Miracle Mile Advisors LLC Grows Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Miracle Mile Advisors LLC lifted its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 9.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,386 shares of the semiconductor company’s stock after buying an additional 296 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Analog Devices were worth $670,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Pinnacle Bancorp Inc. grew its position in Analog Devices by 101.6% during the 4th quarter. Pinnacle Bancorp Inc. now owns 129 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 65 shares during the last quarter. USA Financial Formulas grew its position in Analog Devices by 87.8% during the 4th quarter. USA Financial Formulas now owns 139 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 65 shares during the last quarter. Silver Oak Securities Incorporated purchased a new stake in Analog Devices during the 3rd quarter valued at about $29,000. Cetera Trust Company N.A purchased a new stake in Analog Devices during the 4th quarter valued at about $29,000. Finally, Private Wealth Management Group LLC purchased a new stake in Analog Devices during the 4th quarter valued at about $29,000. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analog Devices Price Performance

NASDAQ ADI opened at $225.18 on Tuesday. Analog Devices, Inc. has a 12 month low of $154.99 and a 12 month high of $241.88. The stock has a market cap of $111.74 billion, a price-to-earnings ratio of 52.61, a PEG ratio of 3.85 and a beta of 1.08. The company’s 50 day moving average is $220.13 and its two-hundred day moving average is $202.72. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last released its earnings results on Wednesday, May 22nd. The semiconductor company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.14. Analog Devices had a net margin of 20.45% and a return on equity of 10.74%. The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. During the same quarter last year, the business earned $2.83 EPS. The firm’s revenue was down 33.8% compared to the same quarter last year. As a group, research analysts anticipate that Analog Devices, Inc. will post 6.24 earnings per share for the current year.

Analog Devices Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Tuesday, June 4th were paid a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Tuesday, June 4th. Analog Devices’s payout ratio is 85.98%.

Insiders Place Their Bets

In other Analog Devices news, EVP Gregory M. Bryant sold 17,612 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $233.94, for a total transaction of $4,120,151.28. Following the sale, the executive vice president now owns 69,241 shares in the company, valued at approximately $16,198,239.54. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Analog Devices news, CAO Michael Sondel sold 4,830 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $236.58, for a total transaction of $1,142,681.40. Following the completion of the sale, the chief accounting officer now directly owns 10,547 shares of the company’s stock, valued at approximately $2,495,209.26. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Gregory M. Bryant sold 17,612 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $233.94, for a total transaction of $4,120,151.28. Following the sale, the executive vice president now directly owns 69,241 shares of the company’s stock, valued at $16,198,239.54. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,121 shares of company stock worth $8,901,654. Company insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on ADI shares. Cantor Fitzgerald increased their price objective on shares of Analog Devices from $205.00 to $240.00 and gave the company a “neutral” rating in a research report on Wednesday, May 15th. KeyCorp raised their price target on shares of Analog Devices from $230.00 to $285.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. TD Cowen raised their price target on shares of Analog Devices from $210.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. JPMorgan Chase & Co. raised their price target on shares of Analog Devices from $220.00 to $260.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Finally, Susquehanna raised their price target on shares of Analog Devices from $230.00 to $280.00 and gave the company a “positive” rating in a report on Thursday, May 23rd. Seven investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $243.23.

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.