Penobscot Investment Management Company Inc. Grows Stake in Analog Devices, Inc. (NASDAQ:ADI)

Penobscot Investment Management Company Inc. boosted its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 15.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,697 shares of the semiconductor company’s stock after purchasing an additional 1,608 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Analog Devices were worth $2,323,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of ADI. Pinnacle Bancorp Inc. increased its holdings in shares of Analog Devices by 101.6% in the 4th quarter. Pinnacle Bancorp Inc. now owns 129 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 65 shares during the period. Cetera Trust Company N.A purchased a new position in shares of Analog Devices in the 4th quarter valued at $29,000. Stuart Chaussee & Associates Inc. purchased a new position in shares of Analog Devices in the 4th quarter valued at $32,000. Northwest Capital Management Inc increased its holdings in shares of Analog Devices by 519.2% in the 4th quarter. Northwest Capital Management Inc now owns 161 shares of the semiconductor company’s stock valued at $32,000 after acquiring an additional 135 shares during the period. Finally, Silver Oak Securities Incorporated purchased a new position in shares of Analog Devices in the 3rd quarter valued at $29,000. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ADI shares. Sanford C. Bernstein downgraded Analog Devices from an “outperform” rating to a “market perform” rating and set a $200.00 price target on the stock. in a report on Thursday, January 4th. KeyCorp raised their price objective on Analog Devices from $220.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, February 22nd. The Goldman Sachs Group raised their price objective on Analog Devices from $191.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday, February 22nd. Barclays raised their price objective on Analog Devices from $180.00 to $185.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 16th. Finally, Truist Financial lowered their price objective on Analog Devices from $226.00 to $222.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $208.17.

Insider Transactions at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $192.11, for a total value of $1,921,100.00. Following the completion of the sale, the chief executive officer now owns 5,713 shares in the company, valued at $1,097,524.43. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Analog Devices news, Director James Champy sold 1,228 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $197.64, for a total value of $242,701.92. Following the completion of the transaction, the director now directly owns 6,371 shares of the company’s stock, valued at $1,259,164.44. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $192.11, for a total transaction of $1,921,100.00. Following the completion of the transaction, the chief executive officer now directly owns 5,713 shares of the company’s stock, valued at $1,097,524.43. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,707 shares of company stock worth $4,825,113. Company insiders own 0.31% of the company’s stock.

Analog Devices Price Performance

NASDAQ:ADI traded down $2.59 during trading hours on Tuesday, hitting $201.31. 695,292 shares of the stock were exchanged, compared to its average volume of 3,347,420. Analog Devices, Inc. has a 52-week low of $154.99 and a 52-week high of $204.20. The firm’s fifty day moving average price is $193.76 and its 200 day moving average price is $187.66. The company has a current ratio of 1.51, a quick ratio of 0.98 and a debt-to-equity ratio of 0.17. The company has a market cap of $99.83 billion, a P/E ratio of 36.48, a P/E/G ratio of 5.07 and a beta of 1.17.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings data on Wednesday, February 21st. The semiconductor company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.71 by $0.02. The company had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.50 billion. Analog Devices had a return on equity of 12.76% and a net margin of 24.34%. Analog Devices’s quarterly revenue was down 22.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.75 EPS. As a group, equities research analysts anticipate that Analog Devices, Inc. will post 5.86 EPS for the current fiscal year.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were paid a dividend of $0.92 per share. This is an increase from Analog Devices’s previous quarterly dividend of $0.86. The ex-dividend date of this dividend was Monday, March 4th. This represents a $3.68 annualized dividend and a dividend yield of 1.83%. Analog Devices’s dividend payout ratio is 65.83%.

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.