Nuveen LLC Acquires New Stake in Analog Devices, Inc. (NASDAQ:ADI)

Key Points

• Nuveen LLC acquired 1,745,144 shares of Analog Devices, Inc., valued at approximately $351.9 million, representing 0.35% ownership in the semiconductor company.
• Analog Devices recently reported a quarterly revenue increase of 22.3% year-over-year, with earnings per share of $1.85, exceeding analysts' expectations.
• The company declared a quarterly dividend of $0.99 per share, yielding 1.8%, despite a payout ratio of 107.90%, indicating it distributes more than its earnings.

Nuveen LLC bought a new position in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,745,144 shares of the semiconductor company's stock, valued at approximately $351,943,000. Nuveen LLC owned about 0.35% of Analog Devices at the end of the most recent quarter.

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

Insiders Place Their Bets

In related news, Director Ray Stata sold 3,125 shares of the 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 completion of the sale, the director directly 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 legal filing with the SEC, which is available through this link. 0.33% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on ADI. KGI Securities began coverage on Analog Devices in a research report on Friday, May 23rd. They issued a "buy" rating for the company. Evercore ISI increased 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. Oppenheimer increased their price target on Analog Devices from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. Seaport Res Ptn raised Analog Devices from a "strong sell" rating to a "hold" rating in a research note on Monday, July 21st. Finally, Raymond James Financial raised Analog Devices from a "moderate buy" rating to a "strong-buy" rating in a research note on Wednesday, June 18th. Six investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Analog Devices has a consensus rating of "Moderate Buy" and an average target price of $258.89.

Analog Devices Price Performance

NASDAQ ADI traded up $5.59 during trading on Wednesday, reaching $237.63. The company's stock had a trading volume of 3,804,014 shares, compared to its average volume of 3,602,063. The firm has a fifty day moving average of $232.76 and a 200 day moving average of $215.79. Analog Devices, Inc. has a one year low of $158.65 and a one year high of $247.73. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.08 and a quick ratio of 1.51. The stock has a market capitalization of $117.92 billion, a PE ratio of 64.75, a P/E/G ratio of 2.14 and a beta of 1.05.

Analog Devices (NASDAQ:ADI - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.70 by $0.15. Analog Devices had a return on equity of 9.56% and a net margin of 18.65%. The firm had revenue of $2.64 billion during the quarter, compared to analysts' expectations of $2.50 billion. During the same period in the prior year, the business earned $1.40 EPS. The company's revenue for the quarter was up 22.3% compared to the same quarter last year. Analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current fiscal 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 issued 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 1.7%. Analog Devices's dividend payout ratio is currently 107.90%.

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.