Resona Asset Management Co. Ltd. Takes Position in Analog Devices, Inc. (NASDAQ:ADI)

Resona Asset Management Co. Ltd. purchased a new stake in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 147,273 shares of the semiconductor company's stock, valued at approximately $31,381,000.

Other hedge funds have also modified their holdings of the company. Mainstream Capital Management LLC purchased a new position in Analog Devices in the 4th quarter worth approximately $30,000. Hopwood Financial Services Inc. purchased a new position in shares of Analog Devices in the fourth quarter worth $30,000. Cassady Schiller Wealth Management LLC grew its stake in Analog Devices by 63.2% during the fourth 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 in the last quarter. Financial Life Planners bought a new stake in Analog Devices in the 4th quarter valued at $33,000. Finally, Kestra Investment Management LLC purchased a new stake in Analog Devices in the 4th quarter worth $41,000. 86.81% of the stock is currently owned by institutional investors.

Analog Devices Stock Down 10.8 %

Shares of NASDAQ:ADI traded down $21.27 during trading hours on Thursday, hitting $175.36. The company's stock had a trading volume of 3,101,900 shares, compared to its average volume of 3,415,596. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43. The firm's fifty day moving average price is $209.97 and its 200 day moving average price is $216.71. Analog Devices, Inc. has a 52 week low of $158.65 and a 52 week high of $247.10. The company has a market capitalization of $86.97 billion, a price-to-earnings ratio of 55.83, a P/E/G ratio of 2.85 and a beta of 1.06.

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Analog Devices (NASDAQ:ADI - Get Free Report) last announced its quarterly earnings results 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. The business had revenue of $2.42 billion for 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%. The business's revenue was down 3.6% compared to the same quarter last year. During the same period last year, the business posted $1.73 EPS. As a group, research analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were paid a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Tuesday, March 4th. This is a positive change from Analog Devices's previous quarterly dividend of $0.92. Analog Devices's payout ratio is 126.11%.

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

Analysts Set New Price Targets

ADI has been the subject of a number of research analyst reports. Barclays cut their price objective on Analog Devices from $250.00 to $210.00 and set an "equal weight" rating for the company in a research report on Friday, January 17th. Maxim Group initiated coverage on Analog Devices in a research note on Friday, February 14th. They issued a "buy" rating on the stock. Williams Trading set a $245.00 price objective on Analog Devices in a report on Friday, February 14th. Truist Financial raised their target price on shares of Analog Devices from $230.00 to $248.00 and gave the company a "hold" rating in a report on Thursday, February 20th. Finally, UBS Group upped their price target on shares of Analog Devices from $275.00 to $300.00 and gave the company a "buy" rating in a research note 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's stock. Based on data from MarketBeat, Analog Devices currently has a consensus rating of "Moderate Buy" and an average price target of $255.41.

Insider Activity at Analog Devices

In other Analog Devices 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 value of $2,663,640.00. Following the completion of the sale, the executive vice president now directly 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 filing with the SEC, which can be accessed through the SEC website. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the business's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $209.19, for a total value of $836,760.00. Following the sale, the chief financial officer now owns 49,916 shares in the company, valued at $10,441,928.04. The trade was a 7.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,684 shares of company stock valued at $5,591,600 over the last 90 days. Insiders own 0.33% of the company's stock.

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.