Analog Devices, Inc. (NASDAQ:ADI) Shares Sold by Tower Bridge Advisors

Tower Bridge Advisors reduced its position in Analog Devices, Inc. (NASDAQ:ADI) by 3.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 20,534 shares of the semiconductor company’s stock after selling 765 shares during the quarter. Tower Bridge Advisors’ holdings in Analog Devices were worth $4,726,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in ADI. Nwam LLC grew its position in shares of Analog Devices by 37.9% during the 1st quarter. Nwam LLC now owns 1,448 shares of the semiconductor company’s stock valued at $292,000 after acquiring an additional 398 shares during the period. Banco Santander S.A. acquired a new stake in Analog Devices in the first quarter valued at approximately $435,000. TIAA Trust National Association grew its holdings in Analog Devices by 1.7% in the first quarter. TIAA Trust National Association now owns 21,866 shares of the semiconductor company’s stock valued at $4,325,000 after purchasing an additional 360 shares during the period. Ontario Teachers Pension Plan Board purchased a new stake in shares of Analog Devices in the first quarter valued at approximately $469,000. Finally, Catalytic Wealth RIA LLC raised its stake in shares of Analog Devices by 20.6% during the 1st quarter. Catalytic Wealth RIA LLC now owns 1,869 shares of the semiconductor company’s stock worth $370,000 after buying an additional 319 shares during the period. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analog Devices Trading Down 2.8 %

Shares of ADI opened at $206.35 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.24 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average price of $225.88 and a 200 day moving average price of $225.12. Analog Devices, Inc. has a 12-month low of $178.66 and a 12-month high of $244.14. The firm has a market capitalization of $102.45 billion, a P/E ratio of 61.97, a P/E/G ratio of 2.89 and a beta of 1.08.

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

Analog Devices Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were given a $0.92 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $3.68 dividend on an annualized basis and a yield of 1.78%. Analog Devices’s dividend payout ratio is currently 110.51%.

Wall Street Analyst Weigh In

Several brokerages recently commented on ADI. JPMorgan Chase & Co. boosted their price target on shares of Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Bank of America cut their target price on shares of Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Truist Financial lowered shares of Analog Devices from a “buy” rating to a “hold” rating and decreased their price target for the company from $266.00 to $233.00 in a research note on Monday, September 23rd. Cantor Fitzgerald reiterated a “neutral” rating and set a $250.00 price objective on shares of Analog Devices in a research note on Tuesday, October 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research report on Thursday, August 22nd. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $249.80.

Insider Activity

In other news, Director Edward H. Frank sold 500 shares of the business’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 value of $113,620.00. Following the sale, the director now directly owns 4,748 shares of the company’s stock, valued at approximately $1,078,935.52. The trade was a 9.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $228.69, for a total transaction of $2,286,900.00. Following the completion of the transaction, the chief executive officer now owns 51,039 shares in the company, valued at approximately $11,672,108.91. This represents a 16.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,495 shares of company stock valued at $25,229,958 in the last quarter. Insiders own 0.31% of the company’s stock.

Analog Devices Company 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.