Analog Devices (NASDAQ:ADI) Issues Earnings Results, Beats Expectations By $0.08 EPS

Analog Devices (NASDAQ:ADI – Get Rating) posted its quarterly earnings data on Wednesday. The semiconductor company reported $2.83 earnings per share for the quarter, topping analysts’ consensus estimates of $2.75 by $0.08, RTT News reports. Analog Devices had a net margin of 28.16% and a return on equity of 15.27%. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.21 billion. During the same period in the prior year, the company posted $2.40 EPS. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. Analog Devices updated its Q3 guidance to $2.42-2.62 EPS.

Analog Devices Trading Down 0.5 %

NASDAQ:ADI opened at $172.39 on Friday. The company has a current ratio of 1.79, a quick ratio of 1.50 and a debt-to-equity ratio of 0.18. The firm has a fifty day simple moving average of $186.11 and a 200-day simple moving average of $176.80. Analog Devices has a 12 month low of $133.48 and a 12 month high of $198.24. The company has a market capitalization of $87.20 billion, a P/E ratio of 24.42, a PEG ratio of 1.33 and a beta of 1.15.

Analog Devices Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 14th. Shareholders of record on Monday, June 5th will be issued a $0.86 dividend. The ex-dividend date is Friday, June 2nd. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.00%. Analog Devices’s dividend payout ratio is currently 48.73%.

Analyst Ratings Changes

Several analysts have recently weighed in on ADI shares. KeyCorp decreased their target price on Analog Devices from $230.00 to $220.00 and set an “overweight” rating for the company in a research report on Thursday. Bank of America boosted their price target on Analog Devices from $230.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, April 4th. The Goldman Sachs Group boosted their price target on Analog Devices from $186.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 16th. Raymond James increased their target price on shares of Analog Devices from $200.00 to $225.00 and gave the stock an “outperform” rating in a report on Thursday, February 16th. Finally, Morgan Stanley dropped their target price on shares of Analog Devices from $210.00 to $195.00 in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $208.17.

Insider Activity at Analog Devices

In related news, CFO Prashanth Mahendra-Rajah sold 26,250 shares of the company’s stock in a transaction on Monday, March 20th. The stock was sold at an average price of $187.01, for a total value of $4,909,012.50. Following the transaction, the chief financial officer now directly owns 23,871 shares of the company’s stock, valued at approximately $4,464,115.71. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Analog Devices news, CFO Prashanth Mahendra-Rajah sold 26,250 shares of the firm’s stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $187.01, for a total transaction of $4,909,012.50. Following the completion of the transaction, the chief financial officer now directly owns 23,871 shares of the company’s stock, valued at approximately $4,464,115.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Champy sold 1,495 shares of the firm’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $185.44, for a total transaction of $277,232.80. Following the transaction, the director now directly owns 6,371 shares of the company’s stock, valued at $1,181,438.24. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.

Hedge Funds Weigh In On Analog Devices

Several institutional investors and hedge funds have recently modified their holdings of ADI. Fortis Capital Advisors LLC purchased a new stake in Analog Devices during the first quarter worth $31,000. Worth Asset Management LLC purchased a new stake in Analog Devices during the first quarter worth $33,000. Quarry LP boosted its holdings in Analog Devices by 267.4% during the first quarter. Quarry LP now owns 169 shares of the semiconductor company’s stock worth $33,000 after buying an additional 123 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Analog Devices during the first quarter worth $39,000. Finally, Live Oak Investment Partners purchased a new stake in Analog Devices during the fourth quarter worth $48,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

About Analog Devices

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Analog Devices, Inc is a global high-performance semiconductor company, which engages in the design, development, manufacture, and marketing of integrated circuits (ICs). It produces a range of innovative products, including data converters, amplifiers and linear products, radio frequency (RF) ICs, power management products, sensors based on micro electromechanical systems (MEMS) technology and other sensors, and processing products, including DSP and other processors.