Janus Henderson Group PLC Reduces Position in Analog Devices, Inc. (ADI)
Janus Henderson Group PLC reduced its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 28.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 233,836 shares of the semiconductor company’s stock after selling 92,283 shares during the period. Janus Henderson Group PLC owned about 0.06% of Analog Devices worth $22,430,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of ADI. Oppenheimer & Co. Inc. increased its position in Analog Devices by 4.2% in the second quarter. Oppenheimer & Co. Inc. now owns 35,619 shares of the semiconductor company’s stock worth $3,417,000 after buying an additional 1,425 shares during the period. Ferguson Wellman Capital Management Inc. bought a new position in shares of Analog Devices in the second quarter worth $33,143,000. Sawtooth Solutions LLC bought a new position in shares of Analog Devices in the second quarter worth $200,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Analog Devices by 0.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 199,174 shares of the semiconductor company’s stock worth $19,105,000 after purchasing an additional 1,367 shares in the last quarter. Finally, Integrated Investment Consultants LLC bought a new position in shares of Analog Devices in the second quarter worth $130,000. 88.05% of the stock is currently owned by institutional investors and hedge funds.
Shares of ADI stock opened at $92.40 on Friday. Analog Devices, Inc. has a fifty-two week low of $80.95 and a fifty-two week high of $103.59. The stock has a market cap of $33.83 billion, a P/E ratio of 15.56, a PEG ratio of 1.25 and a beta of 1.18. The company has a quick ratio of 1.16, a current ratio of 1.58 and a debt-to-equity ratio of 0.60.
Analog Devices declared that its board has authorized a share buyback plan on Tuesday, August 21st that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 5.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 12th. Investors of record on Friday, August 31st were paid a dividend of $0.48 per share. The ex-dividend date was Thursday, August 30th. This represents a $1.92 annualized dividend and a yield of 2.08%. Analog Devices’s dividend payout ratio is currently 40.68%.
In related news, Director Neil S. Novich sold 7,500 shares of the stock in a transaction on Thursday, June 28th. The stock was sold at an average price of $95.90, for a total value of $719,250.00. Following the completion of the transaction, the director now owns 30,240 shares in the company, valued at approximately $2,900,016. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on Monday, July 2nd. The shares were 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. Insiders have sold 106,655 shares of company stock valued at $10,425,833 in the last ninety days. Company insiders own 1.10% of the company’s stock.
Several research analysts have recently issued reports on the company. BidaskClub cut Analog Devices from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 18th. 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. Loop Capital assumed coverage on Analog Devices in a research note on Thursday, June 21st. They issued a “buy” rating and a $117.00 price target for the company. Nomura assumed 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. Finally, Zacks Investment Research cut Analog Devices from a “buy” rating to a “hold” rating in a research note on Friday, August 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $107.00.
Analog Devices Company Profile
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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