Bank of America Corp. Upgrades Analog Devices Inc. (ADI) to Buy
Analog Devices Inc. (NASDAQ:ADI) was upgraded by equities research analysts at Bank of America Corp. from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm currently has a $85.00 price objective on the stock, up from their prior price objective of $72.89. Bank of America Corp.’s price target points to a potential upside of 15.50% from the stock’s previous close.
A number of other equities research analysts have also issued reports on ADI. B. Riley reissued a “buy” rating and issued a $73.00 target price on shares of Analog Devices in a research report on Monday, August 1st. Oppenheimer Holdings Inc. raised Analog Devices from a “market perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research report on Wednesday, July 27th. Evercore ISI raised Analog Devices from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research report on Wednesday, July 27th. MKM Partners lifted their target price on Analog Devices from $56.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Finally, Deutsche Bank AG lifted their target price on Analog Devices from $55.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, July 27th. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $73.97.
Analog Devices (NASDAQ:ADI) opened at 73.59 on Wednesday. The firm has a market capitalization of $22.63 billion, a price-to-earnings ratio of 34.76 and a beta of 1.18. The stock’s 50 day moving average price is $64.77 and its 200-day moving average price is $61.30. Analog Devices has a one year low of $47.24 and a one year high of $74.87.
Analog Devices (NASDAQ:ADI) last announced its 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 return on equity of 19.51% and a net margin of 25.18%. The business had revenue of $1 million for the quarter, compared to analyst estimates of $941.92 million. During the same quarter last year, the firm earned $1.03 EPS. Analog Devices’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, equities research analysts expect that Analog Devices will post $3.34 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 13th. Shareholders of record on Friday, December 2nd will be given a $0.42 dividend. The ex-dividend date is Wednesday, November 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.28%. Analog Devices’s dividend payout ratio (DPR) is presently 60.87%.
In other Analog Devices news, SVP Rick D. Hess sold 6,000 shares of the company’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $62.63, for a total value of $375,780.00. Following the sale, the senior vice president now owns 30,495 shares in the company, valued at approximately $1,909,901.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John C. Hodgson sold 7,500 shares of the company’s stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $64.42, for a total value of $483,150.00. Following the completion of 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 owned by company 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 during the period. Peddock Capital Advisors LLC bought a new stake in Analog Devices during the third quarter worth approximately $101,000. NN Investment Partners Holdings N.V. raised its stake in Analog Devices by 16.9% in the second quarter. NN Investment Partners Holdings N.V. now owns 2,079 shares of the company’s stock worth $118,000 after buying an additional 300 shares during the period. Penserra Capital Management LLC raised its stake in shares of Analog Devices by 94.4% in the third quarter. Penserra Capital Management LLC now owns 1,932 shares of the company’s stock valued at $123,000 after buying an additional 938 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its stake 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 valued at $131,000 after buying an additional 384 shares during the last quarter. Hedge funds and other institutional investors own 86.33% 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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