Cidel Asset Management Inc. Trims Stake in Analog Devices, Inc. (NASDAQ:ADI)

Cidel Asset Management Inc. lessened its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 0.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 65,047 shares of the semiconductor company’s stock after selling 103 shares during the period. Cidel Asset Management Inc.’s holdings in Analog Devices were worth $11,198,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. abrdn plc lifted its holdings in shares of Analog Devices by 543.2% during the second quarter. abrdn plc now owns 1,046,755 shares of the semiconductor company’s stock valued at $180,246,000 after purchasing an additional 884,015 shares in the last quarter. National Asset Management Inc. raised its position in Analog Devices by 324.4% in the second quarter. National Asset Management Inc. now owns 10,728 shares of the semiconductor company’s stock worth $1,847,000 after acquiring an additional 8,200 shares during the period. Midwest Professional Planners LTD. bought a new stake in Analog Devices during the second quarter valued at about $764,000. Principal Financial Group Inc. grew its stake in shares of Analog Devices by 3.3% during the 2nd quarter. Principal Financial Group Inc. now owns 479,454 shares of the semiconductor company’s stock valued at $82,543,000 after acquiring an additional 15,239 shares during the period. Finally, Toronto Dominion Bank raised its position in shares of Analog Devices by 15.2% during the 2nd quarter. Toronto Dominion Bank now owns 207,759 shares of the semiconductor company’s stock valued at $35,767,000 after purchasing an additional 27,352 shares during the period. Institutional investors and hedge funds own 99.18% of the company’s stock.

ADI has been the topic of several analyst reports. Stifel Nicolaus boosted their price objective on Analog Devices from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, August 19th. Truist Securities lifted their price target on shares of Analog Devices from $179.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, August 19th. Sanford C. Bernstein raised shares of Analog Devices from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $165.00 to $185.00 in a research report on Thursday, May 20th. Wells Fargo & Company assumed coverage on Analog Devices in a research note on Monday, July 26th. They issued an “equal weight” rating and a $170.00 target price on the stock. Finally, Zacks Investment Research downgraded Analog Devices from a “buy” rating to a “hold” rating and set a $181.00 price target on the stock. in a research report on Thursday, August 5th. Five equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $181.40.

NASDAQ ADI traded up $0.58 on Wednesday, hitting $174.05. 124,186 shares of the company were exchanged, compared to its average volume of 3,505,093. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.11 and a quick ratio of 0.87. The firm has a market capitalization of $64.09 billion, a P/E ratio of 37.96, a price-to-earnings-growth ratio of 2.16 and a beta of 1.22. Analog Devices, Inc. has a twelve month low of $110.66 and a twelve month high of $175.25. The company’s 50 day moving average price is $166.34 and its 200-day moving average price is $161.23.

Analog Devices (NASDAQ:ADI) last issued its earnings results on Tuesday, August 17th. The semiconductor company reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.10. The firm had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.71 billion. Analog Devices had a return on equity of 18.86% and a net margin of 26.15%. The business’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.36 earnings per share. As a group, equities analysts expect that Analog Devices, Inc. will post 6.41 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 8th. Stockholders of record on Friday, August 27th were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, August 26th. This represents a $2.76 annualized dividend and a dividend yield of 1.59%. Analog Devices’s payout ratio is 56.21%.

Analog Devices declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 25th that authorizes the company to buyback $8.50 billion in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 13.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Analog Devices Profile

Analog Devices, Inc engages in the design, development, manufacture, and marketing of integrated circuits (ICs). Its products include industrial process control systems, medical imaging equipment, factory process automation systems, patient vital signs monitoring devices, instrumentation and measurement systems, wireless infrastructure equipment, energy management systems, networking equipment, aerospace and defense electronics, optical systems, automobiles, and portable consumer devices.

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Institutional Ownership by Quarter for Analog Devices (NASDAQ:ADI)

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