Laurion Capital Management LP Acquires Shares of 28,600 Analog Devices, Inc. (ADI)
Laurion Capital Management LP acquired a new stake in Analog Devices, Inc. (NASDAQ:ADI) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 28,600 shares of the semiconductor company’s stock, valued at approximately $2,743,000.
A number of other institutional investors and hedge funds have also recently made changes to their positions in ADI. Wells Fargo & Company MN boosted its position in shares of Analog Devices by 6.6% in the 1st quarter. Wells Fargo & Company MN now owns 8,608,728 shares of the semiconductor company’s stock worth $784,513,000 after purchasing an additional 532,620 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its position in shares of Analog Devices by 102.7% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 9,544 shares of the semiconductor company’s stock worth $870,000 after purchasing an additional 4,836 shares during the last quarter. Mackay Shields LLC bought a new position in shares of Analog Devices in the 1st quarter worth $5,655,000. D.A. Davidson & CO. boosted its position in shares of Analog Devices by 7.9% in the 1st quarter. D.A. Davidson & CO. now owns 9,530 shares of the semiconductor company’s stock worth $868,000 after purchasing an additional 696 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Analog Devices by 42.6% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 49,119 shares of the semiconductor company’s stock worth $4,477,000 after purchasing an additional 14,677 shares during the last quarter. Hedge funds and other institutional investors own 88.05% of the company’s stock.
Several analysts recently commented on the company. B. Riley dropped their price objective on Analog Devices from $122.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, May 31st. SunTrust Banks reaffirmed a “buy” rating and set a $118.00 price objective on shares of Analog Devices in a research note on Thursday, August 30th. Sanford C. Bernstein raised their price objective on Analog Devices from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, May 31st. Oppenheimer raised their price objective on Analog Devices from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 30th. Finally, BidaskClub downgraded Analog Devices from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 18th. Seven equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Analog Devices currently has a consensus rating of “Buy” and a consensus price target of $107.00.
Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Wednesday, August 22nd. The semiconductor company reported $1.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.46 by $0.07. Analog Devices had a return on equity of 20.89% and a net margin of 22.94%. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter last year, the business posted $1.26 EPS. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. analysts expect that Analog Devices, Inc. will post 5.89 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 12th. Shareholders of record on Friday, August 31st will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Thursday, August 30th. Analog Devices’s dividend payout ratio is 40.68%.
Analog Devices declared that its Board of Directors has authorized a stock buyback plan on Tuesday, August 21st that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 5.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $95.04, for a total value of $950,400.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Joseph Hassett sold 12,000 shares of Analog Devices stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $100.40, for a total value of $1,204,800.00. Following the completion of the sale, the senior vice president now directly owns 26,711 shares in the company, valued at approximately $2,681,784.40. The disclosure for this sale can be found here. Insiders sold a total of 106,655 shares of company stock worth $10,425,833 in the last three months. Company insiders own 0.70% of the company’s stock.
Analog Devices Company Profile
Analog Devices, Inc designs, manufactures, and markets a portfolio of solutions that leverage analog, mixed-signal, and digital signal processing technology, including integrated circuits (ICs), algorithms, software, and subsystems. It offers data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.
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