Bank of New York Mellon Corp Sells 553,936 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Bank of New York Mellon Corp reduced its stake in Analog Devices, Inc. (NASDAQ:ADI) by 14.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,303,797 shares of the semiconductor company’s stock after selling 553,936 shares during the quarter. Bank of New York Mellon Corp owned about 0.67% of Analog Devices worth $701,925,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Capital Performance Advisors LLP acquired a new position in shares of Analog Devices in the 3rd quarter worth approximately $28,000. Archer Investment Corp increased its position in shares of Analog Devices by 101.4% during the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock worth $33,000 after buying an additional 73 shares during the period. Financial Life Planners bought a new position in Analog Devices during the fourth quarter worth $33,000. Kestra Investment Management LLC acquired a new position in Analog Devices in the fourth quarter valued at $41,000. Finally, Peterson Financial Group Inc. bought a new stake in Analog Devices during the third quarter valued at $43,000. 86.81% of the stock is currently owned by institutional investors.

Analog Devices Stock Performance

Shares of Analog Devices stock opened at $235.30 on Wednesday. The company has a market cap of $116.70 billion, a PE ratio of 74.94, a price-to-earnings-growth ratio of 2.85 and a beta of 1.04. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 52 week low of $182.57 and a 52 week high of $247.10. The business has a 50 day moving average price of $216.35 and a 200-day moving average price of $220.81.

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, beating the consensus estimate of $1.54 by $0.09. The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The business’s revenue was down 3.6% on a year-over-year basis. During the same period last year, the business earned $1.73 EPS. Equities analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

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

Analog Devices Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be issued a dividend of $0.99 per share. 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. This represents a $3.96 annualized dividend and a yield of 1.68%. Analog Devices’s payout ratio is 126.11%.

Insiders Place Their Bets

In other news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was 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. The trade was a 31.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.33% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ADI. Morgan Stanley lifted their price objective on Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Wells Fargo & Company lifted their target price on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a research note on Thursday, February 20th. JPMorgan Chase & Co. raised their price objective on shares of Analog Devices from $280.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Finally, UBS Group boosted their target price on shares of Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, Analog Devices currently has an average rating of “Moderate Buy” and an average target price of $255.41.

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.