Mattern Capital Management LLC Sells 2,332 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Mattern Capital Management LLC lowered its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 4.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 48,229 shares of the semiconductor company’s stock after selling 2,332 shares during the quarter. Analog Devices accounts for 1.3% of Mattern Capital Management LLC’s holdings, making the stock its 17th largest position. Mattern Capital Management LLC’s holdings in Analog Devices were worth $10,247,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ADI. Capital Performance Advisors LLP purchased a new position in shares of Analog Devices in the third quarter valued at $28,000. Archer Investment Corp boosted its stake in Analog Devices by 101.4% during the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock worth $33,000 after buying an additional 73 shares during the period. Financial Life Planners purchased a new position in Analog Devices during the fourth quarter worth $33,000. Kestra Investment Management LLC purchased a new position in Analog Devices during the fourth quarter worth $41,000. Finally, Peterson Financial Group Inc. purchased a new position in Analog Devices during the third quarter worth $43,000. Institutional investors own 86.81% of the company’s stock.

Insider Transactions at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the sale, the chief executive officer now owns 21,983 shares in the company, valued at approximately $4,737,116.67. The trade was a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ADI. UBS Group lifted their price objective on shares of Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday. Barclays lowered their target price on shares of Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Piper Sandler lowered their target price on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research note on Wednesday, November 27th. TD Cowen lowered their target price on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Finally, Truist Financial boosted their target price on shares of Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $255.19.

Analog Devices Stock Performance

Shares of Analog Devices stock opened at $243.82 on Friday. The company has a market capitalization of $120.96 billion, a PE ratio of 74.11, a P/E/G ratio of 2.53 and a beta of 1.04. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84. The company has a 50-day simple moving average of $215.06 and a two-hundred day simple moving average of $219.97. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $247.10.

Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.36 billion. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. The firm’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.73 earnings per share. Research analysts expect that Analog Devices, Inc. will post 7.09 EPS for the current fiscal year.

Analog Devices announced that its Board of Directors has authorized a share buyback program on Tuesday, February 18th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analog Devices Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th will be issued a $0.99 dividend. The ex-dividend date is Tuesday, March 4th. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a yield of 1.62%. Analog Devices’s payout ratio is currently 111.85%.

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.