Free Trial

Public Sector Pension Investment Board Lowers Stake in Analog Devices, Inc. (NASDAQ:ADI)

Analog Devices logo with Computer and Technology background

Key Points

  • The Public Sector Pension Investment Board reduced its stake in Analog Devices, Inc. by 33.6%, selling 161,882 shares and owning 320,437 shares after the sale, valued at $64.6 million.
  • Various institutional investors have increased their positions in Analog Devices, with China Universal Asset Management Co. Ltd. raising its stake by 284.4% during the first quarter.
  • Analysts have mixed views on Analog Devices, with a consensus rating of "Moderate Buy" and a price target of $258.89, while some firms have adjusted price targets down and up.
  • Need better tools to track Analog Devices? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Public Sector Pension Investment Board reduced its stake in Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 33.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 320,437 shares of the semiconductor company's stock after selling 161,882 shares during the period. Public Sector Pension Investment Board owned approximately 0.06% of Analog Devices worth $64,623,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. China Universal Asset Management Co. Ltd. increased its holdings in shares of Analog Devices by 284.4% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 31,050 shares of the semiconductor company's stock worth $6,262,000 after buying an additional 22,973 shares during the last quarter. Freestone Grove Partners LP bought a new position in shares of Analog Devices in the 4th quarter valued at about $10,212,000. Sowell Financial Services LLC bought a new stake in Analog Devices during the first quarter worth approximately $296,000. Keybank National Association OH increased its stake in Analog Devices by 85.8% during the first quarter. Keybank National Association OH now owns 27,077 shares of the semiconductor company's stock worth $5,461,000 after acquiring an additional 12,505 shares during the last quarter. Finally, Eastern Bank raised its position in Analog Devices by 6.0% during the first quarter. Eastern Bank now owns 196,677 shares of the semiconductor company's stock valued at $39,664,000 after purchasing an additional 11,101 shares during the period. Hedge funds and other institutional investors own 86.81% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ADI. Needham & Company LLC restated a "hold" rating on shares of Analog Devices in a report on Friday, May 23rd. Evercore ISI raised their price target on shares of Analog Devices from $231.00 to $280.00 and gave the stock an "outperform" rating in a research note on Friday, May 23rd. Oppenheimer boosted their price objective on shares of Analog Devices from $225.00 to $265.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. 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 target price on the stock. Finally, KGI Securities began coverage on Analog Devices in a report on Friday, May 23rd. They issued a "buy" rating for the company. Six equities 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $258.89.

Check Out Our Latest Analysis on ADI

Insider Buying and Selling at Analog Devices

In other news, Director Ray Stata sold 3,125 shares of the firm'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 directly owned 167,571 shares in the company, valued at $40,088,010.33. This trade represents a 1.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.33% of the company's stock.

Analog Devices Stock Down 0.6%

Shares of ADI stock traded down $1.42 during trading hours on Thursday, reaching $236.21. 2,178,211 shares of the company's stock were exchanged, compared to its average volume of 3,943,151. The stock's 50 day moving average is $233.15 and its 200-day moving average is $215.94. Analog Devices, Inc. has a fifty-two week low of $158.65 and a fifty-two week high of $247.73. The company has a market cap of $117.22 billion, a price-to-earnings ratio of 64.36, a P/E/G ratio of 2.14 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.

Analog Devices (NASDAQ:ADI - Get Free Report) last issued 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. 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 for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the prior year, the business posted $1.40 EPS. Analog Devices's revenue for the quarter was up 22.3% compared to the same quarter last year. Analysts predict that Analog Devices, Inc. will post 7.14 earnings per share 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 given a $0.99 dividend. The ex-dividend date was Wednesday, June 4th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.7%. Analog Devices's dividend payout ratio is 107.90%.

About Analog Devices

(Free Report)

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.

Read More

Institutional Ownership by Quarter for Analog Devices (NASDAQ:ADI)

Should You Invest $1,000 in Analog Devices Right Now?

Before you consider Analog Devices, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Analog Devices wasn't on the list.

While Analog Devices currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

7 Energy Stocks to Buy and Hold Forever Cover

With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

September Slowdown: 3 Stocks to Buy When the Pullback Comes
3 Overlooked Stocks Riding the AI Data Center Boom
3 Growth Stock Winners to Watch And 3 to Avoid

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines