Allstate Corp Invests $3.12 Million in Analog Devices, Inc. (NASDAQ:ADI)

Allstate Corp purchased a new stake in shares of Analog Devices, Inc. (NASDAQ:ADI) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 14,695 shares of the semiconductor company’s stock, valued at approximately $3,122,000.

Other hedge funds have also bought and sold shares of the company. Mainstream Capital Management LLC bought a new stake in Analog Devices during the 4th quarter worth approximately $30,000. Hopwood Financial Services Inc. purchased a new position in shares of Analog Devices during the 4th quarter valued at $30,000. Cassady Schiller Wealth Management LLC increased its stake in Analog Devices by 63.2% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 55 shares during the last quarter. Financial Life Planners purchased a new stake in shares of Analog Devices in the 4th quarter valued at about $33,000. Finally, Kestra Investment Management LLC bought a new stake in shares of Analog Devices during the 4th quarter valued at about $41,000. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Analog Devices

In other Analog Devices news, CFO Richard C. Puccio, Jr. sold 4,000 shares of Analog Devices stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total value of $836,760.00. Following the completion of the sale, the chief financial officer now owns 49,916 shares of the company’s stock, valued at approximately $10,441,928.04. The trade was a 7.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Vivek Jain sold 12,684 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $210.00, for a total value of $2,663,640.00. Following the transaction, the executive vice president now directly owns 43,175 shares in the company, valued at $9,066,750. The trade was a 22.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,684 shares of company stock worth $7,746,500. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ADI shares. 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. Morgan Stanley raised their price target on Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. UBS Group upped their target price on Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Benchmark lifted their price target on shares of Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Finally, Truist Financial boosted their price target on shares of Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, Analog Devices presently has a consensus rating of “Moderate Buy” and a consensus price target of $255.41.

Analog Devices Price Performance

Shares of ADI stock opened at $201.56 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. The stock has a market cap of $99.97 billion, a price-to-earnings ratio of 64.19, a PEG ratio of 2.85 and a beta of 1.07. The business’s fifty day moving average is $216.51 and its 200 day moving average is $219.53. Analog Devices, Inc. has a twelve month low of $182.57 and a twelve 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 expect that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices announced that its board has initiated a share buyback plan on Tuesday, February 18th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to repurchase up to 9.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Analog Devices Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were given a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a yield of 1.96%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Tuesday, March 4th. Analog Devices’s dividend payout ratio is 126.11%.

Analog Devices 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.