Analog Devices Trading Down 2.9% After Analyst Downgrade (ADI)
Shares of Analog Devices (NYSE:ADI) dropped 2.9% during mid-day trading on Wednesday after RBC Capital lowered their price target on the stock from $60.00 to $56.00, Analyst RN reports. RBC Capital currently has a sector perform rating on the stock. Analog Devices traded as low as $49.99 and last traded at $50.67, with a volume of 2,611,763 shares changing hands. The stock had previously closed at $52.21.
Several other analysts have also recently commented on the stock. Analysts at Jefferies Group reiterated a “buy” rating on shares of Analog Devices in a research note on Wednesday. They now have a $61.00 price target on the stock, down previously from $64.00. Separately, analysts at B. Riley reiterated a “buy” rating on shares of Analog Devices in a research note on Wednesday, July 30th. They now have a $62.00 price target on the stock, up previously from $58.00. Finally, analysts at Stifel Nicolaus initiated coverage on shares of Analog Devices in a research note on Friday, June 27th. They set a “buy” rating and a $66.00 price target on the stock. Ten analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $57.00.
The stock has a 50-day moving average of $51.79 and a 200-day moving average of $52.25. The company has a market cap of $15.911 billion and a P/E ratio of 23.12.
Analog Devices (NYSE:ADI) last released its earnings data on Tuesday, August 26th. The company reported $0.63 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.63. The company had revenue of $728.00 million for the quarter, compared to the consensus estimate of $716.32 million. During the same quarter last year, the company posted $0.57 earnings per share. Analog Devices’s revenue was up 7.9% compared to the same quarter last year. Analysts expect that Analog Devices will post $2.38 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, September 17th. Stockholders of record on Friday, September 5th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.83%.
Analog Devices, Inc (NYSE:ADI) is engaged in the design, manufacture and marketing of a range of analog, mixed-signal and digital signal processing integrated circuits (ICs).
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