Analog Devices, Inc. (ADI) Shares Sold by Piedmont Investment Advisors Inc.
Piedmont Investment Advisors Inc. cut its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 24.4% during the third quarter, Holdings Channel reports. The fund owned 8,065 shares of the semiconductor company’s stock after selling 2,604 shares during the period. Piedmont Investment Advisors Inc.’s holdings in Analog Devices were worth $746,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADI. Moody National Bank Trust Division bought a new position in Analog Devices in the 3rd quarter valued at $105,000. Fort L.P. bought a new position in Analog Devices in the 2nd quarter valued at $117,000. Integrated Investment Consultants LLC bought a new position in shares of Analog Devices in the 2nd quarter worth $130,000. Sawtooth Solutions LLC bought a new position in shares of Analog Devices in the 2nd quarter worth $200,000. Finally, Gamble Jones Investment Counsel bought a new position in shares of Analog Devices in the 2nd quarter worth $200,000. Institutional investors and hedge funds own 89.06% of the company’s stock.
ADI has been the topic of several recent research reports. Zacks Investment Research lowered Analog Devices from a “buy” rating to a “hold” rating in a research report on Friday, August 24th. ValuEngine upgraded Analog Devices from a “sell” rating to a “hold” rating in a research report on Thursday, November 1st. B. Riley reduced their price target on Analog Devices from $120.00 to $117.00 and set a “buy” rating on the stock in a research report on Thursday, August 23rd. Stifel Nicolaus raised their price target on Analog Devices from $108.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, August 23rd. Finally, BidaskClub downgraded Analog Devices from a “hold” rating to a “sell” rating in a research note on Friday, August 17th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $101.50.
Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Tuesday, November 20th. The semiconductor company reported $1.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.52 by $0.03. Analog Devices had a return on equity of 20.88% and a net margin of 24.12%. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same quarter last year, the business posted $1.45 EPS. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, analysts expect that Analog Devices, Inc. will post 5.82 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Thursday, November 29th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Wednesday, November 28th. Analog Devices’s dividend payout ratio is 32.32%.
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 news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $97.19, for a total value of $971,900.00. Following the completion of the transaction, the chief executive officer now owns 27,376 shares in the company, valued at approximately $2,660,673.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Joseph Hassett sold 12,000 shares of the firm’s 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 transaction, the senior vice president now owns 26,711 shares of the company’s stock, valued at approximately $2,681,784.40. The disclosure for this sale can be found here. Insiders sold a total of 88,750 shares of company stock worth $8,561,658 in the last three months. Company insiders own 1.10% of the company’s stock.
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About Analog Devices
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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