Michigan State Retirement System Sells 600 Shares of Analog Devices, Inc. (NASDAQ:ADI)

State of Michigan Retirement System reduced its holdings in Analog Devices, Inc. (NASDAQ:ADI – Free Report) shares by 0.4% in the 1st quarter, according to its latest 13F filing with the Securities and Exchange Commission (SEC). The company now owns 135,855 shares of the semiconductor company after selling 600 shares during the quarter. State of Michigan Retirement System’s stake in Analog Devices was worth $26,871,000 at the end of the last reporting period.

Several other institutional investors also bought and sold shares of ADI. Pinnacle Bancorp Inc. increased its holdings in shares of Analog Devices by 101.6% in the 4th quarter. Pinnacle Bancorp Inc. now owns 129 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 65 shares in the last quarter. USA Financial Formulas increased its holdings in shares of Analog Devices by 87.8% in the 4th quarter. USA Financial Formulas now owns 139 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 65 shares in the last quarter. Silver Oak Securities Incorporated bought a new share of Analog Devices in the 3rd quarter worth approximately $29,000. Cetera Trust Company NA purchased a new position in Analog Devices in the 4th quarter worth $29,000. Finally, Private Wealth Management Group LLC acquired a new position in Analog Devices in the fourth quarter worth $29,000. Institutional investors and hedge funds own 86.81% of the company’s shares.

Insiders are betting

In related news, EVP Vivek Jain sold 3,479 shares of the company’s stock in a transaction dated Thursday, April 4. The shares were sold at an average price of $197.56, for a total value of $687,311.24. Following the transaction, the executive vice president now owns 5,745 shares of the company’s stock, valued at approximately $1,134,982.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link . In other Analog Devices news, CAO Michael Sondel sold 4,830 shares of the company’s stock in a transaction on Friday, May 24. The shares were sold at an average price of $236.58, for a total transaction value of $1,142,681.40. Following the transaction, the chief financial officer now owns 10,547 shares of the company’s stock, valued at approximately $2,495,209.26. The transaction was disclosed in a document filed with the Securities and Exchange Commission, which can be accessed through this link . Additionally, Executive Vice President Vivek Jain sold 3,479 shares of the company’s stock in a transaction dated Thursday, April 4. The shares were sold at an average price of $197.56, for a total transaction value of $687,311.24. Following the completion of the sale, the Executive Vice President now directly owns 5,745 shares of the company’s stock, valued at approximately $1,134,982.20. Disclosure of this sale can be found here . Insiders have sold a total of 50,121 shares of the company’s stock valued at $11,168,654 over the last ninety days. 0.31% of the company’s stock is currently owned by insiders.

Analog Devices shares rose 1.4%

Shares of Analog Devices opened at $228.24 on Wednesday. The company has a 50-day simple moving average of $220.91 and a 200-day simple moving average of $202.90. The company has a current liquidity ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a one-year low of $154.99 and a one-year high of $241.88. The company has a market capitalization of $113.26 billion, a P/E ratio of 53.33, a price-to-earnings-growth ratio of 3.85 and a beta of 1.08.

Analog Devices (NASDAQ:ADI – Get Free Report) last released its financial results on Wednesday, May 22. The semiconductor company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.14. Analog Devices reported a return on equity of 10.74% and a net margin of 20.45%. The company’s revenue for the quarter was $2.16 billion, compared to the consensus estimate of $2.11 billion. During the same quarter a year ago, the company reported $2.83 earnings per share. Analog Devices’ quarterly revenue fell 33.8% year-over-year. Research analysts predict that Analog Devices, Inc. will report earnings per share of $6.24 for the current fiscal year.

Analog Devices Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 17. Shareholders of record on Tuesday, June 4, received a dividend of $0.92 per share. This represents an annual dividend of $3.68 and a yield of 1.61%. The ex-dividend date was Tuesday, June 4. Analog Devices has a dividend payout ratio of 85.98%.

Wall Street analysts assess

ADI has been the subject of numerous research analyst reports. Oppenheimer raised their price objective for shares of Analog Devices from $215.00 to $245.00 and gave the stock an “outperform” rating in a report on Thursday, May 16. Goldman Sachs Group raised their price objective for shares of Analog Devices from $205.00 to $252.00 and gave the stock a “buy” rating in a report on Thursday, May 23. Barclays raised their price objective for Analog Devices from $185.00 to $210.00 and gave the stock an “equal weight” rating in a report on Monday, May 20. Citigroup raised their price objective for Analog Devices from $220.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, May 23. Finally, KeyCorp raised their price target on Analog Devices from $230.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23. Seven analysts have rated the stock a “hold,” while eighteen have given it a “buy” rating. According to MarketBeat, Analog Devices has a consensus rating of “Moderate Buy” and an average price target of $243.23.

Get our latest stock analysis for Analog Devices

About Analog Devices

(Free report)

Analog Devices, Inc. designs, manufactures, tests, and sells integrated circuits (ICs), software, and subsystem products in the United States, the rest of North and South America, Europe, Japan, China, and the rest of Asia. The company provides data converter products that translate real-world analog signals into digital data, and that translate digital data into analog signals; power management and reference products for power conversion, controller monitoring, sequencing, and power management in automotive, communications, industrial, and consumer applications; and power ICs, which include performance simulation, integration, and software design tools for accurate power supply design.

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