Montecito Bank & Trust Cuts Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Montecito Bank & Trust cut its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 14.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,196 shares of the semiconductor company’s stock after selling 205 shares during the period. Montecito Bank & Trust’s holdings in Analog Devices were worth $275,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft grew its position in shares of Analog Devices by 3.9% during the second quarter. Baader Bank Aktiengesellschaft now owns 1,143 shares of the semiconductor company’s stock valued at $259,000 after purchasing an additional 43 shares in the last quarter. Grove Bank & Trust grew its position in Analog Devices by 3.1% in the third quarter. Grove Bank & Trust now owns 1,445 shares of the semiconductor company’s stock worth $333,000 after acquiring an additional 43 shares in the last quarter. CVA Family Office LLC grew its position in Analog Devices by 40.2% in the second quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 45 shares in the last quarter. Legacy Financial Advisors Inc. grew its position in Analog Devices by 1.4% in the second quarter. Legacy Financial Advisors Inc. now owns 3,482 shares of the semiconductor company’s stock worth $795,000 after acquiring an additional 48 shares in the last quarter. Finally, Quotient Wealth Partners LLC grew its position in Analog Devices by 2.5% in the third quarter. Quotient Wealth Partners LLC now owns 1,977 shares of the semiconductor company’s stock worth $455,000 after acquiring an additional 48 shares in the last quarter. 86.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ADI has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price target on Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Oppenheimer reiterated an “outperform” rating and issued a $245.00 price target on shares of Analog Devices in a research report on Thursday, August 22nd. Bank of America dropped their price target on Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Morgan Stanley lifted their price target on Analog Devices from $250.00 to $257.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research note on Thursday, August 22nd. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $249.80.

Analog Devices Stock Performance

Analog Devices stock opened at $227.77 on Friday. The company has a 50 day moving average price of $226.85 and a 200-day moving average price of $224.09. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.24 and a current ratio of 1.69. Analog Devices, Inc. has a fifty-two week low of $166.78 and a fifty-two week high of $244.14. The company has a market capitalization of $113.09 billion, a PE ratio of 68.40, a P/E/G ratio of 3.14 and a beta of 1.08.

Analog Devices (NASDAQ:ADI) last posted its earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.27 billion. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. Analog Devices’s revenue was down 24.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.49 earnings per share. As a group, equities analysts forecast that Analog Devices, Inc. will post 6.34 earnings per share for the current year.

Analog Devices Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.92 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $3.68 dividend on an annualized basis and a yield of 1.62%. Analog Devices’s dividend payout ratio is currently 110.51%.

Insiders Place Their Bets

In other Analog Devices 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 transaction of $2,238,700.00. Following the completion of the sale, the chief executive officer now owns 21,983 shares in the company, valued at $4,921,334.21. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other 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 transaction of $2,238,700.00. Following the transaction, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at approximately $4,921,334.21. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Gregory M. Bryant sold 30,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $224.10, for a total value of $6,723,000.00. Following the transaction, the executive vice president now directly owns 109,093 shares in the company, valued at approximately $24,447,741.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,495 shares of company stock worth $25,229,958 over the last 90 days. Company insiders own 0.31% of the company’s stock.

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.