Tower Bridge Advisors Sells 300 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Tower Bridge Advisors decreased its position in Analog Devices, Inc. (NASDAQ:ADI) by 1.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 20,234 shares of the semiconductor company’s stock after selling 300 shares during the quarter. Tower Bridge Advisors’ holdings in Analog Devices were worth $4,299,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Swedbank AB grew its holdings in shares of Analog Devices by 6.7% during the 3rd quarter. Swedbank AB now owns 2,894,109 shares of the semiconductor company’s stock valued at $666,137,000 after purchasing an additional 180,870 shares during the last quarter. Cornerstone Wealth Group LLC purchased a new stake in Analog Devices during the third quarter valued at about $245,000. Reston Wealth Management LLC bought a new position in shares of Analog Devices during the third quarter valued at about $48,000. Lebenthal Global Advisors LLC increased its holdings in shares of Analog Devices by 4.9% in the third quarter. Lebenthal Global Advisors LLC now owns 4,406 shares of the semiconductor company’s stock worth $1,014,000 after buying an additional 206 shares during the period. Finally, F M Investments LLC bought a new stake in shares of Analog Devices in the 3rd quarter valued at about $2,001,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Price Performance

ADI opened at $229.82 on Friday. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. The company has a market cap of $113.99 billion, a price-to-earnings ratio of 73.19, a price-to-earnings-growth ratio of 2.85 and a beta of 1.04. The stock has a fifty day simple moving average of $217.55 and a two-hundred day simple moving average of $221.05. Analog Devices, Inc. has a 12-month low of $182.57 and a 12-month high of $247.10.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the business earned $1.73 EPS. Analog Devices’s quarterly revenue was down 3.6% compared to the same quarter last year. Research analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be given a $0.99 dividend. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date is Tuesday, March 4th. Analog Devices’s payout ratio is currently 126.11%.

Analog Devices declared that its board has initiated a stock repurchase program on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 9.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ADI shares. Morgan Stanley raised their price target on Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Williams Trading set a $245.00 price target on shares of Analog Devices in a report on Friday, February 14th. Oppenheimer reissued an “outperform” rating and issued a $270.00 price target (up previously from $245.00) on shares of Analog Devices in a report on Thursday, February 20th. Maxim Group began coverage on shares of Analog Devices in a research note on Friday, February 14th. They set a “buy” rating for the company. Finally, Barclays cut their target price on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Six investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $255.41.

Insider Buying and Selling

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the completion of the transaction, the chief executive officer now owns 21,983 shares in the company, valued at approximately $4,737,116.67. The trade was a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.33% of the stock is currently owned by company insiders.

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.