Miracle Mile Advisors LLC Grows Stake in Analog Devices, Inc. (NASDAQ:ADI)

Miracle Mile Advisors LLC lifted its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 6.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,595 shares of the semiconductor company’s stock after purchasing an additional 204 shares during the period. Miracle Mile Advisors LLC’s holdings in Analog Devices were worth $827,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. IAM Advisory LLC raised its stake in Analog Devices by 2.2% in the 3rd quarter. IAM Advisory LLC now owns 8,431 shares of the semiconductor company’s stock valued at $1,941,000 after acquiring an additional 181 shares during the period. GAMMA Investing LLC increased its stake in shares of Analog Devices by 30.4% in the third quarter. GAMMA Investing LLC now owns 8,237 shares of the semiconductor company’s stock worth $1,896,000 after purchasing an additional 1,920 shares in the last quarter. Handelsbanken Fonder AB raised its position in shares of Analog Devices by 1.0% in the third quarter. Handelsbanken Fonder AB now owns 216,935 shares of the semiconductor company’s stock valued at $49,932,000 after purchasing an additional 2,081 shares during the period. Cullen Investment Group LTD. purchased a new stake in shares of Analog Devices during the 3rd quarter valued at approximately $4,700,000. Finally, Silverberg Bernstein Capital Management LLC boosted its holdings in Analog Devices by 1.1% in the 3rd quarter. Silverberg Bernstein Capital Management LLC now owns 18,303 shares of the semiconductor company’s stock worth $4,213,000 after buying an additional 200 shares during the period. Institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Performance

NASDAQ:ADI opened at $229.40 on Wednesday. The company has a market capitalization of $113.83 billion, a price-to-earnings ratio of 53.74, a PEG ratio of 3.75 and a beta of 1.07. The business has a 50 day moving average of $222.81 and a 200 day moving average of $218.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.69 and a quick ratio of 1.24. Analog Devices, Inc. has a 1-year low of $154.99 and a 1-year high of $244.14.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.27 billion. Analog Devices had a net margin of 17.07% and a return on equity of 9.47%. The firm’s revenue was down 24.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.49 EPS. On average, sell-side analysts predict that Analog Devices, Inc. will post 6.34 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date was Tuesday, September 3rd. Analog Devices’s dividend payout ratio (DPR) is presently 85.98%.

Insider Activity at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $228.08, for a total value of $2,280,800.00. Following the transaction, the chief executive officer now directly owns 51,039 shares of the company’s stock, valued at $11,640,975.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $228.08, for a total value of $2,280,800.00. Following the sale, the chief executive officer now owns 51,039 shares of the company’s stock, valued at $11,640,975.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Edward H. Frank sold 995 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $234.31, for a total transaction of $233,138.45. Following the transaction, the director now directly owns 3,753 shares of the company’s stock, valued at approximately $879,365.43. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 91,495 shares of company stock worth $20,794,658 in the last ninety days. 0.31% of the stock is owned by company insiders.

Analysts Set New Price Targets

ADI has been the topic of several recent research reports. Bank of America dropped their target price on Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. JPMorgan Chase & Co. increased their price objective on Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Morgan Stanley lifted their target price on Analog Devices from $250.00 to $257.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Oppenheimer reissued an “outperform” rating and issued a $245.00 price target on shares of Analog Devices in a report on Thursday, August 22nd. Finally, Truist Financial cut shares of Analog Devices from a “buy” rating to a “hold” rating and reduced their price objective for the company from $266.00 to $233.00 in a research note on Monday, September 23rd. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $249.80.

Analog Devices Profile

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.