Analog Devices, Inc. (NASDAQ:ADI) Stake Reduced by Westpac Banking Corp

Westpac Banking Corp trimmed its stake in Analog Devices, Inc. (NASDAQ:ADI) by 84.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 18,510 shares of the semiconductor company’s stock after selling 102,309 shares during the quarter. Westpac Banking Corp’s holdings in Analog Devices were worth $3,606,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. LSV Asset Management bought a new position in shares of Analog Devices in the first quarter worth $59,000. Horizon Bancorp Inc. IN acquired a new position in Analog Devices during the 2nd quarter valued at about $51,000. Greenwood Capital Associates LLC bought a new stake in shares of Analog Devices during the 1st quarter worth about $4,432,000. Haverford Trust Co lifted its stake in shares of Analog Devices by 5.6% in the 2nd quarter. Haverford Trust Co now owns 2,357 shares of the semiconductor company’s stock worth $459,000 after acquiring an additional 125 shares during the period. Finally, Merit Financial Group LLC boosted its holdings in shares of Analog Devices by 45.2% in the second quarter. Merit Financial Group LLC now owns 4,309 shares of the semiconductor company’s stock valued at $840,000 after acquiring an additional 1,341 shares in the last quarter. Institutional investors and hedge funds own 85.55% of the company’s stock.

Analog Devices Stock Performance

ADI stock traded down $1.30 during trading on Thursday, reaching $179.48. 568,031 shares of the stock were exchanged, compared to its average volume of 3,369,798. Analog Devices, Inc. has a twelve month low of $154.99 and a twelve month high of $200.10. The company has a current ratio of 1.71, a quick ratio of 1.10 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $89.44 billion, a P/E ratio of 24.56, a price-to-earnings-growth ratio of 2.12 and a beta of 1.16. The stock has a 50 day simple moving average of $171.48 and a 200-day simple moving average of $180.80.

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

Analog Devices Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 14th. Investors of record on Tuesday, September 5th were given a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, September 1st. Analog Devices’s dividend payout ratio (DPR) is currently 46.74%.

Insider Buying and Selling at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $182.60, for a total transaction of $1,826,000.00. Following the sale, the chief executive officer now directly owns 70,713 shares in the company, valued at approximately $12,912,193.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Wells Fargo & Company decreased their target price on Analog Devices from $185.00 to $175.00 and set an “equal weight” rating for the company in a research note on Thursday, August 24th. Susquehanna restated a “positive” rating and set a $215.00 price objective on shares of Analog Devices in a research report on Monday, September 18th. Oppenheimer reiterated an “outperform” rating and issued a $215.00 target price on shares of Analog Devices in a report on Thursday, August 24th. Evercore ISI raised their target price on shares of Analog Devices from $200.00 to $210.00 in a report on Thursday, October 5th. Finally, StockNews.com began coverage on Analog Devices in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Seven research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Analog Devices currently has a consensus rating of “Moderate Buy” and an average price target of $203.42.

Analog Devices Company Profile

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.