Conning Inc. Trims Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Conning Inc. trimmed its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 6.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 181,560 shares of the semiconductor company's stock after selling 12,453 shares during the period. Analog Devices makes up approximately 1.3% of Conning Inc.'s holdings, making the stock its 20th largest position. Conning Inc.'s holdings in Analog Devices were worth $35,978,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Norges Bank purchased a new position in Analog Devices in the 4th quarter worth approximately $1,040,194,000. Moneta Group Investment Advisors LLC grew its position in Analog Devices by 101,479.6% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,111,943 shares of the semiconductor company's stock worth $674,482,000 after purchasing an additional 4,107,895 shares during the period. Massachusetts Financial Services Co. MA grew its position in Analog Devices by 22.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 13,868,437 shares of the semiconductor company's stock worth $2,428,225,000 after purchasing an additional 2,497,696 shares during the period. Alliancebernstein L.P. grew its position in Analog Devices by 236.6% in the 2nd quarter. Alliancebernstein L.P. now owns 2,312,235 shares of the semiconductor company's stock worth $450,446,000 after purchasing an additional 1,625,377 shares during the period. Finally, Nordea Investment Management AB grew its position in Analog Devices by 639.7% in the 3rd quarter. Nordea Investment Management AB now owns 1,718,502 shares of the semiconductor company's stock worth $303,591,000 after purchasing an additional 1,486,180 shares during the period. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ADI has been the subject of a number of research analyst reports. Wolfe Research raised shares of Analog Devices from a "peer perform" rating to an "outperform" rating and set a $225.00 target price for the company in a research report on Thursday, January 18th. Truist Financial cut their price objective on shares of Analog Devices from $226.00 to $222.00 and set a "buy" rating for the company in a research report on Thursday, February 22nd. Morgan Stanley reissued an "overweight" rating and set a $212.00 price objective on shares of Analog Devices in a research report on Thursday. The Goldman Sachs Group boosted their price objective on shares of Analog Devices from $191.00 to $205.00 and gave the company a "buy" rating in a research report on Thursday, February 22nd. Finally, KeyCorp boosted their price objective on shares of Analog Devices from $220.00 to $230.00 and gave the company an "overweight" rating in a research report on Thursday, February 22nd. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $206.26.

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of the company's stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $192.11, for a total transaction of $1,921,100.00. Following the sale, the chief executive officer now directly owns 5,713 shares in the company, valued at approximately $1,097,524.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Vincent Roche sold 10,000 shares of the company's stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $192.11, for a total transaction of $1,921,100.00. Following the sale, the chief executive officer now directly owns 5,713 shares in the company, valued at approximately $1,097,524.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Champy sold 1,228 shares of the company's stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $197.64, for a total transaction of $242,701.92. Following the transaction, the director now owns 6,371 shares in the company, valued at $1,259,164.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,707 shares of company stock worth $4,825,113. 0.31% of the stock is currently owned by corporate insiders.

Analog Devices Price Performance

ADI stock traded down $6.37 during mid-day trading on Friday, hitting $192.27. The company had a trading volume of 3,337,216 shares, compared to its average volume of 2,978,266. The company has a market capitalization of $95.35 billion, a price-to-earnings ratio of 34.40, a P/E/G ratio of 4.82 and a beta of 1.17. Analog Devices, Inc. has a 12-month low of $154.99 and a 12-month high of $204.20. The company has a quick ratio of 0.98, a current ratio of 1.51 and a debt-to-equity ratio of 0.17. The company has a 50-day moving average price of $193.24 and a 200 day moving average price of $186.23.

Analog Devices (NASDAQ:ADI - Get Free Report) last announced its quarterly earnings results on Wednesday, February 21st. The semiconductor company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.71 by $0.02. The business had revenue of $2.51 billion for the quarter, compared to analysts' expectations of $2.50 billion. Analog Devices had a net margin of 24.34% and a return on equity of 12.76%. The business's quarterly revenue was down 22.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.75 EPS. On average, research analysts anticipate that Analog Devices, Inc. will post 5.86 earnings per share for the current year.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 1.91%. This is a boost from Analog Devices's previous quarterly dividend of $0.86. The ex-dividend date was Monday, March 4th. Analog Devices's dividend payout ratio is currently 65.83%.

About Analog Devices

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.