Kentucky Retirement Systems Lowers Stock Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Kentucky Retirement Systems cut its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 7.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,569 shares of the semiconductor company’s stock after selling 2,801 shares during the quarter. Kentucky Retirement Systems’ holdings in Analog Devices were worth $7,957,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Summit Global Investments purchased a new stake in Analog Devices during the 3rd quarter worth approximately $867,000. Versor Investments LP purchased a new stake in shares of Analog Devices during the third quarter worth approximately $952,000. Tidal Investments LLC raised its stake in Analog Devices by 24.9% in the 1st quarter. Tidal Investments LLC now owns 31,715 shares of the semiconductor company’s stock valued at $6,268,000 after purchasing an additional 6,314 shares during the last quarter. BDF Gestion purchased a new position in Analog Devices in the 2nd quarter valued at $4,491,000. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in Analog Devices by 3.2% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,092 shares of the semiconductor company’s stock worth $16,912,000 after purchasing an additional 2,280 shares during the last quarter. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on ADI. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research note on Thursday, August 22nd. Oppenheimer reiterated an “outperform” rating and issued a $245.00 price objective on shares of Analog Devices in a report on Thursday, August 22nd. JPMorgan Chase & Co. boosted their target price on Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Bank of America lowered their price objective on Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, Truist Financial cut Analog Devices from a “buy” rating to a “hold” rating and cut their target price for the stock from $266.00 to $233.00 in a research note on Monday, September 23rd. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $249.80.

Insider Buying and Selling

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $228.69, for a total value of $2,286,900.00. Following the completion of the sale, the chief executive officer now owns 51,039 shares of the company’s stock, valued at approximately $11,672,108.91. This trade represents a 16.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward H. Frank sold 995 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $234.31, for a total transaction of $233,138.45. Following the sale, the director now owns 3,753 shares in the company, valued at $879,365.43. The trade was a 20.96 % 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 valued at $25,229,958 over the last three months. 0.31% of the stock is currently owned by company insiders.

Analog Devices Stock Performance

Shares of ADI opened at $206.35 on Friday. The company’s 50 day simple moving average is $225.88 and its 200-day simple moving average is $224.95. Analog Devices, Inc. has a 12-month low of $178.66 and a 12-month high of $244.14. The firm has a market cap of $102.45 billion, a PE ratio of 61.97, a price-to-earnings-growth ratio of 2.98 and a beta of 1.08. The company has a current ratio of 1.69, a quick ratio of 1.24 and a debt-to-equity ratio of 0.19.

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

Analog Devices Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend was Tuesday, September 3rd. Analog Devices’s dividend payout ratio (DPR) is presently 110.51%.

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.