Weitz Investment Management Inc. cut its stake in Analog Devices, Inc. (NASDAQ:ADI) by 6.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 227,500 shares of the semiconductor company’s stock after selling 15,000 shares during the period. Analog Devices accounts for 1.7% of Weitz Investment Management Inc.’s portfolio, making the stock its 21st largest position. Weitz Investment Management Inc. owned approximately 0.06% of Analog Devices worth $39,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently bought and sold shares of the company. Camden National Bank bought a new position in shares of Analog Devices during the fourth quarter worth about $247,000. Total Clarity Wealth Management Inc. bought a new position in Analog Devices in the 1st quarter valued at about $90,000. Fort Washington Investment Advisors Inc. OH boosted its position in shares of Analog Devices by 1.3% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 77,782 shares of the semiconductor company’s stock valued at $12,062,000 after purchasing an additional 1,004 shares in the last quarter. Congress Asset Management Co. MA boosted its position in shares of Analog Devices by 1.4% during the 1st quarter. Congress Asset Management Co. MA now owns 103,947 shares of the semiconductor company’s stock valued at $16,120,000 after purchasing an additional 1,441 shares in the last quarter. Finally, Lakeview Capital Partners LLC lifted its stake in Analog Devices by 21.5% during the first quarter. Lakeview Capital Partners LLC now owns 2,802 shares of the semiconductor company’s stock valued at $435,000 after buying an additional 495 shares in the last quarter. 99.18% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on ADI shares. Sanford C. Bernstein upgraded Analog Devices from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $165.00 to $185.00 in a report on Thursday, May 20th. Oppenheimer increased their price target on Analog Devices from $175.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, August 13th. Bank of America increased their price target on Analog Devices from $178.00 to $200.00 and gave the company a “buy” rating in a report on Friday, June 25th. Jefferies Financial Group raised their price objective on shares of Analog Devices from $188.00 to $195.00 and gave the stock a “buy” rating in a research note on Thursday, August 19th. Finally, Needham & Company LLC started coverage on shares of Analog Devices in a research note on Thursday, September 9th. They issued a “buy” rating and a $200.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $181.40.
Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Tuesday, August 17th. The semiconductor company reported $1.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.10. Analog Devices had a return on equity of 18.86% and a net margin of 26.15%. The business had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the previous year, the business posted $1.36 EPS. Analog Devices’s revenue for the quarter was up 20.8% on a year-over-year basis. As a group, equities research analysts anticipate that Analog Devices, Inc. will post 6.41 earnings per share for the current year.
Analog Devices announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 25th that authorizes the company to buyback $8.50 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 13.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 8th. Shareholders of record on Friday, August 27th were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.58%. The ex-dividend date was Thursday, August 26th. Analog Devices’s payout ratio is 56.21%.
Analog Devices Company Profile
Analog Devices, Inc engages in the design, development, manufacture, and marketing of integrated circuits (ICs). Its products include industrial process control systems, medical imaging equipment, factory process automation systems, patient vital signs monitoring devices, instrumentation and measurement systems, wireless infrastructure equipment, energy management systems, networking equipment, aerospace and defense electronics, optical systems, automobiles, and portable consumer devices.
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