Pallas Capital Advisors LLC Grows Position in Analog Devices, Inc. (NASDAQ:ADI)

Pallas Capital Advisors LLC lifted its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 89.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,694 shares of the semiconductor company's stock after buying an additional 1,746 shares during the quarter. Pallas Capital Advisors LLC's holdings in Analog Devices were worth $745,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Analog Devices by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 49,105,529 shares of the semiconductor company's stock worth $10,432,961,000 after buying an additional 413,084 shares during the period. Geode Capital Management LLC increased its position in shares of Analog Devices by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 10,612,183 shares of the semiconductor company's stock worth $2,248,971,000 after purchasing an additional 247,737 shares in the last quarter. Norges Bank purchased a new stake in shares of Analog Devices during the fourth quarter worth approximately $1,755,958,000. FMR LLC increased its position in shares of Analog Devices by 0.8% during the fourth quarter. FMR LLC now owns 7,450,018 shares of the semiconductor company's stock worth $1,582,831,000 after purchasing an additional 61,390 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Analog Devices by 8.4% during the fourth quarter. Northern Trust Corp now owns 5,521,162 shares of the semiconductor company's stock worth $1,173,026,000 after purchasing an additional 427,328 shares in the last quarter. 86.81% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $209.19, for a total value of $836,760.00. Following the transaction, the chief financial officer now owns 49,916 shares in the company, valued at approximately $10,441,928.04. This represents a 7.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Vivek Jain sold 12,684 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the transaction, the executive vice president now owns 43,175 shares in the company, valued at approximately $9,066,750. The trade was a 22.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,934 shares of company stock valued at $6,643,956. Corporate insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

ADI has been the subject of several research reports. Williams Trading set a $260.00 price target on Analog Devices in a research report on Friday, May 23rd. Cfra Research cut Analog Devices from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, May 22nd. Barclays boosted their price target on Analog Devices from $170.00 to $185.00 and gave the stock an "equal weight" rating in a research report on Friday, May 23rd. Stifel Nicolaus boosted their price target on Analog Devices from $225.00 to $248.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Finally, JPMorgan Chase & Co. upped their target price on Analog Devices from $280.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $248.63.

Analog Devices Trading Down 3.1%

Shares of NASDAQ ADI traded down $7.09 during mid-day trading on Friday, reaching $225.03. 3,349,531 shares of the company's stock were exchanged, compared to its average volume of 3,576,995. The firm has a market capitalization of $111.67 billion, a price-to-earnings ratio of 71.67, a PEG ratio of 2.85 and a beta of 1.00. 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, Inc. has a 52-week low of $158.65 and a 52-week high of $247.10. The company's 50-day moving average is $204.95 and its 200-day moving average is $210.75.

Analog Devices (NASDAQ:ADI - Get Free Report) last released its quarterly earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share for the quarter, topping analysts' consensus estimates of $1.70 by $0.15. The business 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 8.91% and a net margin of 16.75%. The company's revenue was up 22.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.40 EPS. Analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices declared that its board has approved a share repurchase plan on Tuesday, February 18th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Analog Devices Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a yield of 1.76%. The ex-dividend date is Wednesday, June 4th. Analog Devices's payout ratio is 107.90%.

Analog Devices 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.