Analog Devices Inc. (ADI) Lowered to Hold at Zacks Investment Research
According to Zacks, “Analog Devices is a leading supplier of analog and DSP integrated circuits. Its third quarter earnings were above the Zacks Consensus Estimate. The company has agreed to acquire Linear business in a cash and stock deal worth $14.8 billion. The acquisition is expected to be accretive to non-GAAP earnings and cash flow. It also acquired the Cyber Security Solutions to enhance its capabilities in the field of secure radio communications. Though we remain concerned about weakness in the consumer market, ADI is solidly positioned in growth markets like industrial, auto and communication. Also its products continue to see very strong deployment in the emerging automotive market.”
Several other research firms have also recently issued reports on ADI. B. Riley reissued a buy rating and set a $73.00 price target on shares of Analog Devices in a report on Wednesday, July 27th. Citigroup Inc. cut shares of Analog Devices from a buy rating to a neutral rating and increased their price target for the stock from $60.00 to $68.00 in a report on Wednesday, July 27th. They noted that the move was a valuation call. Barclays PLC increased their price target on shares of Analog Devices from $55.00 to $64.00 and gave the stock an equal weight rating in a report on Wednesday, July 27th. Pacific Crest increased their price target on shares of Analog Devices from $60.00 to $77.00 and gave the stock an overweight rating in a report on Wednesday, July 27th. Finally, Morgan Stanley raised shares of Analog Devices from an equal weight rating to an overweight rating and increased their price target for the stock from $56.00 to $78.00 in a report on Wednesday, July 27th. Eleven investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $70.64.
Shares of Analog Devices (NASDAQ:ADI) traded down 0.90% on Thursday, hitting $64.16. The stock had a trading volume of 1,149,640 shares. The stock has a market cap of $19.73 billion, a PE ratio of 30.31 and a beta of 1.25. Analog Devices has a one year low of $47.24 and a one year high of $66.91. The company’s 50 day moving average is $62.92 and its 200 day moving average is $59.74.
Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, August 17th. The company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.07. Analog Devices had a net margin of 19.49% and a return on equity of 19.40%. The business earned $870 million during the quarter, compared to the consensus estimate of $847.43 million. During the same quarter in the prior year, the firm earned $0.77 earnings per share. The business’s quarterly revenue was up 11.7% compared to the same quarter last year. Equities research analysts predict that Analog Devices will post $2.92 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 7th. Investors of record on Friday, August 26th were issued a $0.42 dividend. The ex-dividend date of this dividend was Wednesday, August 24th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.59%. Analog Devices’s payout ratio is currently 79.62%.
In other news, SVP Peter Real sold 6,500 shares of the business’s stock in a transaction that occurred on Thursday, September 29th. The shares were sold at an average price of $64.14, for a total transaction of $416,910.00. Following the sale, the senior vice president now owns 13,786 shares in the company, valued at $884,234.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John C. Hodgson sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 4th. The shares were sold at an average price of $64.42, for a total transaction of $483,150.00. Following the sale, the director now owns 18,485 shares in the company, valued at approximately $1,190,803.70. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in ADI. Evercore Wealth Management LLC raised its stake in Analog Devices by 7.5% in the second quarter. Evercore Wealth Management LLC now owns 1,773 shares of the company’s stock worth $100,000 after buying an additional 123 shares in the last quarter. NN Investment Partners Holdings N.V. bought a new position in shares of Analog Devices during the first quarter worth approximately $105,000. Meeder Asset Management Inc. bought a new position in shares of Analog Devices during the first quarter worth approximately $112,000. Quadrant Capital Group LLC increased its position in shares of Analog Devices by 18.9% in the second quarter. Quadrant Capital Group LLC now owns 2,421 shares of the company’s stock worth $131,000 after buying an additional 384 shares during the last quarter. Finally, SevenBridge Financial Group LLC bought a new position in shares of Analog Devices during the second quarter worth approximately $146,000. Institutional investors and hedge funds own 85.71% of the company’s stock.
Analog Devices Company Profile
Analog Devices, Inc is engaged in designing, manufacturing and marketing analog, mixed-signal and digital signal processing (DSP) technology, including integrated circuits (ICs), algorithms, software and subsystems. The Company’s operating segments include United States, Rest of North/South America, Europe, Japan, China and Rest of Asia.
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