KeyCorp Raises Analog Devices Inc. (ADI) Price Target to $84.00
Analog Devices Inc. (NASDAQ:ADI) had its price objective upped by stock analysts at KeyCorp from $77.00 to $84.00 in a research note issued to investors on Wednesday. The firm currently has an “overweight” rating on the stock. KeyCorp’s price objective suggests a potential upside of 14.15% from the company’s previous close.
Several other research firms have also issued reports on ADI. JPMorgan Chase & Co. increased their price target on shares of Analog Devices from $58.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Wells Fargo & Co. reissued a “buy” rating on shares of Analog Devices in a research report on Thursday, August 18th. Morgan Stanley reissued a “buy” rating and issued a $78.00 price target on shares of Analog Devices in a research report on Thursday, August 18th. Pacific Crest reissued a “buy” rating on shares of Analog Devices in a research report on Sunday, September 11th. Finally, Zacks Investment Research raised shares of Analog Devices from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Wednesday, October 5th. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $73.97.
Shares of Analog Devices (NASDAQ:ADI) traded up 0.96% during trading on Wednesday, reaching $73.59. The company’s stock had a trading volume of 5,922,995 shares. Analog Devices has a 12-month low of $47.24 and a 12-month high of $74.11. The stock has a market capitalization of $22.63 billion, a PE ratio of 34.76 and a beta of 1.18. The firm’s 50-day moving average is $64.27 and its 200-day moving average is $61.13.
Analog Devices (NASDAQ:ADI) last released its quarterly earnings results on Tuesday, November 22nd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.16. Analog Devices had a net margin of 19.49% and a return on equity of 19.40%. The company earned $1 million during the quarter, compared to analysts’ expectations of $941.92 million. During the same period in the prior year, the company earned $1.03 earnings per share. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. Equities analysts expect that Analog Devices will post $3.34 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 13th. Shareholders of record on Friday, December 2nd will be paid a $0.42 dividend. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $1.68 annualized dividend and a yield of 2.28%. Analog Devices’s payout ratio is currently 79.62%.
In other news, SVP Rick D. Hess sold 6,000 shares of Analog Devices stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $62.63, for a total value of $375,780.00. Following the completion of the transaction, the senior vice president now owns 30,495 shares of the company’s stock, valued at approximately $1,909,901.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John C. Hodgson sold 7,500 shares of Analog Devices stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $64.42, for a total transaction of $483,150.00. Following the completion of the transaction, the director now directly owns 18,485 shares of the company’s stock, 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 company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its position in shares of Analog Devices by 34.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 10,122,821 shares of the company’s stock worth $652,416,000 after buying an additional 2,617,935 shares during the period. Quantitative Systematic Strategies LLC purchased a new position in shares of Analog Devices during the third quarter worth approximately $263,000. Water Island Capital LLC purchased a new position in shares of Analog Devices during the third quarter worth approximately $434,000. Fayerweather Charles bought a new stake in shares of Analog Devices during the third quarter valued at approximately $214,000. Finally, Somerville Kurt F bought a new stake in shares of Analog Devices during the third quarter valued at approximately $1,174,000. 86.33% of the stock is owned by institutional investors.
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About Analog Devices
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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