Abacus Planning Group Inc. Increases Stake in Analog Devices, Inc. (NASDAQ:ADI)

Abacus Planning Group Inc. grew its stake in Analog Devices, Inc. (NASDAQ:ADI) by 8.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,034 shares of the semiconductor company’s stock after purchasing an additional 79 shares during the period. Abacus Planning Group Inc.’s holdings in Analog Devices were worth $238,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Cavalry Management Group LLC acquired a new stake in Analog Devices during the second quarter valued at $209,000. Centaurus Financial Inc. boosted its stake in shares of Analog Devices by 163.8% during the 2nd quarter. Centaurus Financial Inc. now owns 1,873 shares of the semiconductor company’s stock worth $427,000 after acquiring an additional 1,163 shares in the last quarter. Heritage Wealth Management Inc. acquired a new stake in shares of Analog Devices during the 2nd quarter valued at about $2,716,000. Sanctuary Advisors LLC purchased a new position in shares of Analog Devices in the 2nd quarter valued at about $17,270,000. Finally, Pensioenfonds Rail & OV raised its holdings in Analog Devices by 11.6% in the 2nd quarter. Pensioenfonds Rail & OV now owns 246,311 shares of the semiconductor company’s stock worth $56,223,000 after purchasing an additional 25,556 shares during the period. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analog Devices Stock Performance

Shares of ADI stock opened at $226.56 on Friday. The firm has a 50 day moving average of $222.79 and a two-hundred day moving average of $218.10. The stock has a market capitalization of $112.42 billion, a PE ratio of 52.93, a P/E/G ratio of 3.75 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.69 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 52 week low of $154.99 and a 52 week high of $244.14.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.08. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.27 billion. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. Analog Devices’s revenue was down 24.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.49 EPS. On average, research analysts predict that Analog Devices, Inc. will post 6.34 EPS for the current fiscal year.

Analog Devices Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were issued a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 1.62%. The ex-dividend date was Tuesday, September 3rd. Analog Devices’s dividend payout ratio (DPR) is presently 85.98%.

Insiders Place Their Bets

In other news, Director Edward H. Frank sold 500 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $227.24, for a total transaction of $113,620.00. Following the sale, the director now owns 4,748 shares of the company’s stock, valued at approximately $1,078,935.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, 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 value of $113,620.00. Following the completion of the transaction, the director now owns 4,748 shares in the company, valued at approximately $1,078,935.52. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $228.93, for a total transaction of $2,289,300.00. Following the sale, the chief executive officer now owns 45,326 shares in the company, valued at $10,376,481.18. The disclosure for this sale can be found here. Insiders sold 91,495 shares of company stock valued at $20,794,658 in the last ninety days. Insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ADI shares. Oppenheimer restated an “outperform” rating and issued a $245.00 price objective on shares of Analog Devices in a research report on Thursday, August 22nd. JPMorgan Chase & Co. increased their price objective on shares of Analog Devices from $260.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Morgan Stanley boosted their target price on shares of Analog Devices from $250.00 to $257.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Barclays raised their price target on shares of Analog Devices from $235.00 to $250.00 and gave the company an “equal weight” rating in a research note on Thursday, July 18th. Finally, Truist Financial lowered Analog Devices from a “buy” rating to a “hold” rating and cut their price objective for the stock from $266.00 to $233.00 in a research note on Monday, September 23rd. Seven equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Analog Devices has an average rating of “Moderate Buy” and a consensus target price of $249.80.

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.