PNC Financial Services Group Inc. lessened its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 8.1% in the first quarter, Holdings Channel.com reports. The fund owned 131,070 shares of the semiconductor company’s stock after selling 11,506 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Analog Devices were worth $11,751,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in ADI. MBE Wealth Management LLC purchased a new stake in shares of Analog Devices in the first quarter valued at $25,000. Savior LLC purchased a new stake in shares of Analog Devices in the fourth quarter valued at $27,000. Pacitti Group Inc. purchased a new stake in shares of Analog Devices in the fourth quarter valued at $38,000. TCI Wealth Advisors Inc. lifted its holdings in shares of Analog Devices by 43.9% in the first quarter. TCI Wealth Advisors Inc. now owns 436 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 133 shares in the last quarter. Finally, First Bank & Trust purchased a new stake in shares of Analog Devices in the first quarter valued at $49,000. Institutional investors own 86.97% of the company’s stock.
In related news, Director Edward H. Frank sold 8,460 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $113.42, for a total value of $959,533.20. Following the transaction, the director now owns 19,775 shares in the company, valued at approximately $2,242,880.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Bruce R. Evans purchased 2,631 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The stock was bought at an average price of $90.32 per share, for a total transaction of $237,631.92. Insiders sold a total of 12,574 shares of company stock worth $1,387,634 over the last ninety days. 0.42% of the stock is currently owned by insiders.
NASDAQ ADI opened at $111.06 on Friday. The stock has a market cap of $40.90 billion, a PE ratio of 37.27, a PEG ratio of 2.07 and a beta of 1.37. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.75 and a current ratio of 1.30. Analog Devices, Inc. has a twelve month low of $79.07 and a twelve month high of $127.30. The firm has a 50-day simple moving average of $102.33 and a 200 day simple moving average of $109.51.
Analog Devices (NASDAQ:ADI) last posted its earnings results on Wednesday, May 20th. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. Analog Devices had a net margin of 20.05% and a return on equity of 14.51%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the previous year, the company posted $1.36 earnings per share. Analog Devices’s quarterly revenue was down 13.7% compared to the same quarter last year. Research analysts forecast that Analog Devices, Inc. will post 4.3 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 9th. Stockholders of record on Friday, May 29th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.23%. Analog Devices’s dividend payout ratio is 48.16%.
A number of analysts have recently issued reports on ADI shares. BidaskClub upgraded Analog Devices from a “sell” rating to a “hold” rating in a report on Tuesday, March 24th. Deutsche Bank increased their target price on Analog Devices from $110.00 to $115.00 and gave the company a “hold” rating in a report on Thursday. JPMorgan Chase & Co. reduced their target price on Analog Devices from $134.00 to $119.00 and set a “neutral” rating for the company in a report on Thursday. Raymond James increased their target price on Analog Devices from $100.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Sanford C. Bernstein dropped their price target on shares of Analog Devices from $115.00 to $90.00 and set a “market perform” rating on the stock in a research note on Thursday, March 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the stock. Analog Devices presently has a consensus rating of “Buy” and an average target price of $121.70.
About Analog Devices
Analog Devices, Inc engages in the design, development, manufacture, and marketing of integrated circuits (ICs). Its products include industrial process control systems, medical imaging equipment, factory process automation systems, patient vital signs monitoring devices, instrumentation and measurement systems, wireless infrastructure equipment, energy management systems, networking equipment, aerospace and defense electronics, optical systems, automobiles, and portable consumer devices.
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