Point72 Italy S.r.l. Boosts Stake in Analog Devices, Inc. (NASDAQ:ADI) by 894.3%

Point72 Italy S.r.l. has significantly increased its investment in Analog Devices, Inc. (NASDAQ:ADI) by an impressive 894.3% during the third quarter, as reported in its latest filing with the Securities and Exchange Commission. Following this expansion, Point72 Italy now holds a total of 55,710 shares in the semiconductor firm, having added 50,107 shares during the quarter.

Currently, Analog Devices represents about 4.2% of Point72 Italy's portfolio, making it the seventh-largest position within the firm's investment holdings. At the end of the most recent quarter, Point72 Italy's shares in Analog Devices were valued at approximately $12,823,000.

Other Institutional Investments in Analog Devices

In addition to Point72 Italy, several other institutional investors have also adjusted their stakes in Analog Devices. For instance, Baader Bank Aktiengesellschaft raised its position by 3.9% in the second quarter, accumulating a total of 1,143 shares worth around $259,000 after acquiring an additional 43 shares. Similarly, Grove Bank & Trust increased its holdings by 3.1% in the third quarter, now owning 1,445 shares valued at $333,000 after adding another 43 shares.

Legacy Financial Advisors Inc. also boosted its stake by 1.4% in the second quarter, bringing its total to 3,482 shares valued at $795,000 after acquiring 48 more shares. Quotient Wealth Partners LLC increased its position in the third quarter by 2.5%, now owning 1,977 shares worth approximately $455,000 after purchasing 48 additional shares. Lastly, Bank of Hawaii lifted its holdings by 4.8% in the third quarter and currently owns 1,043 shares valued at around $240,000.

In total, around 86.81% of Analog Devices' stock is owned by institutional investors and hedge funds.

Current Stock Performance of Analog Devices

As of Wednesday, shares of Analog Devices opened at $221.54. The stock has a fifty-day moving average of $223.97 and a two-hundred-day moving average of $226.15. With a market capitalization of $109.95 billion, the company's price-to-earnings ratio stands at 67.34. Analog Devices' stock has experienced a 52-week low of $179.63 and a high of $244.14, while the firm maintains a debt-to-equity ratio of 0.19.

Recent Earnings Announcement

Analog Devices recently announced its quarterly earnings on November 26th, revealing earnings per share of $1.67, which surpassed analysts' expectations of $1.64. The company recorded a return on equity of 9.01% and a net margin of 17.35%. The reported revenue for the quarter amounted to $2.44 billion, exceeding the anticipated $2.41 billion. Additionally, revenues for the same quarter last year were $2.01 EPS, marking a decline of 10.1% year-over-year.

Dividend Announcement

The company has also declared a quarterly dividend, set to be paid on December 20th. Shareholders registered by December 9th will receive a dividend of $0.92 per share, which equates to an annualized dividend of $3.68 and a dividend yield of 1.66%. Notably, the firm's current payout ratio is at 111.85%.

Analyst Ratings and Price Target Adjustments

Research analysts have recently made adjustments to their target prices for Analog Devices. Truist Financial reduced its target price from $233.00 to $227.00, maintaining a "hold" rating. Morgan Stanley similarly adjusted its target from $252.00 to $248.00, retaining an "overweight" rating. Cantor Fitzgerald continues to hold a "neutral" rating with a target price of $250.00. In contrast, Bank of America decreased its target from $260.00 to $255.00, while Wells Fargo started its coverage with a target of $220.00. Currently, seven analysts have rated Analog Devices with a hold rating, whereas sixteen have assigned buy ratings, resulting in an average rating of "Moderate Buy" with a consensus target price of $249.33.

Insider Transactions

In recent insider trading news, Executive Vice President Gregory M. Bryant sold 30,000 shares at an average price of $224.10 on September 25th, totaling approximately $6,723,000. Following this sale, he holds 109,093 shares, valued at around $24,447,741.30. In a separate transaction, CEO Vincent Roche sold 10,000 shares at an average price of $228.93 on October 1st, amounting to about $2,289,300. After this transaction, he owns 45,326 shares valued at approximately $10,376,481.18. Insider sales over the last quarter amounted to 100,000 shares worth $22,596,300, and currently, insiders own 0.31% of the company's stock.

About Analog Devices

Analog Devices, Inc. specializes in designing, manufacturing, and marketing integrated circuits, software, and subsystems in various regions, including the U.S., Europe, Japan, and China. The company primarily focuses on data converter products that convert real-world analog signals to digital signals and vice versa, along with power management products catering to automotive, communications, industrial, and consumer markets.

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