Patton Fund Management Inc. Acquires Shares of 17,142 Analog Devices, Inc. (NASDAQ:ADI)

Patton Fund Management Inc. bought a new position in shares of Analog Devices, Inc. (NASDAQ:ADI) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 17,142 shares of the semiconductor company’s stock, valued at approximately $3,339,000.

A number of other large investors have also recently made changes to their positions in the stock. LSV Asset Management purchased a new position in shares of Analog Devices during the first quarter worth approximately $59,000. Mission Wealth Management LP raised its position in Analog Devices by 3.6% during the 1st quarter. Mission Wealth Management LP now owns 2,452 shares of the semiconductor company’s stock valued at $484,000 after purchasing an additional 85 shares in the last quarter. Greenwood Capital Associates LLC purchased a new stake in shares of Analog Devices in the 1st quarter worth $4,432,000. Merit Financial Group LLC grew its position in shares of Analog Devices by 38.4% during the 1st quarter. Merit Financial Group LLC now owns 2,968 shares of the semiconductor company’s stock worth $585,000 after buying an additional 823 shares in the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. grew its position in shares of Analog Devices by 8.5% during the 1st quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 2,288 shares of the semiconductor company’s stock worth $451,000 after buying an additional 180 shares in the last quarter. 85.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on ADI. Wolfe Research started coverage on shares of Analog Devices in a research note on Wednesday, July 19th. They issued a “market perform” rating for the company. Raymond James cut their price objective on shares of Analog Devices from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Thursday, August 24th. StockNews.com lowered Analog Devices from a “buy” rating to a “hold” rating in a report on Thursday, August 24th. Morgan Stanley cut their price target on Analog Devices from $195.00 to $185.00 and set an “equal weight” rating on the stock in a report on Thursday, August 24th. Finally, Sanford C. Bernstein decreased their price objective on Analog Devices from $220.00 to $210.00 in a research note on Thursday, May 25th. Eight research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $203.79.

Analog Devices Stock Performance

Analog Devices stock traded down $2.91 during trading hours on Tuesday, hitting $176.81. 406,452 shares of the stock traded hands, compared to its average volume of 3,413,546. Analog Devices, Inc. has a 1 year low of $133.48 and a 1 year high of $200.10. The stock has a market capitalization of $88.11 billion, a price-to-earnings ratio of 24.42, a P/E/G ratio of 1.82 and a beta of 1.17. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.71 and a quick ratio of 1.10. The firm’s 50 day moving average price is $185.76 and its 200-day moving average price is $185.76.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, August 23rd. The semiconductor company reported $2.49 earnings per share for the quarter, missing the consensus estimate of $2.52 by ($0.03). Analog Devices had a return on equity of 15.20% and a net margin of 29.23%. The business had revenue of $3.08 billion during the quarter, compared to analyst estimates of $3.10 billion. During the same quarter last year, the company posted $2.52 EPS. Analog Devices’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities analysts expect that Analog Devices, Inc. will post 10.12 EPS for the current fiscal year.

Analog Devices Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 14th. Shareholders of record on Tuesday, September 5th were issued a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 1.95%. The ex-dividend date was Friday, September 1st. Analog Devices’s payout ratio is 46.74%.

Insiders Place Their Bets

In other news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $197.64, for a total value of $1,976,400.00. Following the completion of the transaction, the chief executive officer now owns 70,713 shares of the company’s stock, valued at approximately $13,975,717.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders have sold 30,000 shares of company stock valued at $5,661,500. Company insiders own 0.46% of the company’s stock.

About Analog Devices

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems that leverage analog, mixed-signal, and digital signal processing technologies. 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 high-end consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.