research analysts expect that Analog Devices, Inc. will post 7.09 earnings per share for the current fiscal year.

Analog Devices Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Monday, December 9th were paid a dividend of $0.92 per share. The ex-dividend date was Monday, December 9th. This represents a $3.68 annualized dividend and a dividend yield of 1.73%. Analog Devices's dividend payout ratio (DPR) is presently 111.85%.

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.