Lord Abbett & CO. LLC Increases Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Lord Abbett & CO. LLC raised its position in Analog Devices, Inc. (NASDAQ:ADI) by 0.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 794,359 shares of the semiconductor company’s stock after acquiring an additional 2,097 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Analog Devices were worth $182,838,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADI. Capital Performance Advisors LLP bought a new stake in shares of Analog Devices in the third quarter worth about $28,000. New Millennium Group LLC bought a new stake in shares of Analog Devices in the 2nd quarter worth approximately $29,000. Archer Investment Corp increased its stake in shares of Analog Devices by 101.4% during the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 73 shares during the period. ORG Partners LLC raised its holdings in shares of Analog Devices by 675.0% during the second quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 135 shares in the last quarter. Finally, Hobbs Group Advisors LLC purchased a new stake in Analog Devices in the second quarter worth $37,000. 86.81% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on ADI shares. Oppenheimer restated an “outperform” rating and issued a $245.00 price objective on shares of Analog Devices in a report on Thursday, August 22nd. JPMorgan Chase & Co. raised their price objective on shares of Analog Devices from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Piper Sandler cut their price objective on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 27th. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research report on Wednesday, November 27th. Finally, TD Cowen reduced their price target on Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Seven investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Analog Devices currently has a consensus rating of “Moderate Buy” and an average target price of $249.33.

Insider Buying and Selling at Analog Devices

In other news, EVP Gregory M. Bryant sold 30,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $224.10, for a total value of $6,723,000.00. Following the transaction, the executive vice president now directly owns 109,093 shares in the company, valued at $24,447,741.30. This trade represents a 21.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $228.93, for a total value of $2,289,300.00. Following the sale, the chief executive officer now owns 45,326 shares of the company’s stock, valued at approximately $10,376,481.18. This trade represents a 18.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,000 shares of company stock worth $24,754,600. Company insiders own 0.31% of the company’s stock.

Analog Devices Trading Down 0.5 %

NASDAQ:ADI opened at $216.61 on Friday. The stock has a market cap of $107.50 billion, a price-to-earnings ratio of 65.84, a PEG ratio of 2.47 and a beta of 1.05. The company has a quick ratio of 1.35, a current ratio of 1.84 and a debt-to-equity ratio of 0.19. The company’s 50 day moving average price is $222.16 and its 200-day moving average price is $225.53. Analog Devices, Inc. has a 52 week low of $181.80 and a 52 week high of $244.14.

Analog Devices (NASDAQ:ADI) last issued its earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.64 by $0.03. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.41 billion. During the same period last year, the business posted $2.01 EPS. The company’s revenue was down 10.1% compared to the same quarter last year. On average, equities research analysts forecast that Analog Devices, Inc. will post 7.15 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Monday, December 9th will be given a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Monday, December 9th. Analog Devices’s dividend payout ratio (DPR) is 111.85%.

About Analog Devices

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.