Sumitomo Life Insurance Co. Reduces Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Sumitomo Life Insurance Co. reduced its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 24.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 10,300 shares of the semiconductor company’s stock after selling 3,396 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Analog Devices were worth $2,188,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Capital Performance Advisors LLP acquired a new stake in Analog Devices during the 3rd quarter worth $28,000. Archer Investment Corp raised its holdings in shares of Analog Devices by 101.4% in the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 73 shares during the last quarter. Peterson Financial Group Inc. acquired a new stake in shares of Analog Devices during the third quarter worth about $43,000. Reston Wealth Management LLC purchased a new position in shares of Analog Devices during the third quarter worth about $48,000. Finally, Northwest Investment Counselors LLC acquired a new position in Analog Devices in the 3rd quarter valued at about $80,000. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analog Devices Trading Down 2.7 %

Shares of Analog Devices stock opened at $209.52 on Wednesday. The business has a 50 day moving average price of $216.54 and a 200 day moving average price of $221.96. The company has a market capitalization of $103.95 billion, a P/E ratio of 63.68, a P/E/G ratio of 2.57 and a beta of 1.05. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $244.14.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data 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. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.41 billion. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The business’s revenue was down 10.1% on a year-over-year basis. During the same period in the prior year, the business earned $2.01 earnings per share. Sell-side analysts anticipate that Analog Devices, Inc. will post 7.09 EPS for the current fiscal year.

Analog Devices Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Monday, December 9th were issued a dividend of $0.92 per share. The ex-dividend date was Monday, December 9th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.76%. Analog Devices’s dividend payout ratio (DPR) is presently 111.85%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ADI. TD Cowen decreased their price target on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Cantor Fitzgerald restated a “neutral” rating and issued a $250.00 target price on shares of Analog Devices in a research note on Tuesday, October 8th. Piper Sandler dropped their price target on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Morgan Stanley reduced their price objective on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a research report on Wednesday, November 27th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a research report on Wednesday, November 27th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $248.70.

Insider Activity at Analog Devices

In other news, EVP Gregory M. Bryant sold 20,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $223.87, for a total transaction of $4,477,400.00. Following the completion of the transaction, the executive vice president now owns 59,093 shares of the company’s stock, valued at $13,229,149.91. This represents a 25.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 21,983 shares in the company, valued at $4,921,334.21. This represents a 31.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,000 shares of company stock valued at $11,029,300. Company insiders own 0.31% 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.