Kornitzer Capital Management Inc. KS Decreases Position in Analog Devices, Inc. (ADI)
Kornitzer Capital Management Inc. KS trimmed its stake in Analog Devices, Inc. (NASDAQ:ADI) by 86.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,725 shares of the semiconductor company’s stock after selling 22,814 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Analog Devices were worth $344,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. Baird Financial Group Inc. lifted its position in shares of Analog Devices by 7.9% in the second quarter. Baird Financial Group Inc. now owns 133,108 shares of the semiconductor company’s stock valued at $12,768,000 after buying an additional 9,798 shares during the last quarter. Alps Advisors Inc. acquired a new stake in shares of Analog Devices in the second quarter valued at approximately $272,000. HRT Financial LLC acquired a new stake in shares of Analog Devices in the second quarter valued at approximately $1,013,000. Intact Investment Management Inc. lifted its position in shares of Analog Devices by 16.7% in the third quarter. Intact Investment Management Inc. now owns 4,900 shares of the semiconductor company’s stock valued at $453,000 after buying an additional 700 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of Analog Devices by 7.5% in the third quarter. Steward Partners Investment Advisory LLC now owns 11,911 shares of the semiconductor company’s stock valued at $1,101,000 after buying an additional 833 shares during the last quarter. Hedge funds and other institutional investors own 89.57% of the company’s stock.
In other Analog Devices news, SVP Margaret K. Seif sold 2,700 shares of the firm’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $92.81, for a total transaction of $250,587.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $93.34, for a total value of $933,400.00. Following the transaction, the chief executive officer now owns 27,376 shares in the company, valued at approximately $2,555,275.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,800 shares of company stock worth $4,601,096. Corporate insiders own 1.10% of the company’s stock.
Analog Devices (NASDAQ:ADI) last posted its quarterly earnings data on Tuesday, November 20th. The semiconductor company reported $1.55 EPS for the quarter, topping the Zacks’ 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 analyst estimates of $1.57 billion. During the same quarter last year, the company earned $1.45 EPS. The company’s revenue was up 3.6% on a year-over-year basis. Equities research analysts expect that Analog Devices, Inc. will post 5.5 earnings per share for the current fiscal year.
Analog Devices declared that its board has approved a share buyback program on Tuesday, August 21st that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 5.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Thursday, November 29th will be paid a dividend of $0.48 per share. The ex-dividend date is Wednesday, November 28th. This represents a $1.92 dividend on an annualized basis and a yield of 2.14%. Analog Devices’s dividend payout ratio (DPR) is presently 32.32%.
A number of research firms have recently issued reports on ADI. SunTrust Banks cut their price objective on Analog Devices to $106.00 and set a “buy” rating for the company in a research report on Sunday, November 25th. Morgan Stanley dropped their price target on Analog Devices from $102.00 to $100.00 and set an “overweight” rating for the company in a report on Wednesday, November 21st. Nomura dropped their price target on Analog Devices from $100.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, November 21st. Piper Jaffray Companies dropped their price target on Analog Devices from $105.00 to $103.00 and set an “overweight” rating for the company in a report on Wednesday, November 21st. Finally, Loop Capital dropped their price target on Analog Devices to $102.00 and set a “buy” rating for the company in a report on Wednesday, November 21st. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $100.52.
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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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