Granite Investment Partners LLC Trims Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Granite Investment Partners LLC reduced its stake in Analog Devices, Inc. (NASDAQ:ADI) by 0.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 44,952 shares of the semiconductor company’s stock after selling 378 shares during the quarter. Granite Investment Partners LLC’s holdings in Analog Devices were worth $10,261,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. New Millennium Group LLC acquired a new stake in Analog Devices in the second quarter valued at about $29,000. Riverview Trust Co acquired a new stake in shares of Analog Devices in the 1st quarter valued at approximately $30,000. ORG Partners LLC boosted its stake in shares of Analog Devices by 675.0% in the second quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 135 shares in the last quarter. CVA Family Office LLC grew its holdings in Analog Devices by 40.2% during the second quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 45 shares during the period. Finally, Hobbs Group Advisors LLC purchased a new position in Analog Devices in the second quarter worth $37,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Up 4.9 %

Shares of NASDAQ ADI opened at $233.45 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.69 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $115.84 billion, a PE ratio of 54.54, a P/E/G ratio of 3.74 and a beta of 1.07. The firm has a fifty day moving average of $224.03 and a 200-day moving average of $215.85. Analog Devices, Inc. has a 52-week low of $154.99 and a 52-week high of $244.14.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same period last year, the business posted $2.49 EPS. The company’s quarterly revenue was down 24.8% compared to the same quarter last year. On average, analysts anticipate that Analog Devices, Inc. will post 6.33 EPS for the current year.

Analog Devices Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.92 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $3.68 annualized dividend and a yield of 1.58%. Analog Devices’s dividend payout ratio is currently 85.98%.

Wall Street Analyst Weigh In

Several brokerages have commented on ADI. Susquehanna boosted their target price on shares of Analog Devices from $230.00 to $280.00 and gave the stock a “positive” rating in a research report on Thursday, May 23rd. Truist Financial decreased their price objective on shares of Analog Devices from $275.00 to $266.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. The Goldman Sachs Group increased their target price on shares of Analog Devices from $205.00 to $252.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. TD Cowen boosted their price target on Analog Devices from $210.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Finally, Citigroup raised their price objective on Analog Devices from $220.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Analog Devices presently has an average rating of “Moderate Buy” and an average target price of $251.45.

Insider Transactions at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $228.08, for a total transaction of $2,280,800.00. Following the transaction, the chief executive officer now owns 51,039 shares in the company, valued at approximately $11,640,975.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $228.08, for a total transaction 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 approximately $11,640,975.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward H. Frank sold 995 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $234.31, for a total value of $233,138.45. Following the completion of the transaction, the director now owns 3,753 shares of the company’s stock, valued at approximately $879,365.43. The disclosure for this sale can be found here. Insiders sold 31,495 shares of company stock valued at $7,181,458 over the last 90 days. Corporate insiders own 0.31% of the company’s stock.

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.