Scotia Capital Inc. Sells 4,111 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Scotia Capital Inc. lessened its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 62.7% during the fourth quarter, Holdings Channel reports. The fund owned 2,450 shares of the semiconductor company’s stock after selling 4,111 shares during the period. Scotia Capital Inc.’s holdings in Analog Devices were worth $521,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Wellington Management Group LLP grew its stake in Analog Devices by 16.6% in the 3rd quarter. Wellington Management Group LLP now owns 43,349 shares of the semiconductor company’s stock valued at $9,978,000 after buying an additional 6,164 shares during the last quarter. Invst LLC grew its position in shares of Analog Devices by 7.7% in the third quarter. Invst LLC now owns 974 shares of the semiconductor company’s stock valued at $224,000 after purchasing an additional 70 shares during the last quarter. SkyView Investment Advisors LLC increased its stake in shares of Analog Devices by 4.1% during the third quarter. SkyView Investment Advisors LLC now owns 3,261 shares of the semiconductor company’s stock worth $751,000 after purchasing an additional 128 shares during the period. Anchor Investment Management LLC increased its stake in shares of Analog Devices by 33.2% during the third quarter. Anchor Investment Management LLC now owns 2,485 shares of the semiconductor company’s stock worth $572,000 after purchasing an additional 619 shares during the period. Finally, Pine Valley Investments Ltd Liability Co lifted its holdings in Analog Devices by 0.9% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 7,680 shares of the semiconductor company’s stock worth $1,768,000 after purchasing an additional 65 shares during the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

Analyst Upgrades and Downgrades

ADI has been the topic of several recent research reports. Barclays lowered their price objective on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Wells Fargo & Company lifted their price objective on shares of Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research report on Thursday, February 20th. Williams Trading set a $245.00 price target on shares of Analog Devices in a research report on Friday, February 14th. Finally, Morgan Stanley increased their price target on Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, Analog Devices presently has an average rating of “Moderate Buy” and an average price target of $254.73.

Analog Devices Stock Performance

Shares of ADI stock opened at $178.60 on Tuesday. The firm has a market capitalization of $88.58 billion, a price-to-earnings ratio of 56.88, a PEG ratio of 2.85 and a beta of 1.06. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. The business’s 50-day moving average price is $208.27 and its 200-day moving average price is $215.55. Analog Devices, Inc. has a 12 month low of $158.65 and a 12 month high of $247.10.

Analog Devices (NASDAQ:ADI) last posted its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping the consensus estimate of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period last year, the company earned $1.73 EPS. The firm’s revenue was down 3.6% compared to the same quarter last year. Equities research analysts forecast that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were issued a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 2.22%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Tuesday, March 4th. Analog Devices’s dividend payout ratio is presently 126.11%.

Analog Devices announced that its board has approved a stock repurchase program on Tuesday, February 18th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CFO Richard C. Puccio, Jr. sold 4,000 shares of Analog Devices stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total transaction of $836,760.00. Following the completion of the transaction, the chief financial officer now owns 49,916 shares of the company’s stock, valued at $10,441,928.04. This trade represents a 7.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total value of $2,091,200.00. Following the sale, the chief executive officer now owns 64,918 shares of the company’s stock, valued at approximately $13,575,652.16. The trade was a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,684 shares of company stock valued at $5,591,600 in the last three months. Insiders own 0.33% of the company’s stock.

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.