Truist Financial Corp Lowers Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Truist Financial Corp trimmed its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 3.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,970,399 shares of the semiconductor company’s stock after selling 80,019 shares during the quarter. Analog Devices makes up about 0.6% of Truist Financial Corp’s holdings, making the stock its 29th biggest position. Truist Financial Corp’s holdings in Analog Devices were worth $391,242,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADI. CTC Alternative Strategies Ltd. purchased a new position in shares of Analog Devices in the 4th quarter valued at approximately $1,152,000. Sequoia Financial Advisors LLC increased its stake in Analog Devices by 107.6% in the 4th quarter. Sequoia Financial Advisors LLC now owns 12,667 shares of the semiconductor company’s stock valued at $2,515,000 after buying an additional 6,564 shares during the period. Prime Capital Investment Advisors LLC raised its position in Analog Devices by 37.5% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 8,118 shares of the semiconductor company’s stock worth $1,612,000 after buying an additional 2,215 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Analog Devices by 4.7% during the 4th quarter. Daiwa Securities Group Inc. now owns 100,451 shares of the semiconductor company’s stock worth $19,946,000 after buying an additional 4,516 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Analog Devices by 31.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 373,625 shares of the semiconductor company’s stock worth $74,187,000 after acquiring an additional 89,504 shares during the period. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Price Performance

NASDAQ:ADI traded up $4.03 during trading hours on Friday, reaching $201.97. 3,136,251 shares of the company traded hands, compared to its average volume of 3,394,093. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.51 and a quick ratio of 0.98. The firm’s 50-day moving average is $193.45 and its 200-day moving average is $187.28. The stock has a market cap of $100.16 billion, a P/E ratio of 36.13, a P/E/G ratio of 4.93 and a beta of 1.17. Analog Devices, Inc. has a 1-year low of $154.99 and a 1-year high of $204.20.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings data on Wednesday, February 21st. The semiconductor company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.02. The business had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.50 billion. Analog Devices had a return on equity of 12.76% and a net margin of 24.34%. The business’s revenue for the quarter was down 22.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.75 earnings per share. Equities research analysts expect that Analog Devices, Inc. will post 5.86 earnings per share for the current fiscal year.

Analog Devices Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were given a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date was Monday, March 4th. This is a positive change from Analog Devices’s previous quarterly dividend of $0.86. Analog Devices’s payout ratio is currently 65.83%.

Wall Street Analysts Forecast Growth

ADI has been the subject of several analyst reports. Evercore ISI started coverage on shares of Analog Devices in a report on Tuesday, April 16th. They set an “outperform” rating and a $254.00 price target for the company. Sanford C. Bernstein downgraded Analog Devices from an “outperform” rating to a “market perform” rating and set a $200.00 target price for the company. in a research note on Thursday, January 4th. Morgan Stanley restated an “overweight” rating and issued a $212.00 price target on shares of Analog Devices in a research note on Thursday, April 11th. Truist Financial dropped their price objective on Analog Devices from $226.00 to $222.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Finally, KeyCorp raised their target price on Analog Devices from $220.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday, February 22nd. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Analog Devices has a consensus rating of “Moderate Buy” and a consensus price target of $208.17.

Insider Activity at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $192.11, for a total transaction of $1,921,100.00. Following the sale, the chief executive officer now owns 5,713 shares in the company, valued at $1,097,524.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Analog Devices news, Director James Champy sold 1,228 shares of Analog Devices stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $197.64, for a total value of $242,701.92. Following the completion of the sale, the director now owns 6,371 shares in the company, valued at approximately $1,259,164.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $192.11, for a total transaction of $1,921,100.00. Following the transaction, the chief executive officer now owns 5,713 shares in the company, valued at $1,097,524.43. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,707 shares of company stock valued at $4,825,113. Company insiders own 0.31% of the company’s stock.

Analog Devices Company Profile

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. The company provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.