Analog Devices (ADI) Shares Gap Down to $95.00

Analog Devices, Inc. (NASDAQ:ADI) shares gapped down prior to trading on Tuesday . The stock had previously closed at $97.60, but opened at $95.00. Analog Devices shares last traded at $92.56, with a volume of 6047900 shares changing hands.

Several research firms recently weighed in on ADI. Deutsche Bank lifted their price objective on shares of Analog Devices from $87.00 to $93.00 and gave the stock a “hold” rating in a research note on Thursday, May 31st. Zacks Investment Research raised shares of Analog Devices from a “hold” rating to a “buy” rating and set a $107.00 target price for the company in a research report on Thursday, August 23rd. Stifel Nicolaus decreased their target price on shares of Analog Devices from $110.00 to $106.00 and set a “buy” rating for the company in a research report on Thursday. BidaskClub downgraded shares of Analog Devices from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 30th. Finally, Nomura started coverage on shares of Analog Devices in a research report on Wednesday, July 18th. They set a “neutral” rating and a $100.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Analog Devices presently has an average rating of “Buy” and a consensus price target of $106.81.

The stock has a market capitalization of $34.40 billion, a P/E ratio of 19.49, a P/E/G ratio of 1.27 and a beta of 1.18. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.16 and a current ratio of 1.58.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, August 22nd. The semiconductor company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.46 by $0.07. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.51 billion. Analog Devices had a net margin of 22.94% and a return on equity of 20.89%. The company’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.26 EPS. equities research analysts predict that Analog Devices, Inc. will post 5.89 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 12th. Investors of record on Friday, August 31st were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend was Thursday, August 30th. Analog Devices’s dividend payout ratio is currently 40.68%.

Analog Devices declared that its Board of Directors has initiated a share repurchase program on Tuesday, August 21st that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 5.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

In related news, Director Ray Stata sold 20,000 shares of the stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $100.30, for a total value of $2,006,000.00. Following the transaction, the director now directly owns 171,936 shares in the company, valued at approximately $17,245,180.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $95.04, for a total value of $950,400.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 99,155 shares of company stock worth $9,706,583. 1.10% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Royal London Asset Management Ltd. bought a new position in Analog Devices during the 2nd quarter valued at $14,634,000. Northern Trust Corp lifted its stake in Analog Devices by 4.8% during the 2nd quarter. Northern Trust Corp now owns 5,592,349 shares of the semiconductor company’s stock valued at $536,419,000 after acquiring an additional 257,689 shares in the last quarter. Harrington Investments INC bought a new position in Analog Devices during the 2nd quarter valued at $319,000. SP Asset Management bought a new position in Analog Devices during the 2nd quarter valued at $4,770,000. Finally, HRT Financial LLC bought a new position in Analog Devices during the 2nd quarter valued at $1,013,000. Institutional investors own 88.02% of the company’s stock.

About Analog Devices (NASDAQ:ADI)

Analog Devices, Inc designs, manufactures, and markets a portfolio of solutions that leverage analog, mixed-signal, and digital signal processing technology, including integrated circuits (ICs), algorithms, software, and subsystems. It offers data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.

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