Patten & Patten Inc. TN Trims Stake in Analog Devices, Inc. (NASDAQ:ADI)

Patten & Patten Inc. TN trimmed its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 2.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,586 shares of the semiconductor company’s stock after selling 46 shares during the quarter. Patten & Patten Inc. TN’s holdings in Analog Devices were worth $365,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Summit Global Investments purchased a new position in Analog Devices in the 3rd quarter worth approximately $867,000. Tidal Investments LLC increased its position in shares of Analog Devices by 24.9% during the first quarter. Tidal Investments LLC now owns 31,715 shares of the semiconductor company’s stock valued at $6,268,000 after buying an additional 6,314 shares during the period. BDF Gestion purchased a new position in shares of Analog Devices during the second quarter valued at about $4,491,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Analog Devices by 3.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,092 shares of the semiconductor company’s stock valued at $16,912,000 after buying an additional 2,280 shares during the period. Finally, Interval Partners LP purchased a new stake in Analog Devices in the first quarter worth about $1,978,000. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Analog Devices Trading Down 2.4 %

Analog Devices stock opened at $220.47 on Tuesday. The stock has a market cap of $109.46 billion, a PE ratio of 66.21, a P/E/G ratio of 3.17 and a beta of 1.08. The stock has a 50-day moving average price of $226.61 and a 200 day moving average price of $224.83. Analog Devices, Inc. has a 52 week low of $170.10 and a 52 week high of $244.14. The company has a current ratio of 1.69, a quick ratio of 1.24 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.08. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same period in the previous year, the company posted $2.49 EPS. The company’s revenue was down 24.8% compared to the same quarter last year. Equities research analysts predict that Analog Devices, Inc. will post 6.34 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were given a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 1.67%. The ex-dividend date was Tuesday, September 3rd. Analog Devices’s dividend payout ratio is presently 110.51%.

Insider Activity

In related news, Director Edward H. Frank sold 500 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $227.24, for a total transaction of $113,620.00. Following the completion of the transaction, the director now owns 4,748 shares of the company’s stock, valued at $1,078,935.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Edward H. Frank sold 500 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $227.24, for a total transaction of $113,620.00. Following the completion of the sale, the director now directly owns 4,748 shares of the company’s stock, valued at $1,078,935.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $223.87, for a total value of $2,238,700.00. Following the completion of the transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at $4,921,334.21. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 111,495 shares of company stock valued at $25,229,958. Company insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

ADI has been the topic of a number of recent research reports. Morgan Stanley upped their price objective on shares of Analog Devices from $250.00 to $257.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Barclays increased their price objective on shares of Analog Devices from $235.00 to $250.00 and gave the company an “equal weight” rating in a research report on Thursday, July 18th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $250.00 target price on shares of Analog Devices in a report on Tuesday, October 8th. JPMorgan Chase & Co. upped their target price on shares of Analog Devices from $260.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research note on Thursday, August 22nd. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $249.80.

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.