Illinois Municipal Retirement Fund Sells 10,625 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Illinois Municipal Retirement Fund lessened its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 73.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,757 shares of the semiconductor company’s stock after selling 10,625 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Analog Devices were worth $798,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new stake in Analog Devices during the 3rd quarter valued at $28,000. Archer Investment Corp grew its holdings in shares of Analog Devices by 101.4% during the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 73 shares during the last quarter. Financial Life Planners bought a new stake in shares of Analog Devices during the fourth quarter worth about $33,000. Kestra Investment Management LLC acquired a new stake in shares of Analog Devices in the 4th quarter worth about $41,000. Finally, Peterson Financial Group Inc. bought a new position in Analog Devices in the 3rd quarter valued at about $43,000. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Lake Street Capital began coverage on Analog Devices in a report on Friday, February 14th. They set a “buy” rating for the company. UBS Group upped their price target on Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Oppenheimer restated an “outperform” rating and set a $270.00 price objective (up from $245.00) on shares of Analog Devices in a research note on Thursday, February 20th. Williams Trading set a $245.00 target price on shares of Analog Devices in a research note on Friday, February 14th. Finally, Wells Fargo & Company raised their price target on shares of Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Six analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Analog Devices currently has a consensus rating of “Moderate Buy” and an average price target of $255.41.

Insider Activity at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total value of $2,154,900.00. Following the completion of the transaction, the chief executive officer now owns 21,983 shares in the company, valued at $4,737,116.67. This trade represents a 31.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.33% of the stock is owned by company insiders.

Analog Devices Stock Down 0.7 %

Shares of NASDAQ ADI opened at $228.53 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43. The stock has a market capitalization of $113.35 billion, a PE ratio of 72.78, a P/E/G ratio of 2.85 and a beta of 1.04. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $247.10. The business’s fifty day moving average price is $217.82 and its 200-day moving average price is $221.14.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, beating the consensus estimate of $1.54 by $0.09. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.73 earnings per share. On average, equities research analysts anticipate that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be paid a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 1.73%. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date is Tuesday, March 4th. Analog Devices’s payout ratio is currently 126.11%.

Analog Devices declared that its board has approved a share repurchase plan on Tuesday, February 18th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor company to purchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

About Analog Devices

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.