Principal Financial Group Inc. Has $139.39 Million Stake in Analog Devices, Inc. (NASDAQ:ADI)

Principal Financial Group Inc. boosted its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 2.7% during the third quarter, Holdings Channel reports. The institutional investor owned 605,596 shares of the semiconductor company’s stock after acquiring an additional 16,051 shares during the quarter. Principal Financial Group Inc.’s holdings in Analog Devices were worth $139,390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Grove Bank & Trust raised its holdings in shares of Analog Devices by 3.1% in the 3rd quarter. Grove Bank & Trust now owns 1,445 shares of the semiconductor company’s stock worth $333,000 after buying an additional 43 shares in the last quarter. Legacy Financial Advisors Inc. lifted its holdings in shares of Analog Devices by 1.4% during the second quarter. Legacy Financial Advisors Inc. now owns 3,482 shares of the semiconductor company’s stock valued at $795,000 after acquiring an additional 48 shares during the period. Quotient Wealth Partners LLC boosted its stake in shares of Analog Devices by 2.5% in the 3rd quarter. Quotient Wealth Partners LLC now owns 1,977 shares of the semiconductor company’s stock valued at $455,000 after purchasing an additional 48 shares in the last quarter. Bank of Hawaii grew its holdings in shares of Analog Devices by 4.8% in the 3rd quarter. Bank of Hawaii now owns 1,043 shares of the semiconductor company’s stock worth $240,000 after purchasing an additional 48 shares during the last quarter. Finally, SouthState Corp increased its position in shares of Analog Devices by 28.6% during the 2nd quarter. SouthState Corp now owns 225 shares of the semiconductor company’s stock worth $51,000 after purchasing an additional 50 shares in the last quarter. Institutional investors own 86.81% of the company’s stock.

Analysts Set New Price Targets

ADI has been the topic of several research analyst reports. Wells Fargo & Company assumed coverage on shares of Analog Devices in a research note on Friday, November 22nd. They set an “equal weight” rating and a $220.00 price objective on the stock. Truist Financial dropped their price target on Analog Devices from $233.00 to $227.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. TD Cowen reduced their price objective on Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Morgan Stanley lowered their target price on Analog Devices from $252.00 to $248.00 and set an “overweight” rating for the company in a research note on Wednesday, November 27th. Finally, Piper Sandler lowered their price objective on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research report on Wednesday, November 27th. Seven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $249.33.

Insider Buying and Selling

In related news, EVP Gregory M. Bryant sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $228.93, for a total transaction of $6,867,900.00. Following the transaction, the executive vice president now directly owns 79,093 shares of the company’s stock, valued at approximately $18,106,760.49. The trade was a 27.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $215.83, for a total transaction of $2,158,300.00. Following the completion of the transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at approximately $4,744,590.89. This represents a 31.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,000 shares of company stock valued at $24,754,600. Company insiders own 0.31% of the company’s stock.

Analog Devices Stock Up 1.9 %

Shares of NASDAQ ADI opened at $211.78 on Friday. The firm has a 50 day moving average price of $220.26 and a 200 day moving average price of $224.83. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.84. The stock has a market cap of $105.11 billion, a P/E ratio of 64.37, a P/E/G ratio of 2.47 and a beta of 1.05. Analog Devices, Inc. has a 52-week low of $181.80 and a 52-week high of $244.14.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings results on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.03. The company had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.41 billion. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. The firm’s revenue was down 10.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.01 EPS. Analysts expect that Analog Devices, Inc. will post 7.15 EPS for the current year.

Analog Devices Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Monday, December 9th were paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend was Monday, December 9th. Analog Devices’s payout ratio is presently 111.85%.

Analog Devices Profile

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