Arizona State Retirement System Buys 1,003 Shares of Analog Devices, Inc. (ADI)

Arizona State Retirement System increased its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 1.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,120 shares of the semiconductor company’s stock after buying an additional 1,003 shares during the quarter. Arizona State Retirement System’s holdings in Analog Devices were worth $8,517,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Massachusetts Financial Services Co. MA grew its stake in shares of Analog Devices by 0.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 17,047,903 shares of the semiconductor company’s stock worth $1,576,249,000 after purchasing an additional 118,861 shares in the last quarter. FMR LLC grew its stake in shares of Analog Devices by 3.9% in the second quarter. FMR LLC now owns 9,175,704 shares of the semiconductor company’s stock worth $880,133,000 after purchasing an additional 348,581 shares in the last quarter. Morgan Stanley grew its stake in shares of Analog Devices by 19.9% in the second quarter. Morgan Stanley now owns 7,076,283 shares of the semiconductor company’s stock worth $678,754,000 after purchasing an additional 1,172,933 shares in the last quarter. Northern Trust Corp grew its stake in shares of Analog Devices by 4.8% in the second quarter. Northern Trust Corp now owns 5,592,349 shares of the semiconductor company’s stock worth $536,419,000 after purchasing an additional 257,689 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Analog Devices by 69.0% in the second quarter. Millennium Management LLC now owns 1,783,441 shares of the semiconductor company’s stock worth $171,068,000 after purchasing an additional 728,032 shares in the last quarter. Hedge funds and other institutional investors own 88.10% of the company’s stock.

In other news, Director Ray Stata sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $100.30, for a total transaction of $2,006,000.00. Following the completion of the sale, the director now directly owns 171,936 shares of the company’s stock, valued at $17,245,180.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Joseph Hassett sold 12,000 shares of the company’s stock in a transaction on Monday, August 27th. The shares were sold at an average price of $100.40, for a total value of $1,204,800.00. Following the sale, the senior vice president now directly owns 26,711 shares of the company’s stock, valued at $2,681,784.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 86,050 shares of company stock valued at $8,318,658. 1.10% of the stock is currently owned by company insiders.

Several research firms have recently issued reports on ADI. SunTrust Banks reissued a “buy” rating and issued a $118.00 price target on shares of Analog Devices in a research note on Thursday, August 30th. Nomura began coverage on Analog Devices in a research note on Wednesday, July 18th. They issued a “neutral” rating and a $100.00 price target for the company. BidaskClub raised Analog Devices from a “sell” rating to a “hold” rating in a research note on Saturday, August 25th. Zacks Investment Research cut Analog Devices from a “buy” rating to a “hold” rating in a research note on Friday, August 24th. Finally, Raymond James increased their price target on Analog Devices from $105.00 to $110.00 and gave the stock an “outperform” rating in a research note on Thursday, August 23rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $103.70.

Shares of Analog Devices stock opened at $87.18 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.58 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $32.40 billion, a PE ratio of 18.47, a PEG ratio of 1.20 and a beta of 1.23. Analog Devices, Inc. has a fifty-two week low of $76.62 and a fifty-two week high of $103.59.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, August 22nd. The semiconductor company reported $1.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.46 by $0.07. The business had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.51 billion. Analog Devices had a return on equity of 20.89% and a net margin of 22.94%. The company’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.26 earnings per share. Equities analysts anticipate that Analog Devices, Inc. will post 5.93 earnings per share for the current fiscal year.

Analog Devices announced that its Board of Directors has approved a stock repurchase plan on Tuesday, August 21st that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 5.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

About Analog Devices

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

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