Atlas Legacy Advisors LLC Acquires New Stake in Analog Devices, Inc. (NASDAQ:ADI)

Atlas Legacy Advisors LLC acquired a new stake in shares of Analog Devices, Inc. (NASDAQ:ADI) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 3,502 shares of the semiconductor company’s stock, valued at approximately $744,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP purchased a new stake in Analog Devices during the 3rd quarter valued at $28,000. Archer Investment Corp boosted its stake in Analog Devices by 101.4% during the 3rd quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 73 shares during the last quarter. Financial Life Planners purchased a new stake in Analog Devices during the 4th quarter valued at $33,000. Kestra Investment Management LLC purchased a new stake in Analog Devices during the 4th quarter valued at $41,000. Finally, Peterson Financial Group Inc. purchased a new stake in Analog Devices during the 3rd quarter valued at $43,000. Institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Up 2.6 %

NASDAQ ADI opened at $220.22 on Wednesday. The stock’s 50 day moving average is $214.04 and its 200 day moving average is $219.65. The company has a current ratio of 1.84, a quick ratio of 1.35 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 12 month low of $182.57 and a 12 month high of $244.14. The stock has a market cap of $109.25 billion, a PE ratio of 66.94, a P/E/G ratio of 2.38 and a beta of 1.04.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.03. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same period in the previous year, the firm earned $2.01 EPS. The firm’s revenue was down 10.1% compared to the same quarter last year. Research analysts predict that Analog Devices, Inc. will post 7.09 EPS for the current fiscal year.

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

Analog Devices Increases Dividend

The firm 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 $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 yield of 1.80%. Analog Devices’s payout ratio is currently 111.85%.

Insider Buying and Selling

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of Analog Devices 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 sale, the chief executive officer now owns 21,983 shares of the company’s stock, valued at $4,737,116.67. The trade was a 31.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Morgan Stanley dropped their price target on Analog Devices from $252.00 to $248.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 27th. Piper Sandler dropped their target price on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 27th. Wells Fargo & Company started coverage on Analog Devices in a research note on Friday, November 22nd. They set an “equal weight” rating and a $220.00 price target for the company. Barclays lowered their price objective on shares of 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. Finally, TD Cowen cut their target price on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Seven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Analog Devices currently has an average rating of “Moderate Buy” and an average target price of $248.52.

About Analog Devices

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.