Intact Investment Management Inc. Grows Position in Analog Devices, Inc. (NASDAQ:ADI)

Intact Investment Management Inc. lifted its stake in Analog Devices, Inc. (NASDAQ:ADI) by 571.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 34,400 shares of the semiconductor company’s stock after buying an additional 29,280 shares during the period. Intact Investment Management Inc.’s holdings in Analog Devices were worth $7,309,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ADI. Mainstream Capital Management LLC purchased a new position in shares of Analog Devices in the 4th quarter worth approximately $30,000. Hopwood Financial Services Inc. purchased a new position in shares of Analog Devices in the 4th quarter worth approximately $30,000. Archer Investment Corp boosted its holdings in shares of Analog Devices by 101.4% in the 3rd quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 73 shares during the period. Financial Life Planners purchased a new position in shares of Analog Devices in the 4th quarter worth approximately $33,000. Finally, Kestra Investment Management LLC purchased a new position in shares of Analog Devices in the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Trading Down 1.4 %

Shares of NASDAQ:ADI opened at $203.80 on Friday. Analog Devices, Inc. has a 12-month low of $182.57 and a 12-month high of $247.10. The business’s fifty day simple moving average is $218.22 and its 200-day simple moving average is $220.78. The company has a market capitalization of $101.08 billion, a PE ratio of 64.90, a P/E/G ratio of 2.85 and a beta of 1.07. 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 (NASDAQ:ADI) last announced its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $2.36 billion. During the same period last year, the business posted $1.73 EPS. The business’s revenue was down 3.6% compared to the same quarter last year. As a group, equities research analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be paid a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a yield of 1.94%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Tuesday, March 4th. Analog Devices’s payout ratio is 126.11%.

Analog Devices announced that its board has authorized a stock buyback plan on Tuesday, February 18th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages recently issued reports on ADI. Maxim Group began coverage on Analog Devices in a research note on Friday, February 14th. They set a “buy” rating for the company. Morgan Stanley raised their price target on Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. UBS Group raised their price target on Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Lake Street Capital started coverage on Analog Devices in a research report on Friday, February 14th. They set a “buy” rating for the company. Finally, Piper Sandler decreased their target price on Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research report on Wednesday, November 27th. Six investment 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $255.41.

Insider Buying and Selling

In related news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction on 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 in the company, valued at $13,575,652.16. The trade was a 13.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.33% of the stock is owned by company insiders.

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.