Meeder Asset Management Inc. Lowers Position in Analog Devices, Inc. (NASDAQ:ADI)

Key Points

• Meeder Asset Management Inc. significantly reduced its stake in Analog Devices, Inc. by 98% in Q1, leaving it with only 270 shares valued at $54,000.
• Despite the reduction in stake by some investors, others like China Universal Asset Management increased their holdings in Analog Devices by 284.4% during the same quarter.
• Analog Devices reported earnings of $1.85 per share, surpassing analyst expectations, with revenue of $2.64 billion, representing a 22.3% increase year-over-year.

Meeder Asset Management Inc. trimmed its position in Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 98.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 270 shares of the semiconductor company's stock after selling 13,129 shares during the quarter. Meeder Asset Management Inc.'s holdings in Analog Devices were worth $54,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Continuum Advisory LLC boosted its holdings in Analog Devices by 14.8% in the first quarter. Continuum Advisory LLC now owns 443 shares of the semiconductor company's stock valued at $89,000 after acquiring an additional 57 shares during the last quarter. Proficio Capital Partners LLC boosted its holdings in Analog Devices by 0.4% in the first quarter. Proficio Capital Partners LLC now owns 14,523 shares of the semiconductor company's stock valued at $2,929,000 after acquiring an additional 58 shares during the last quarter. Alps Advisors Inc. boosted its holdings in Analog Devices by 1.1% in the first quarter. Alps Advisors Inc. now owns 5,688 shares of the semiconductor company's stock valued at $1,147,000 after acquiring an additional 60 shares during the last quarter. Keystone Financial Services boosted its holdings in Analog Devices by 1.6% in the first quarter. Keystone Financial Services now owns 3,791 shares of the semiconductor company's stock valued at $765,000 after acquiring an additional 61 shares during the last quarter. Finally, Dakota Wealth Management boosted its holdings in Analog Devices by 0.7% in the first quarter. Dakota Wealth Management now owns 8,955 shares of the semiconductor company's stock valued at $1,806,000 after acquiring an additional 61 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ADI shares. Oppenheimer raised their price target on Analog Devices from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Wall Street Zen raised Analog Devices from a "hold" rating to a "buy" rating in a research report on Saturday, May 24th. Needham & Company LLC reaffirmed a "hold" rating on shares of Analog Devices in a research report on Friday, May 23rd. Williams Trading set a $260.00 price target on Analog Devices in a research report on Friday, May 23rd. Finally, KeyCorp lifted their target price on Analog Devices from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Six research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Analog Devices presently has a consensus rating of "Moderate Buy" and a consensus price target of $258.89.

Analog Devices Price Performance

NASDAQ ADI traded down $2.92 during midday trading on Friday, hitting $221.71. The company had a trading volume of 3,740,478 shares, compared to its average volume of 3,267,364. The company has a market capitalization of $110.02 billion, a PE ratio of 60.41, a P/E/G ratio of 2.04 and a beta of 1.05. The company has a current ratio of 2.08, a quick ratio of 1.51 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average price of $231.54 and a 200-day moving average price of $215.66. Analog Devices, Inc. has a twelve month low of $158.65 and a twelve month high of $247.73.

Analog Devices (NASDAQ:ADI - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $2.64 billion during the quarter, compared to analysts' expectations of $2.50 billion. Analog Devices had a return on equity of 9.56% and a net margin of 18.65%. The company's quarterly revenue was up 22.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.40 EPS. As a group, analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Dividend Announcement

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

Insider Activity at Analog Devices

In related news, Director Ray Stata sold 3,125 shares of the company's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $239.23, for a total transaction of $747,593.75. Following the sale, the director owned 167,571 shares in the company, valued at $40,088,010.33. This represents a 1.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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.