Allianz SE Cuts Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Key Points

• Allianz SE decreased its stake in Analog Devices, Inc. by 15.1%, selling 7,214 shares during the first quarter and now holding 40,484 shares valued at approximately $8.16 million.
• Analog Devices reported $1.85 earnings per share, exceeding the consensus estimate of $1.70, and achieved revenue of $2.64 billion for the quarter, a 22.3% increase year-over-year.
• The company announced a quarterly dividend of $0.99 per share, representing a yield of 1.8%, despite having a payout ratio of 107.90%.

Allianz SE reduced its position in Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 15.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,484 shares of the semiconductor company's stock after selling 7,214 shares during the quarter. Allianz SE's holdings in Analog Devices were worth $8,164,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Orion Capital Management LLC bought a new stake in shares of Analog Devices in the 4th quarter valued at about $27,000. Menard Financial Group LLC bought a new position in Analog Devices during the 4th quarter valued at approximately $27,000. Alpine Bank Wealth Management bought a new position in Analog Devices during the 1st quarter valued at approximately $27,000. N.E.W. Advisory Services LLC bought a new position in Analog Devices during the 1st quarter valued at approximately $33,000. Finally, North Capital Inc. bought a new position in shares of Analog Devices in the 1st quarter worth approximately $36,000. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Analog Devices Price Performance

NASDAQ ADI opened at $221.71 on Friday. The company has a market capitalization of $110.02 billion, a PE ratio of 60.41, a price-to-earnings-growth ratio of 2.04 and a beta of 1.05. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.51 and a current ratio of 2.08. The business's fifty day moving average is $231.54 and its 200 day moving average is $215.64. Analog Devices, Inc. has a fifty-two week low of $158.65 and a fifty-two week high of $247.73.

Analog Devices (NASDAQ:ADI - Get Free Report) last released its earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.15. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.50 billion. Analog Devices had a return on equity of 9.56% and a net margin of 18.65%. Analog Devices's quarterly revenue was up 22.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.40 earnings per share. Sell-side analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were given a dividend of $0.99 per share. The ex-dividend date was Wednesday, June 4th. This represents a $3.96 annualized dividend and a yield of 1.8%. Analog Devices's payout ratio is 107.90%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ADI. Stifel Nicolaus increased their target price on Analog Devices from $248.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Raymond James Financial raised Analog Devices from a "moderate buy" rating to a "strong-buy" rating in a research report on Wednesday, June 18th. Cantor Fitzgerald raised Analog Devices from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $250.00 to $270.00 in a research report on Wednesday, June 18th. Piper Sandler reduced their price objective on Analog Devices from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Finally, KGI Securities began coverage on Analog Devices in a research report on Friday, May 23rd. They set a "buy" rating for the company. Six analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Analog Devices presently has a consensus rating of "Moderate Buy" and an average price target of $258.89.

Insiders Place Their Bets

In related news, Director Ray Stata sold 3,125 shares of Analog Devices stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $239.23, for a total transaction of $747,593.75. Following the transaction, the director directly owned 167,571 shares in the company, valued at approximately $40,088,010.33. The trade was a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.33% of the company's stock.

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.

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