Prudential Financial Inc. Decreases Stake in Analog Devices, Inc. (ADI)
Prudential Financial Inc. decreased its stake in Analog Devices, Inc. (NASDAQ:ADI) by 2.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 504,056 shares of the semiconductor company’s stock after selling 11,060 shares during the period. Prudential Financial Inc. owned approximately 0.14% of Analog Devices worth $39,216,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Analog Devices by 24.3% in the first quarter. Vanguard Group Inc. now owns 28,205,340 shares of the semiconductor company’s stock valued at $2,311,428,000 after buying an additional 5,506,925 shares during the last quarter. BlackRock Inc. raised its stake in shares of Analog Devices by 3,292.7% in the first quarter. BlackRock Inc. now owns 23,045,295 shares of the semiconductor company’s stock valued at $1,888,562,000 after buying an additional 22,366,040 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Analog Devices by 14.4% in the first quarter. Wellington Management Group LLP now owns 18,479,225 shares of the semiconductor company’s stock valued at $1,514,372,000 after buying an additional 2,319,193 shares during the last quarter. State Street Corp raised its stake in shares of Analog Devices by 20.0% in the first quarter. State Street Corp now owns 14,958,586 shares of the semiconductor company’s stock valued at $1,225,852,000 after buying an additional 2,493,568 shares during the last quarter. Finally, FMR LLC raised its stake in shares of Analog Devices by 52.2% in the first quarter. FMR LLC now owns 7,757,023 shares of the semiconductor company’s stock valued at $635,689,000 after buying an additional 2,661,277 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.
Analog Devices, Inc. (ADI) opened at 83.67 on Friday. The company has a 50-day moving average of $79.47 and a 200-day moving average of $80.08. The firm has a market cap of $30.71 billion, a price-to-earnings ratio of 32.05 and a beta of 1.30. Analog Devices, Inc. has a 1-year low of $59.01 and a 1-year high of $90.49.
Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Wednesday, August 30th. The semiconductor company reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.11. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Analog Devices had a net margin of 14.77% and a return on equity of 19.06%. The business’s revenue for the quarter was up 64.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.82 earnings per share. Analysts predict that Analog Devices, Inc. will post $4.37 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 19th. Investors of record on Friday, September 8th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date is Thursday, September 7th. Analog Devices’s dividend payout ratio is currently 86.12%.
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ADI has been the topic of several analyst reports. Morgan Stanley restated an “overweight” rating and issued a $93.00 price target on shares of Analog Devices in a research note on Tuesday, May 9th. Zacks Investment Research lowered shares of Analog Devices from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 15th. Jefferies Group LLC restated a “buy” rating and issued a $100.00 price target on shares of Analog Devices in a research note on Monday, May 22nd. Credit Suisse Group restated a “buy” rating and issued a $100.00 price target on shares of Analog Devices in a research note on Friday, May 26th. Finally, B. Riley restated a “buy” rating and issued a $103.00 price target on shares of Analog Devices in a research note on Tuesday, May 30th. Twelve equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $91.50.
In other news, Director Bruce R. Evans acquired 14,000 shares of the firm’s stock in a transaction that occurred on Friday, July 7th. The stock was purchased at an average price of $78.28 per share, for a total transaction of $1,095,920.00. Following the completion of the acquisition, the director now owns 67,540 shares in the company, valued at $5,287,031.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Peter Real sold 4,505 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $82.13, for a total transaction of $369,995.65. Following the transaction, the senior vice president now owns 13,531 shares of the company’s stock, valued at approximately $1,111,301.03. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,091 shares of company stock valued at $1,452,569. Corporate insiders own 1.10% of the company’s stock.
About Analog Devices
Analog Devices, Inc (Analog Devices) designs, manufactures and markets a portfolio of solutions that leverage high-performance analog, mixed-signal and digital signal processing technology, including integrated circuits (ICs), algorithms, software and subsystems. Its products include Analog Products, Converters, Amplifiers/Radio Frequency, Other Analog, Power Management and Reference, and Digital Signal Processing Products.
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