First Manhattan CO. LLC. Has $4.77 Million Stake in Analog Devices, Inc. (NASDAQ:ADI)

First Manhattan CO. LLC. lowered its position in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 9.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,448 shares of the semiconductor company's stock after selling 2,215 shares during the quarter. First Manhattan CO. LLC.'s holdings in Analog Devices were worth $4,769,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Analog Devices during the fourth quarter worth $1,755,958,000. Raymond James Financial Inc. acquired a new position in shares of Analog Devices during the 4th quarter worth approximately $833,386,000. Proficio Capital Partners LLC grew its holdings in shares of Analog Devices by 22,005.0% in the fourth quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company's stock valued at $652,943,000 after purchasing an additional 3,059,349 shares during the period. Kovitz Investment Group Partners LLC raised its position in Analog Devices by 301.1% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,581,157 shares of the semiconductor company's stock valued at $335,933,000 after purchasing an additional 1,186,981 shares during the period. Finally, Deutsche Bank AG boosted its position in shares of Analog Devices by 71.0% during the 4th quarter. Deutsche Bank AG now owns 2,158,914 shares of the semiconductor company's stock worth $458,683,000 after purchasing an additional 896,694 shares during the period. 86.81% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Analog Devices news, EVP Vivek Jain sold 12,684 shares of the firm's stock in a transaction on 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 sale, the executive vice president now directly owns 43,175 shares in the company, valued at $9,066,750. This trade represents a 22.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ray Stata sold 3,125 shares of the company's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $195.84, for a total transaction of $612,000.00. Following the sale, the director now directly owns 180,071 shares in the company, valued at $35,265,104.64. This represents a 1.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,934 shares of company stock worth $8,735,156 in the last 90 days. 0.33% of the stock is owned by company insiders.

Analyst Ratings Changes

ADI has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price objective on Analog Devices from $220.00 to $240.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. Barclays reduced their price target on Analog Devices from $240.00 to $170.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. Stifel Nicolaus decreased their target price on Analog Devices from $275.00 to $225.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Lake Street Capital assumed coverage on Analog Devices in a research note on Friday, February 14th. They issued a "buy" rating for the company. Finally, Oppenheimer reissued an "outperform" rating and set a $270.00 target price (up from $245.00) on shares of Analog Devices in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $250.19.

Analog Devices Price Performance

ADI traded up $3.53 on Tuesday, hitting $226.68. 4,373,384 shares of the company's stock were exchanged, compared to its average volume of 3,505,163. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a fifty-two week low of $158.65 and a fifty-two week high of $247.10. The firm has a 50-day moving average price of $195.91 and a 200-day moving average price of $210.40. The stock has a market cap of $112.43 billion, a price-to-earnings ratio of 72.19, a P/E/G ratio of 2.85 and a beta of 0.98.

Analog Devices (NASDAQ:ADI - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping the consensus estimate of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The company had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.36 billion. During the same quarter in the previous year, the business posted $1.73 EPS. The firm's revenue was down 3.6% on a year-over-year basis. As a group, equities analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

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

Analog Devices Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were issued a dividend of $0.99 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.75%. This is a boost from Analog Devices's previous quarterly dividend of $0.92. Analog Devices's payout ratio is presently 126.11%.

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.