Polar Asset Management Partners Inc. Makes New $48.87 Million Investment in Analog Devices, Inc. (NASDAQ:ADI)

Polar Asset Management Partners Inc. bought a new position in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 230,000 shares of the semiconductor company's stock, valued at approximately $48,866,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Broderick Brian C grew its stake in shares of Analog Devices by 2.6% during the 4th quarter. Broderick Brian C now owns 79,221 shares of the semiconductor company's stock worth $16,831,000 after acquiring an additional 2,017 shares during the period. Freestone Grove Partners LP purchased a new stake in Analog Devices during the fourth quarter valued at about $10,212,000. Curbstone Financial Management Corp bought a new position in Analog Devices during the fourth quarter worth about $460,000. Synergy Asset Management LLC increased its stake in shares of Analog Devices by 11.1% in the fourth quarter. Synergy Asset Management LLC now owns 25,569 shares of the semiconductor company's stock worth $5,404,000 after purchasing an additional 2,554 shares in the last quarter. Finally, RFG Advisory LLC raised its position in shares of Analog Devices by 3.9% in the fourth quarter. RFG Advisory LLC now owns 2,072 shares of the semiconductor company's stock valued at $440,000 after purchasing an additional 77 shares during the period. Hedge funds and other institutional investors own 86.81% of the company's stock.

Analog Devices Price Performance

Shares of Analog Devices stock opened at $226.82 on Thursday. 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 has a fifty day moving average of $196.01 and a 200-day moving average of $210.63. The stock has a market capitalization of $112.50 billion, a price-to-earnings ratio of 72.24, a price-to-earnings-growth ratio of 2.85 and a beta of 0.98.

Analog Devices (NASDAQ:ADI - Get Free Report) last released its quarterly earnings data 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 return on equity of 8.91% and a net margin of 16.75%. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the previous year, the business earned $1.73 earnings per share. The company's quarterly revenue was down 3.6% on a year-over-year basis. Equities research analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices Increases Dividend

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

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

Analysts Set New Price Targets

ADI has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective on shares of Analog Devices from $280.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Morgan Stanley set a $214.00 price target on Analog Devices in a research report on Monday, April 21st. Williams Trading set a $245.00 target price on Analog Devices in a research note on Friday, February 14th. Wells Fargo & Company upped their price target on Analog Devices from $220.00 to $240.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. Finally, Lake Street Capital started coverage on shares of Analog Devices in a research report on Friday, February 14th. They issued a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, Analog Devices presently has a consensus rating of "Moderate Buy" and an average target price of $250.20.

Insider Transactions at Analog Devices

In related news, EVP Vivek Jain sold 12,684 shares of the business's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the transaction, the executive vice president now owns 43,175 shares in the company, valued at $9,066,750. The trade was a 22.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ray Stata sold 3,125 shares of the firm'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 completion of the sale, the director now owns 180,071 shares of the company's stock, valued at $35,265,104.64. This trade represents a 1.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,934 shares of company stock worth $8,735,156. Company insiders own 0.33% of the company's stock.

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.

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