Essex Financial Services Inc. Increases Position in Analog Devices, Inc. (NASDAQ:ADI)

Essex Financial Services Inc. grew its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 24.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,724 shares of the semiconductor company’s stock after purchasing an additional 338 shares during the period. Essex Financial Services Inc.’s holdings in Analog Devices were worth $394,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ADI. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Analog Devices in the second quarter valued at $255,000. Aptus Capital Advisors LLC lifted its stake in Analog Devices by 30.1% in the second quarter. Aptus Capital Advisors LLC now owns 57,152 shares of the semiconductor company’s stock worth $13,046,000 after acquiring an additional 13,212 shares during the last quarter. Investment Advisory Group LLC acquired a new position in Analog Devices during the 2nd quarter worth approximately $207,000. Picton Mahoney Asset Management purchased a new stake in shares of Analog Devices in the 2nd quarter valued at approximately $207,000. Finally, Farther Finance Advisors LLC grew its stake in shares of Analog Devices by 51.0% during the second quarter. Farther Finance Advisors LLC now owns 5,504 shares of the semiconductor company’s stock worth $1,239,000 after purchasing an additional 1,859 shares in the last quarter. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Edward H. Frank sold 500 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $227.24, for a total transaction of $113,620.00. Following the completion of the transaction, the director now owns 4,748 shares of the company’s stock, valued at $1,078,935.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Edward H. Frank sold 995 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $234.31, for a total transaction of $233,138.45. Following the transaction, the director now directly owns 3,753 shares of the company’s stock, valued at approximately $879,365.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward H. Frank sold 500 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $227.24, for a total transaction of $113,620.00. Following the completion of the transaction, the director now owns 4,748 shares of the company’s stock, valued at $1,078,935.52. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 39,107 shares of company stock valued at $9,014,710. Insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on ADI shares. The Goldman Sachs Group lifted their price target on Analog Devices from $205.00 to $252.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Barclays upped their target price on shares of Analog Devices from $235.00 to $250.00 and gave the company an “equal weight” rating in a report on Thursday, July 18th. Jefferies Financial Group initiated coverage on shares of Analog Devices in a research note on Monday, May 13th. They issued a “buy” rating and a $250.00 price objective for the company. Susquehanna lifted their price target on Analog Devices from $230.00 to $280.00 and gave the stock a “positive” rating in a research report on Thursday, May 23rd. Finally, Robert W. Baird increased their price objective on Analog Devices from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, May 24th. Six equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $251.45.

Analog Devices Price Performance

ADI stock opened at $234.84 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.24 and a current ratio of 1.69. Analog Devices, Inc. has a 1 year low of $154.99 and a 1 year high of $244.14. The stock’s 50 day moving average price is $226.19 and its 200 day moving average price is $213.32. The firm has a market cap of $116.60 billion, a P/E ratio of 54.87, a PEG ratio of 3.91 and a beta of 1.08.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. Analog Devices had a net margin of 17.07% and a return on equity of 9.47%. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same period in the previous year, the firm posted $2.49 earnings per share. The company’s quarterly revenue was down 24.8% compared to the same quarter last year. On average, sell-side analysts expect that Analog Devices, Inc. will post 6.33 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.92 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $3.68 annualized dividend and a yield of 1.57%. Analog Devices’s dividend payout ratio (DPR) is presently 85.98%.

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.