Analog Devices, Inc. (ADI) Sees Significant Decline in Short Interest
Analog Devices, Inc. (NASDAQ:ADI) was the recipient of a significant decrease in short interest during the month of June. As of June 15th, there was short interest totalling 5,203,414 shares, a decrease of 38.5% from the May 31st total of 8,463,792 shares. Approximately 1.4% of the company’s shares are sold short. Based on an average daily trading volume, of 5,702,046 shares, the days-to-cover ratio is currently 0.9 days.
Analog Devices (NASDAQ ADI) opened at 79.20 on Thursday. The firm has a market capitalization of $29.07 billion, a P/E ratio of 30.33 and a beta of 1.27. Analog Devices has a 52-week low of $52.17 and a 52-week high of $90.49. The company has a 50 day moving average price of $80.06 and a 200 day moving average price of $78.13.
Analog Devices (NASDAQ:ADI) last announced its quarterly earnings results on Wednesday, May 31st. The semiconductor company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.18. Analog Devices had a net margin of 20.88% and a return on equity of 19.39%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the previous year, the company earned $0.64 earnings per share. Analog Devices’s quarterly revenue was up 41.2% compared to the same quarter last year. On average, equities analysts forecast that Analog Devices will post $4.37 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 20th. Shareholders of record on Friday, June 9th were paid a $0.45 dividend. The ex-dividend date was Wednesday, June 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.27%. Analog Devices’s dividend payout ratio is presently 67.92%.
In related news, CEO Vincent Roche sold 47,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $86.50, for a total value of $4,108,750.00. Following the completion of the sale, the chief executive officer now owns 61,484 shares in the company, valued at $5,318,366. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Margaret K. Seif sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 20th. The shares were sold at an average price of $80.28, for a total value of $240,840.00. Following the completion of the sale, the senior vice president now owns 20,404 shares of the company’s stock, valued at approximately $1,638,033.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,526 shares of company stock worth $5,684,971. Insiders own 1.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Analog Devices by 24.3% in the first quarter. Vanguard Group Inc. now owns 28,205,340 shares of the semiconductor company’s stock worth $2,311,428,000 after buying an additional 5,506,925 shares in the last quarter. BlackRock Inc. raised its position in Analog Devices by 3,292.7% in the first quarter. BlackRock Inc. now owns 23,045,295 shares of the semiconductor company’s stock worth $1,888,562,000 after buying an additional 22,366,040 shares in the last quarter. Wellington Management Group LLP raised its position in Analog Devices by 14.4% in the first quarter. Wellington Management Group LLP now owns 18,479,225 shares of the semiconductor company’s stock worth $1,514,372,000 after buying an additional 2,319,193 shares in the last quarter. State Street Corp raised its position in Analog Devices by 20.0% in the first quarter. State Street Corp now owns 14,958,586 shares of the semiconductor company’s stock worth $1,225,852,000 after buying an additional 2,493,568 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in Analog Devices by 8.4% in the first quarter. Wells Fargo & Company MN now owns 7,957,053 shares of the semiconductor company’s stock worth $652,081,000 after buying an additional 614,150 shares in the last quarter. Institutional investors own 88.06% of the company’s stock.
A number of analysts recently issued reports on ADI shares. Jefferies Group LLC boosted their price target on Analog Devices to $100.00 and gave the company a “buy” rating in a report on Monday, March 20th. Zacks Investment Research lowered Analog Devices from a “strong-buy” rating to a “hold” rating in a report on Monday, May 15th. Royal Bank Of Canada reiterated a “buy” rating and issued a $90.00 price target on shares of Analog Devices in a report on Friday, March 17th. Bank of America Corporation reiterated a “buy” rating and issued a $100.00 price target (up previously from $92.00) on shares of Analog Devices in a report on Friday, June 2nd. Finally, Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $100.00 price target (up previously from $90.00) on shares of Analog Devices in a report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $88.67.
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About Analog Devices
Analog Devices, Inc (Analog Devices) designs, manufactures and markets a portfolio of solutions that leverage high-performance analog, mixed-signal and digital signal processing technology, including integrated circuits (ICs), algorithms, software and subsystems. Its products include Analog Products, Converters, Amplifiers/Radio Frequency, Other Analog, Power Management and Reference, and Digital Signal Processing Products.
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