PointState Capital LP Reduces Stake in Analog Devices, Inc. (NASDAQ:ADI)

PointState Capital LP reduced its stake in Analog Devices, Inc. (NASDAQ:ADI) by 98.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,600 shares of the semiconductor company’s stock after selling 269,600 shares during the quarter. PointState Capital LP’s holdings in Analog Devices were worth $519,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Analog Devices by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 31,611,473 shares of the semiconductor company’s stock worth $3,567,986,000 after purchasing an additional 506,468 shares during the period. Wells Fargo & Company MN raised its holdings in Analog Devices by 3.6% in the 2nd quarter. Wells Fargo & Company MN now owns 7,579,610 shares of the semiconductor company’s stock worth $855,510,000 after purchasing an additional 260,484 shares during the period. Bank of New York Mellon Corp raised its holdings in Analog Devices by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,937,825 shares of the semiconductor company’s stock worth $331,591,000 after purchasing an additional 84,299 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Analog Devices by 42.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,801,429 shares of the semiconductor company’s stock worth $189,636,000 after purchasing an additional 533,882 shares during the period. Finally, Fiera Capital Corp raised its holdings in Analog Devices by 1.2% in the 2nd quarter. Fiera Capital Corp now owns 1,688,066 shares of the semiconductor company’s stock worth $190,532,000 after purchasing an additional 20,370 shares during the period. 87.52% of the stock is currently owned by institutional investors.

ADI has been the topic of a number of recent research reports. Barclays raised Analog Devices from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $105.00 to $130.00 in a report on Thursday, September 12th. Royal Bank of Canada decreased their price target on Analog Devices from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, May 22nd. Goldman Sachs Group raised Analog Devices from a “sell” rating to a “buy” rating and raised their price target for the company from $101.00 to $114.00 in a report on Monday, June 10th. Piper Jaffray Companies raised their price target on Analog Devices from $118.00 to $135.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Finally, Nomura started coverage on Analog Devices in a report on Monday, June 3rd. They set a “neutral” rating and a $90.00 price target on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $111.67.

In other news, SVP Steve Pietkiewicz sold 7,219 shares of Analog Devices stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $113.03, for a total value of $815,963.57. Following the sale, the senior vice president now directly owns 29,870 shares of the company’s stock, valued at $3,376,206.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Champy sold 8,260 shares of Analog Devices stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $121.02, for a total value of $999,625.20. Following the completion of the sale, the director now directly owns 17,390 shares in the company, valued at $2,104,537.80. The disclosure for this sale can be found here. Insiders sold 57,486 shares of company stock worth $6,466,849 over the last ninety days. Insiders own 0.50% of the company’s stock.

NASDAQ:ADI traded down $0.68 on Thursday, reaching $115.88. 1,171,339 shares of the company’s stock traded hands, compared to its average volume of 2,000,047. Analog Devices, Inc. has a 12 month low of $76.62 and a 12 month high of $124.79. The company has a quick ratio of 0.92, a current ratio of 1.35 and a debt-to-equity ratio of 0.45. The stock has a 50-day simple moving average of $111.33 and a 200-day simple moving average of $110.04. The firm has a market cap of $42.58 billion, a PE ratio of 19.51, a P/E/G ratio of 1.79 and a beta of 1.43.

Analog Devices (NASDAQ:ADI) last issued its earnings results on Wednesday, August 21st. The semiconductor company reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.04. Analog Devices had a return on equity of 17.87% and a net margin of 24.71%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the previous year, the firm posted $1.53 earnings per share. The business’s revenue was down 5.0% compared to the same quarter last year. On average, equities analysts anticipate that Analog Devices, Inc. will post 5.2 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 11th. Stockholders of record on Friday, August 30th were issued a $0.54 dividend. The ex-dividend date was Thursday, August 29th. This represents a $2.16 annualized dividend and a dividend yield of 1.86%. Analog Devices’s dividend payout ratio (DPR) is 36.36%.

Analog Devices Profile

Analog Devices, Inc engages in the design, development, manufacture, and marketing of integrated circuits (ICs). Its products include industrial process control systems, medical imaging equipment, factory process automation systems, patient vital signs monitoring devices, instrumentation and measurement systems, wireless infrastructure equipment, energy management systems, networking equipment, aerospace and defense electronics, optical systems, automobiles, and portable consumer devices.

See Also: Gross Domestic Product (GDP)

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

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