Empirical Finance LLC raised its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 17.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,376 shares of the semiconductor company’s stock after acquiring an additional 639 shares during the quarter. Empirical Finance LLC’s holdings in Analog Devices were worth $753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Theleme Partners LLP bought a new position in Analog Devices in the 1st quarter worth $178,032,000. Amundi Asset Management US Inc. increased its position in Analog Devices by 29.0% in the first quarter. Amundi Asset Management US Inc. now owns 3,897,467 shares of the semiconductor company’s stock worth $604,419,000 after buying an additional 875,666 shares in the last quarter. Korea Investment CORP raised its stake in shares of Analog Devices by 96.2% in the first quarter. Korea Investment CORP now owns 1,192,479 shares of the semiconductor company’s stock worth $184,930,000 after buying an additional 584,686 shares during the period. Credit Suisse AG grew its stake in shares of Analog Devices by 62.6% during the 1st quarter. Credit Suisse AG now owns 1,352,901 shares of the semiconductor company’s stock valued at $209,807,000 after acquiring an additional 520,646 shares during the period. Finally, Janus Henderson Group PLC grew its stake in shares of Analog Devices by 30.6% during the 1st quarter. Janus Henderson Group PLC now owns 2,031,366 shares of the semiconductor company’s stock valued at $315,096,000 after acquiring an additional 475,399 shares during the period. 99.18% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have weighed in on ADI. Truist Securities lifted their price target on shares of Analog Devices from $179.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, August 19th. Zacks Investment Research downgraded shares of Analog Devices from a “buy” rating to a “hold” rating and set a $181.00 target price for the company. in a report on Thursday, August 5th. Bank of America raised their price target on Analog Devices from $178.00 to $200.00 and gave the company a “buy” rating in a report on Friday, June 25th. Sanford C. Bernstein upgraded Analog Devices from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $165.00 to $185.00 in a research report on Thursday, May 20th. Finally, Morgan Stanley began coverage on Analog Devices in a research report on Monday. They set an “equal weight” rating and a $179.00 target price for the company. Five investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $181.40.
Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Tuesday, August 17th. The semiconductor company reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.10. The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.71 billion. Analog Devices had a return on equity of 18.86% and a net margin of 26.15%. The firm’s quarterly revenue was up 20.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.36 earnings per share. On average, equities analysts anticipate that Analog Devices, Inc. will post 6.41 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 8th. Stockholders of record on Friday, August 27th were paid a dividend of $0.69 per share. The ex-dividend date was Thursday, August 26th. This represents a $2.76 annualized dividend and a dividend yield of 1.59%. Analog Devices’s payout ratio is currently 56.21%.
Analog Devices announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 25th that authorizes the company to buyback $8.50 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 13.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
Analog Devices Company 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.
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