Parallel Advisors LLC Lowers Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Parallel Advisors LLC lessened its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 4.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,972 shares of the semiconductor company’s stock after selling 813 shares during the quarter. Parallel Advisors LLC’s holdings in Analog Devices were worth $3,394,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ADI. Mainstream Capital Management LLC purchased a new position in Analog Devices during the fourth quarter worth about $30,000. Hopwood Financial Services Inc. purchased a new position in Analog Devices during the fourth quarter worth about $30,000. Financial Life Planners purchased a new position in Analog Devices during the fourth quarter worth about $33,000. Kestra Investment Management LLC purchased a new position in Analog Devices during the fourth quarter worth about $41,000. Finally, Sierra Ocean LLC purchased a new position in Analog Devices during the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Performance

Shares of ADI stock opened at $211.68 on Tuesday. The stock’s 50-day moving average is $217.96 and its two-hundred day moving average is $220.40. The firm has a market cap of $104.99 billion, a price-to-earnings ratio of 67.41, a PEG ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $247.10. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.09. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.36 billion. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.73 earnings per share. Analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices declared that its board has initiated a share buyback program on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 9.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analog Devices Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.99 per share. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date was Tuesday, March 4th. This represents a $3.96 annualized dividend and a dividend yield of 1.87%. Analog Devices’s dividend payout ratio (DPR) is presently 126.11%.

Insider Buying and Selling

In related news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated 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 owns 64,918 shares of the company’s stock, valued at $13,575,652.16. This trade represents a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Oppenheimer reissued an “outperform” rating and issued a $270.00 price objective (up previously from $245.00) on shares of Analog Devices in a research note on Thursday, February 20th. Williams Trading set a $245.00 price objective on shares of Analog Devices in a research note on Friday, February 14th. UBS Group raised their price objective on shares of Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Barclays lowered their price objective 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. Finally, Maxim Group assumed coverage on shares of Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating for the company. Six research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $255.41.

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.