Analog Devices (NASDAQ:ADI) Announces Earnings Results

Analog Devices (NASDAQ:ADI – Get Rating) announced its quarterly earnings results on Wednesday. The semiconductor company reported $2.83 earnings per share for the quarter, beating analysts’ consensus estimates of $2.75 by $0.08, RTT News reports. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.21 billion. Analog Devices had a net margin of 28.16% and a return on equity of 15.27%. The business’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.40 earnings per share. Analog Devices updated its Q3 guidance to $2.42-2.62 EPS.

Analog Devices Price Performance

ADI traded up $3.27 on Friday, hitting $175.66. 1,002,941 shares of the stock were exchanged, compared to its average volume of 3,316,578. Analog Devices has a 12 month low of $133.48 and a 12 month high of $198.24. The business has a 50-day moving average of $186.11 and a two-hundred day moving average of $176.80. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.79 and a quick ratio of 1.50. The firm has a market capitalization of $88.86 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 1.33 and a beta of 1.15.

Analog Devices Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 14th. Stockholders of record on Monday, June 5th will be given a $0.86 dividend. The ex-dividend date of this dividend is Friday, June 2nd. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.96%. Analog Devices’s payout ratio is presently 48.73%.

Wall Street Analysts Forecast Growth

ADI has been the topic of a number of research reports. Oppenheimer cut their price objective on shares of Analog Devices from $230.00 to $215.00 in a research report on Thursday. UBS Group boosted their price objective on shares of Analog Devices from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, February 16th. Citigroup cut their price objective on shares of Analog Devices from $225.00 to $200.00 in a research report on Thursday. KeyCorp cut their price objective on shares of Analog Devices from $230.00 to $220.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Sanford C. Bernstein cut their price objective on shares of Analog Devices from $220.00 to $210.00 in a research report on Thursday. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, Analog Devices presently has a consensus rating of “Moderate Buy” and an average price target of $208.17.

Insider Buying and Selling

In related news, CFO Prashanth Mahendra-Rajah sold 26,250 shares of the company’s stock in a transaction dated Monday, March 20th. The shares were sold at an average price of $187.01, for a total transaction of $4,909,012.50. Following the completion of the sale, the chief financial officer now owns 23,871 shares of the company’s stock, valued at $4,464,115.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director James Champy sold 1,495 shares of the company’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $185.44, for a total value of $277,232.80. Following the completion of the transaction, the director now owns 6,371 shares of the company’s stock, valued at $1,181,438.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Prashanth Mahendra-Rajah sold 26,250 shares of the company’s stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $187.01, for a total value of $4,909,012.50. Following the completion of the transaction, the chief financial officer now directly owns 23,871 shares of the company’s stock, valued at approximately $4,464,115.71. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ADI. Norges Bank acquired a new stake in Analog Devices during the 4th quarter valued at approximately $1,040,194,000. Moneta Group Investment Advisors LLC increased its position in Analog Devices by 101,479.6% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,111,943 shares of the semiconductor company’s stock valued at $674,482,000 after purchasing an additional 4,107,895 shares during the period. Morgan Stanley increased its position in Analog Devices by 16.1% during the 4th quarter. Morgan Stanley now owns 5,988,806 shares of the semiconductor company’s stock valued at $982,344,000 after purchasing an additional 830,281 shares during the period. Price T Rowe Associates Inc. MD increased its position in Analog Devices by 28.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,215,510 shares of the semiconductor company’s stock valued at $527,440,000 after purchasing an additional 703,708 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of Analog Devices by 282.0% during the 1st quarter. AQR Capital Management LLC now owns 636,339 shares of the semiconductor company’s stock worth $123,660,000 after buying an additional 469,770 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analog Devices Company Profile

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Analog Devices, Inc is a global high-performance semiconductor company, which engages in the design, development, manufacture, and marketing of integrated circuits (ICs). It produces a range of innovative products, including data converters, amplifiers and linear products, radio frequency (RF) ICs, power management products, sensors based on micro electromechanical systems (MEMS) technology and other sensors, and processing products, including DSP and other processors.