KLP Kapitalforvaltning AS Lowers Stake in Analog Devices, Inc. $ADI

KLP Kapitalforvaltning AS trimmed its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 5.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 201,021 shares of the semiconductor company’s stock after selling 12,000 shares during the period. KLP Kapitalforvaltning AS’s holdings in Analog Devices were worth $49,391,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Analog Devices by 1.5% during the second quarter. Vanguard Group Inc. now owns 50,227,231 shares of the semiconductor company’s stock valued at $11,955,086,000 after acquiring an additional 761,861 shares in the last quarter. State Street Corp boosted its stake in Analog Devices by 2.2% in the 2nd quarter. State Street Corp now owns 23,317,256 shares of the semiconductor company’s stock worth $5,549,973,000 after purchasing an additional 506,507 shares in the last quarter. Geode Capital Management LLC grew its position in Analog Devices by 5.7% during the 2nd quarter. Geode Capital Management LLC now owns 11,687,660 shares of the semiconductor company’s stock valued at $2,770,448,000 after purchasing an additional 633,425 shares during the last quarter. Norges Bank bought a new stake in Analog Devices during the 2nd quarter valued at about $1,803,377,000. Finally, Ameriprise Financial Inc. raised its holdings in Analog Devices by 6.3% in the second quarter. Ameriprise Financial Inc. now owns 6,326,772 shares of the semiconductor company’s stock worth $1,506,448,000 after buying an additional 375,207 shares during the last quarter. 86.81% of the stock is owned by institutional investors.

Analog Devices Stock Up 5.6%

NASDAQ ADI opened at $292.94 on Wednesday. The stock’s 50-day moving average price is $258.83 and its 200-day moving average price is $246.68. The company has a market capitalization of $143.44 billion, a P/E ratio of 64.24, a price-to-earnings-growth ratio of 1.53 and a beta of 1.03. The company has a quick ratio of 1.68, a current ratio of 2.19 and a debt-to-equity ratio of 0.24. Analog Devices, Inc. has a 52 week low of $158.65 and a 52 week high of $294.15.

Analog Devices (NASDAQ:ADI) last released its earnings results on Tuesday, November 25th. The semiconductor company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.22 by $0.04. The company had revenue of $3.08 billion during the quarter, compared to analyst estimates of $3.02 billion. Analog Devices had a net margin of 20.58% and a return on equity of 11.23%. The firm’s quarterly revenue was up 25.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.67 EPS. On average, equities research analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Monday, December 8th were paid a dividend of $0.99 per share. The ex-dividend date was Monday, December 8th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.4%. Analog Devices’s payout ratio is 86.84%.

Insider Activity

In other Analog Devices news, CAO Michael Sondel sold 8,169 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $278.03, for a total value of $2,271,227.07. Following the completion of the sale, the chief accounting officer owned 18,913 shares in the company, valued at approximately $5,258,381.39. This represents a 30.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Martin Cotter sold 5,000 shares of the business’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $271.19, for a total value of $1,355,950.00. Following the completion of the transaction, the senior vice president owned 59,664 shares in the company, valued at $16,180,280.16. The trade was a 7.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 39,419 shares of company stock worth $10,319,877. 0.33% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ADI has been the topic of a number of recent analyst reports. Cfra reiterated a “buy” rating and set a $280.00 price target on shares of Analog Devices in a report on Tuesday, November 25th. The Goldman Sachs Group reiterated a “buy” rating and set a $300.00 target price on shares of Analog Devices in a research note on Tuesday, November 25th. JPMorgan Chase & Co. lifted their target price on Analog Devices from $310.00 to $320.00 and gave the stock an “overweight” rating in a report on Wednesday, November 26th. Robert W. Baird upped their price target on Analog Devices from $250.00 to $275.00 and gave the company an “outperform” rating in a report on Wednesday, November 26th. Finally, Evercore ISI reduced their price objective on Analog Devices from $303.00 to $282.00 and set an “outperform” rating for the company in a report on Tuesday, November 25th. Three research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Analog Devices has an average rating of “Moderate Buy” and a consensus price target of $287.22.

Analog Devices Profile

Analog Devices, Inc (NASDAQ: ADI) is a multinational semiconductor company that designs, manufactures and markets a broad portfolio of analog, mixed-signal and digital signal processing integrated circuits. Founded in 1965 by Ray Stata and Matthew Lorber, the company has grown into a leading supplier of components that convert, condition and process real-world signals for electronic systems. Analog Devices is headquartered in Massachusetts and serves customers around the world across multiple end markets.

The company’s product lineup includes data converters (ADCs and DACs), amplifiers, power management ICs, radio-frequency (RF) and microwave components, sensors and MEMS devices, signal chain and isolation products, timing and clocking solutions, and embedded processors and software for system-level design.