Payden & Rygel Acquires 50,500 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Payden & Rygel grew its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 476.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 61,100 shares of the semiconductor company’s stock after acquiring an additional 50,500 shares during the period. Payden & Rygel’s holdings in Analog Devices were worth $11,903,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Moran Wealth Management LLC purchased a new stake in shares of Analog Devices in the 2nd quarter worth about $774,000. First Commonwealth Financial Corp PA lifted its holdings in Analog Devices by 8.2% in the second quarter. First Commonwealth Financial Corp PA now owns 3,191 shares of the semiconductor company’s stock worth $622,000 after buying an additional 241 shares during the period. Commonwealth Equity Services LLC boosted its position in Analog Devices by 8.8% during the 2nd quarter. Commonwealth Equity Services LLC now owns 283,527 shares of the semiconductor company’s stock valued at $55,234,000 after acquiring an additional 22,992 shares in the last quarter. AXS Investments LLC grew its holdings in shares of Analog Devices by 3.3% during the 2nd quarter. AXS Investments LLC now owns 7,143 shares of the semiconductor company’s stock worth $1,392,000 after acquiring an additional 228 shares during the period. Finally, Shelton Capital Management raised its position in shares of Analog Devices by 3.3% in the 2nd quarter. Shelton Capital Management now owns 45,147 shares of the semiconductor company’s stock worth $8,795,000 after acquiring an additional 1,452 shares in the last quarter. 85.55% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Robert W. Baird reduced their price target on Analog Devices from $235.00 to $210.00 and set an “outperform” rating on the stock in a research note on Thursday, August 24th. Susquehanna reaffirmed a “positive” rating and issued a $215.00 target price on shares of Analog Devices in a research report on Monday, September 18th. Evercore ISI boosted their price objective on shares of Analog Devices from $200.00 to $210.00 in a research note on Thursday, October 5th. StockNews.com began coverage on shares of Analog Devices in a research note on Thursday, October 5th. They set a “hold” rating for the company. Finally, Raymond James dropped their price target on Analog Devices from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, August 24th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $205.46.

Analog Devices Stock Performance

Shares of NASDAQ ADI traded up $3.21 during midday trading on Friday, hitting $183.05. 3,279,033 shares of the company’s stock traded hands, compared to its average volume of 3,382,534. The firm has a fifty day moving average of $171.62 and a 200 day moving average of $180.78. Analog Devices, Inc. has a 1 year low of $154.99 and a 1 year high of $200.10. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.10 and a current ratio of 1.71. The stock has a market capitalization of $91.22 billion, a price-to-earnings ratio of 24.87, a price-to-earnings-growth ratio of 2.25 and a beta of 1.16.

Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, August 23rd. The semiconductor company reported $2.49 EPS 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 analysts’ expectations of $3.10 billion. Analog Devices had a net margin of 29.23% and a return on equity of 15.20%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.52 earnings per share. On average, analysts forecast that Analog Devices, Inc. will post 10.08 earnings per share for the current year.

Analog Devices Dividend Announcement

The business 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. The ex-dividend date was Friday, September 1st. This represents a $3.44 annualized dividend and a yield of 1.88%. Analog Devices’s dividend payout ratio (DPR) is presently 46.74%.

Insider Buying and Selling at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 70,713 shares in the company, valued at approximately $12,912,193.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.46% of the stock is currently owned by corporate insiders.

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.