Cullen Frost Bankers Inc. Purchases 2,226 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Cullen Frost Bankers Inc. grew its stake in Analog Devices, Inc. (NASDAQ:ADI) by 2.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 79,914 shares of the semiconductor company’s stock after purchasing an additional 2,226 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Analog Devices were worth $16,979,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Analog Devices by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,708,427 shares of the semiconductor company’s stock valued at $623,399,000 after acquiring an additional 39,186 shares in the last quarter. Swiss National Bank grew its holdings in shares of Analog Devices by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock valued at $339,012,000 after acquiring an additional 4,600 shares in the last quarter. Harvest Fund Management Co. Ltd grew its holdings in shares of Analog Devices by 47.7% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock valued at $5,264,000 after acquiring an additional 7,386 shares in the last quarter. Curbstone Financial Management Corp bought a new position in Analog Devices during the fourth quarter worth about $460,000. Finally, Summit Global Investments bought a new position in Analog Devices during the third quarter worth about $867,000. Institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Performance

Shares of NASDAQ:ADI opened at $229.47 on Thursday. The company’s 50 day simple moving average is $218.21 and its 200 day simple moving average is $221.22. The stock has a market capitalization of $113.81 billion, a price-to-earnings ratio of 73.08, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $247.10.

Analog Devices (NASDAQ:ADI) last posted its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The company’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.73 earnings per share. As a group, research analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

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

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th will be paid a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.73%. 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 payout ratio is presently 126.11%.

Insiders Place Their Bets

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the sale, the chief executive officer now owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. The trade was a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ADI. Maxim Group began coverage on Analog Devices in a report on Friday, February 14th. They set a “buy” rating for the company. Morgan Stanley lifted their price target on Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Piper Sandler reduced their price target on Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a report on Wednesday, November 27th. Barclays reduced their price target on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Finally, Benchmark lifted their price target on Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Six analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, Analog Devices has an average rating of “Moderate Buy” and a consensus 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.