Parsons Capital Management Inc. RI Reduces Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Parsons Capital Management Inc. RI reduced its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 3.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,754 shares of the semiconductor company’s stock after selling 89 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Analog Devices were worth $545,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ADI. Exchange Traded Concepts LLC boosted its stake in shares of Analog Devices by 95.6% during the third quarter. Exchange Traded Concepts LLC now owns 10,103 shares of the semiconductor company’s stock valued at $1,769,000 after purchasing an additional 4,938 shares during the period. CX Institutional boosted its stake in shares of Analog Devices by 267.2% during the third quarter. CX Institutional now owns 17,411 shares of the semiconductor company’s stock valued at $3,048,000 after purchasing an additional 12,669 shares during the period. L. Roy Papp & Associates LLP boosted its stake in shares of Analog Devices by 0.8% during the third quarter. L. Roy Papp & Associates LLP now owns 36,622 shares of the semiconductor company’s stock valued at $6,412,000 after purchasing an additional 291 shares during the period. Handelsbanken Fonder AB boosted its stake in shares of Analog Devices by 1.9% during the third quarter. Handelsbanken Fonder AB now owns 157,694 shares of the semiconductor company’s stock valued at $27,611,000 after purchasing an additional 2,978 shares during the period. Finally, Harrington Investments INC boosted its stake in shares of Analog Devices by 5.1% during the third quarter. Harrington Investments INC now owns 1,610 shares of the semiconductor company’s stock valued at $282,000 after purchasing an additional 78 shares during the period. 86.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $192.11, for a total value of $1,921,100.00. Following the sale, the chief executive officer now owns 5,713 shares in the company, valued at $1,097,524.43. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Analog Devices news, Director James Champy sold 1,228 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $197.64, for a total value of $242,701.92. Following the sale, the director now owns 6,371 shares in the company, valued at approximately $1,259,164.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $192.11, for a total value of $1,921,100.00. Following the transaction, the chief executive officer now owns 5,713 shares in the company, valued at approximately $1,097,524.43. The disclosure for this sale can be found here. Insiders have sold a total of 24,707 shares of company stock worth $4,825,113 over the last quarter. Insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wolfe Research raised shares of Analog Devices from a “peer perform” rating to an “outperform” rating and set a $225.00 price objective for the company in a research note on Thursday, January 18th. Sanford C. Bernstein lowered shares of Analog Devices from an “outperform” rating to a “market perform” rating and set a $200.00 price objective for the company. in a research note on Thursday, January 4th. Barclays upped their price objective on shares of Analog Devices from $180.00 to $185.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 16th. Evercore ISI assumed coverage on shares of Analog Devices in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $254.00 price objective for the company. Finally, Truist Financial lowered their price objective on shares of Analog Devices from $226.00 to $222.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $208.17.

Analog Devices Stock Up 2.0 %

Shares of ADI traded up $4.03 during mid-day trading on Friday, hitting $201.97. 3,136,261 shares of the company traded hands, compared to its average volume of 3,090,032. Analog Devices, Inc. has a 1-year low of $154.99 and a 1-year high of $204.20. The company has a quick ratio of 0.98, a current ratio of 1.51 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $100.16 billion, a PE ratio of 36.13, a price-to-earnings-growth ratio of 5.07 and a beta of 1.17. The business has a 50 day moving average of $193.45 and a 200 day moving average of $187.44.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings data on Wednesday, February 21st. The semiconductor company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.02. Analog Devices had a net margin of 24.34% and a return on equity of 12.76%. The firm had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the prior year, the company posted $2.75 earnings per share. The company’s revenue for the quarter was down 22.7% compared to the same quarter last year. Equities research analysts anticipate that Analog Devices, Inc. will post 5.86 EPS for the current year.

Analog Devices Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were given a $0.92 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a $3.68 dividend on an annualized basis and a yield of 1.82%. This is a positive change from Analog Devices’s previous quarterly dividend of $0.86. Analog Devices’s dividend payout ratio is currently 65.83%.

About Analog Devices

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. 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 consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.