Sterling Capital Management LLC Lowers Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Sterling Capital Management LLC cut its holdings in Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 10.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 575,979 shares of the semiconductor company's stock after selling 68,155 shares during the quarter. Analog Devices makes up approximately 1.7% of Sterling Capital Management LLC's holdings, making the stock its 11th largest holding. Sterling Capital Management LLC owned about 0.12% of Analog Devices worth $122,372,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Analog Devices by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 49,105,529 shares of the semiconductor company's stock valued at $10,432,961,000 after purchasing an additional 413,084 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Analog Devices by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 10,612,183 shares of the semiconductor company's stock valued at $2,248,971,000 after buying an additional 247,737 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Analog Devices by 14.9% in the 3rd quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company's stock worth $2,169,689,000 after buying an additional 1,189,940 shares during the period. Norges Bank bought a new position in shares of Analog Devices in the 4th quarter worth about $1,755,958,000. Finally, FMR LLC lifted its position in Analog Devices by 0.8% during the 4th quarter. FMR LLC now owns 7,450,018 shares of the semiconductor company's stock valued at $1,582,831,000 after acquiring an additional 61,390 shares during the period. Institutional investors own 86.81% of the company's stock.

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Insiders Place Their Bets

In other news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices 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 transaction, the chief executive officer now directly owns 64,918 shares of the company's stock, valued at approximately $13,575,652.16. This represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,684 shares of company stock valued at $5,591,600 over the last ninety days. 0.33% of the stock is owned by insiders.

Analog Devices Price Performance

ADI traded up $0.94 during trading on Tuesday, hitting $179.54. 3,033,661 shares of the company traded hands, compared to its average volume of 3,445,329. The company has a market cap of $89.05 billion, a PE ratio of 57.18, a P/E/G ratio of 2.85 and a beta of 1.06. The stock's 50-day simple moving average is $208.27 and its two-hundred day simple moving average is $215.55. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 1 year low of $158.65 and a 1 year high of $247.10.

Analog Devices (NASDAQ:ADI - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.42 billion for the quarter, compared to analysts' expectations of $2.36 billion. During the same period in the prior year, the firm earned $1.73 EPS. The company's revenue for the quarter was down 3.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices announced that its Board of Directors has initiated a share buyback program on Tuesday, February 18th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Analog Devices Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were issued a $0.99 dividend. This is an increase from Analog Devices's previous quarterly dividend of $0.92. The ex-dividend date was Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 2.21%. Analog Devices's dividend payout ratio (DPR) is presently 126.11%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Williams Trading set a $245.00 target price on shares of Analog Devices in a report on Friday, February 14th. Barclays dropped their target price on Analog Devices from $250.00 to $210.00 and set an "equal weight" rating on the stock in a report on Friday, January 17th. Maxim Group assumed coverage on Analog Devices in a research note on Friday, February 14th. They issued a "buy" rating on the stock. Truist Financial lifted their price target on Analog Devices from $230.00 to $248.00 and gave the stock a "hold" rating in a research report on Thursday, February 20th. Finally, UBS Group raised their price objective 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 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, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $254.73.

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.