Mattern Capital Management LLC Reduces Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Mattern Capital Management LLC cut its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 4.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,229 shares of the semiconductor company’s stock after selling 2,332 shares during the quarter. Analog Devices accounts for about 1.3% of Mattern Capital Management LLC’s investment portfolio, making the stock its 17th largest holding. Mattern Capital Management LLC’s holdings in Analog Devices were worth $10,247,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ADI. Franklin Resources Inc. lifted its holdings in Analog Devices by 14.9% in the 3rd quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock worth $2,169,689,000 after buying an additional 1,189,940 shares during the period. International Assets Investment Management LLC lifted its holdings in Analog Devices by 23,792.4% in the 3rd quarter. International Assets Investment Management LLC now owns 887,603 shares of the semiconductor company’s stock worth $2,043,000,000 after buying an additional 883,888 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Analog Devices by 807.5% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 959,686 shares of the semiconductor company’s stock worth $220,891,000 after buying an additional 853,931 shares during the period. Holocene Advisors LP lifted its holdings in Analog Devices by 336.4% in the 3rd quarter. Holocene Advisors LP now owns 1,068,572 shares of the semiconductor company’s stock worth $245,953,000 after buying an additional 823,709 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in Analog Devices by 17.3% in the 3rd quarter. Van ECK Associates Corp now owns 4,754,759 shares of the semiconductor company’s stock worth $1,078,617,000 after buying an additional 700,862 shares during the period. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Insider Transactions at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total value of $2,154,900.00. Following the transaction, the chief executive officer now owns 21,983 shares in the company, valued at $4,737,116.67. This represents a 31.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on ADI shares. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research note on Thursday. JPMorgan Chase & Co. raised their target price on Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday. UBS Group raised their target price on Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday. Piper Sandler lowered their target price on Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research note on Wednesday, November 27th. Finally, Barclays reduced their price objective on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $255.19.

Analog Devices Stock Up 0.9 %

Analog Devices stock opened at $243.82 on Friday. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $247.10. The stock has a fifty day moving average of $215.06 and a 200 day moving average of $219.97. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84. The stock has a market cap of $120.96 billion, a PE ratio of 74.11, a price-to-earnings-growth ratio of 2.53 and a beta of 1.04.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.09. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the business earned $1.73 EPS. The business’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, sell-side analysts predict that Analog Devices, Inc. will post 7.09 EPS for the current year.

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

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be paid a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Tuesday, March 4th. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio is 111.85%.

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.