Pinnacle Associates Ltd. Boosts Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Pinnacle Associates Ltd. raised its stake in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 12.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,321 shares of the semiconductor company's stock after purchasing an additional 2,558 shares during the period. Pinnacle Associates Ltd.'s holdings in Analog Devices were worth $4,501,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Orion Capital Management LLC purchased a new position in Analog Devices during the fourth quarter valued at $27,000. Menard Financial Group LLC acquired a new stake in shares of Analog Devices in the fourth quarter valued at about $27,000. Alpine Bank Wealth Management acquired a new stake in shares of Analog Devices in the first quarter valued at about $27,000. North Capital Inc. acquired a new stake in shares of Analog Devices in the first quarter valued at about $36,000. Finally, Wolff Wiese Magana LLC raised its position in shares of Analog Devices by 209.8% in the first quarter. Wolff Wiese Magana LLC now owns 189 shares of the semiconductor company's stock valued at $38,000 after buying an additional 128 shares during the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Analog Devices

In other news, Director Ray Stata sold 3,125 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $239.23, for a total value of $747,593.75. Following the completion of the transaction, the director owned 167,571 shares of the company's stock, valued at approximately $40,088,010.33. This trade represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $196.84, for a total transaction of $1,968,400.00. Following the completion of the transaction, the chief executive officer directly owned 142,996 shares of the company's stock, valued at approximately $28,147,332.64. The trade was a 6.54% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 16,250 shares of company stock valued at $3,327,994. Insiders own 0.33% of the company's stock.

Analog Devices Trading Up 0.6%

NASDAQ ADI opened at $227.82 on Friday. The firm has a 50 day simple moving average of $230.63 and a 200-day simple moving average of $215.26. 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 $247.73. The firm has a market cap of $113.06 billion, a price-to-earnings ratio of 62.08, a PEG ratio of 2.09 and a beta of 1.02.

Analog Devices (NASDAQ:ADI - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The semiconductor company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.70 by $0.15. Analog Devices had a net margin of 18.65% and a return on equity of 9.56%. The business had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same quarter last year, the firm posted $1.40 earnings per share. The business's revenue for the quarter was up 22.3% compared to the same quarter last year. Equities research analysts anticipate that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were paid a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 1.74%. The ex-dividend date was Wednesday, June 4th. Analog Devices's payout ratio is 107.90%.

Wall Street Analyst Weigh In

ADI has been the subject of a number of recent research reports. Citigroup reiterated a "buy" rating and issued a $290.00 target price (up from $260.00) on shares of Analog Devices in a research report on Monday, July 7th. Cfra Research cut shares of Analog Devices from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, May 22nd. Wells Fargo & Company set a $235.00 target price on shares of Analog Devices and gave the company an "equal weight" rating in a research report on Monday, June 16th. KeyCorp increased their target price on shares of Analog Devices from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, The Goldman Sachs Group initiated coverage on shares of Analog Devices in a research report on Thursday, July 10th. They set a "buy" rating and a $285.00 price objective for the company. Six investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $258.89.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.