Analog Devices, Inc. (NASDAQ:ADI) Shares Sold by Washington Trust Bank

Washington Trust Bank trimmed its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 71.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,686 shares of the semiconductor company's stock after selling 6,835 shares during the quarter. Washington Trust Bank's holdings in Analog Devices were worth $542,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Security National Bank of SO Dak purchased a new position in Analog Devices during the first quarter worth about $202,000. Financial Counselors Inc. boosted its position in shares of Analog Devices by 41.5% during the 1st quarter. Financial Counselors Inc. now owns 3,206 shares of the semiconductor company's stock worth $647,000 after purchasing an additional 941 shares during the period. Callan Capital LLC increased its holdings in Analog Devices by 13.2% in the 1st quarter. Callan Capital LLC now owns 2,690 shares of the semiconductor company's stock valued at $542,000 after purchasing an additional 313 shares during the last quarter. TD Private Client Wealth LLC increased its holdings in Analog Devices by 1.0% in the 1st quarter. TD Private Client Wealth LLC now owns 19,953 shares of the semiconductor company's stock valued at $4,024,000 after purchasing an additional 188 shares during the last quarter. Finally, Drake & Associates LLC raised its position in Analog Devices by 12.9% in the first quarter. Drake & Associates LLC now owns 2,221 shares of the semiconductor company's stock valued at $448,000 after purchasing an additional 254 shares during the period. 86.81% of the stock is owned by institutional investors and hedge funds.

Analog Devices Trading Up 0.4%

ADI opened at $246.08 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.51 and a current ratio of 2.08. Analog Devices, Inc. has a one year low of $158.65 and a one year high of $247.10. The company has a market cap of $122.12 billion, a P/E ratio of 67.05, a PEG ratio of 2.27 and a beta of 1.02. The business's 50-day simple moving average is $221.10 and its 200-day simple moving average is $212.75.

Analog Devices (NASDAQ:ADI - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.70 by $0.15. The firm had revenue of $2.64 billion during 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%. The firm's quarterly revenue was up 22.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.40 earnings per share. As a group, equities research analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were issued a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Wednesday, June 4th. Analog Devices's payout ratio is 107.90%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ADI. Piper Sandler dropped their price objective on Analog Devices from $240.00 to $215.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Evercore ISI lifted their target price on Analog Devices from $231.00 to $280.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Keefe, Bruyette & Woods upgraded shares of Analog Devices to an "outperform" rating in a research note on Wednesday, June 18th. Wall Street Zen raised shares of Analog Devices from a "hold" rating to a "buy" rating in a research note on Saturday, May 24th. Finally, Cantor Fitzgerald raised shares of Analog Devices from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $250.00 to $270.00 in a research note on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Analog Devices currently has an average rating of "Moderate Buy" and a consensus price target of $251.75.

Insider Transactions at Analog Devices

In other news, Director Ray Stata sold 3,125 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $195.84, for a total value of $612,000.00. Following the completion of the sale, the director directly owned 180,071 shares of the company's stock, valued at approximately $35,265,104.64. This represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of the firm's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $196.84, for a total transaction of $1,968,400.00. Following the transaction, the chief executive officer directly owned 142,996 shares in the company, valued at $28,147,332.64. The trade was a 6.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,250 shares of company stock worth $3,143,556 in the last quarter. 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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