Farallon Capital Management LLC Lowers Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Farallon Capital Management LLC reduced its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 16.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,284,800 shares of the semiconductor company’s stock after selling 253,190 shares during the period. Analog Devices accounts for about 1.4% of Farallon Capital Management LLC’s investment portfolio, making the stock its 23rd largest position. Farallon Capital Management LLC owned 0.26% of Analog Devices worth $293,268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of ADI. 9258 Wealth Management LLC boosted its holdings in Analog Devices by 3.9% in the fourth quarter. 9258 Wealth Management LLC now owns 2,237 shares of the semiconductor company’s stock valued at $444,000 after acquiring an additional 85 shares during the last quarter. D.A. Davidson & CO. lifted its stake in shares of Analog Devices by 2.2% in the 4th quarter. D.A. Davidson & CO. now owns 6,860 shares of the semiconductor company’s stock valued at $1,362,000 after purchasing an additional 146 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Analog Devices by 7.9% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 48,229 shares of the semiconductor company’s stock worth $9,576,000 after purchasing an additional 3,549 shares in the last quarter. Cape Investment Advisory Inc. raised its holdings in Analog Devices by 52.6% in the fourth quarter. Cape Investment Advisory Inc. now owns 319 shares of the semiconductor company’s stock valued at $63,000 after buying an additional 110 shares during the period. Finally, United Services Automobile Association lifted its position in Analog Devices by 6.9% during the fourth quarter. United Services Automobile Association now owns 14,909 shares of the semiconductor company’s stock valued at $2,960,000 after buying an additional 960 shares in the last quarter. 86.81% of the stock is owned by institutional investors and hedge funds.

Analog Devices Price Performance

Shares of ADI opened at $226.01 on Tuesday. The company has a current ratio of 1.69, a quick ratio of 1.24 and a debt-to-equity ratio of 0.19. The firm has a market cap of $112.15 billion, a price-to-earnings ratio of 52.81, a PEG ratio of 3.74 and a beta of 1.07. Analog Devices, Inc. has a 52 week low of $154.99 and a 52 week high of $244.14. The stock has a 50 day moving average of $223.56 and a 200-day moving average of $216.63.

Analog Devices (NASDAQ:ADI) last released its earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.08. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates 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 for the quarter was down 24.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.49 earnings per share. As a group, analysts forecast 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. Investors of record on Tuesday, September 3rd were paid a dividend of $0.92 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $3.68 annualized dividend and a yield of 1.63%. Analog Devices’s dividend payout ratio (DPR) is 85.98%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research report on Thursday, August 22nd. Cantor Fitzgerald reissued a “neutral” rating and issued a $250.00 price objective on shares of Analog Devices in a research report on Tuesday, July 16th. Truist Financial downgraded Analog Devices from a “buy” rating to a “hold” rating and decreased their target price for the stock from $266.00 to $233.00 in a research report on Monday. Oppenheimer reiterated an “outperform” rating and set a $245.00 target price on shares of Analog Devices in a report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. upped their price target on Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $249.80.

Insiders Place Their Bets

In other news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $226.70, for a total transaction of $2,267,000.00. Following the completion of the transaction, the chief executive officer now directly owns 51,039 shares of the company’s stock, valued at $11,570,541.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Edward H. Frank sold 995 shares of Analog Devices stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $234.31, for a total value of $233,138.45. Following the sale, the director now directly owns 3,753 shares in the company, valued at approximately $879,365.43. The sale 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 company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $226.70, for a total transaction of $2,267,000.00. Following the completion of the transaction, the chief executive officer now owns 51,039 shares of the company’s stock, valued at approximately $11,570,541.30. The disclosure for this sale can be found here. Insiders have sold 31,495 shares of company stock valued at $7,181,458 over the last quarter. 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.