State of Michigan Retirement System Acquires 9,608 Shares of Analog Devices, Inc. (NASDAQ:ADI)

State of Michigan Retirement System boosted its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 11.4% during the second quarter, HoldingsChannel.com reports. The fund owned 94,103 shares of the semiconductor company’s stock after purchasing an additional 9,608 shares during the period. State of Michigan Retirement System’s holdings in Analog Devices were worth $11,541,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Mattern Wealth Management LLC increased its stake in Analog Devices by 0.9% in the second quarter. Mattern Wealth Management LLC now owns 16,474 shares of the semiconductor company’s stock valued at $2,020,000 after acquiring an additional 142 shares during the period. Pacer Advisors Inc. grew its stake in Analog Devices by 86.3% during the second quarter. Pacer Advisors Inc. now owns 60,215 shares of the semiconductor company’s stock worth $7,385,000 after buying an additional 27,900 shares during the last quarter. Lucia Wealth Services LLC bought a new stake in Analog Devices during the second quarter worth about $698,000. GWM Advisors LLC grew its stake in Analog Devices by 19.6% during the second quarter. GWM Advisors LLC now owns 15,361 shares of the semiconductor company’s stock worth $1,884,000 after buying an additional 2,518 shares during the last quarter. Finally, Dempze Nancy E grew its stake in shares of Analog Devices by 4.0% during the second quarter. Dempze Nancy E now owns 24,565 shares of the semiconductor company’s stock valued at $3,012,000 after purchasing an additional 950 shares during the last quarter. 85.36% of the stock is currently owned by institutional investors and hedge funds.

In related news, SVP Steve Pietkiewicz sold 3,710 shares of the firm’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $123.29, for a total transaction of $457,405.90. Also, Director James Champy sold 2,155 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $113.61, for a total transaction of $244,829.55. Following the sale, the director now owns 12,415 shares in the company, valued at $1,410,468.15. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,325 shares of company stock worth $1,661,769. 0.42% of the stock is currently owned by company insiders.

ADI traded down $1.45 during mid-day trading on Friday, hitting $114.85. The stock had a trading volume of 3,293,277 shares, compared to its average volume of 3,826,893. The stock’s fifty day simple moving average is $119.00 and its 200-day simple moving average is $110.55. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.30 and a quick ratio of 0.92. The firm has a market capitalization of $42.31 billion, a price-to-earnings ratio of 38.54, a price-to-earnings-growth ratio of 1.88 and a beta of 1.35. Analog Devices, Inc. has a 1-year low of $79.07 and a 1-year high of $127.39.

Analog Devices (NASDAQ:ADI) last posted its earnings results on Wednesday, May 20th. The semiconductor company reported $1.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.03. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.32 billion. Analog Devices had a net margin of 20.05% and a return on equity of 14.51%. The business’s revenue for the quarter was down 13.7% compared to the same quarter last year. During the same period last year, the business posted $1.36 earnings per share. As a group, research analysts expect that Analog Devices, Inc. will post 4.65 earnings per share for the current fiscal year.

ADI has been the topic of several research analyst reports. Credit Suisse Group increased their price target on shares of Analog Devices from $130.00 to $150.00 and gave the company an “outperform” rating in a research note on Tuesday, July 14th. Deutsche Bank increased their price target on shares of Analog Devices from $110.00 to $115.00 and gave the company a “hold” rating in a research note on Thursday, May 21st. SunTrust Banks increased their price target on shares of Analog Devices from $93.00 to $104.00 and gave the company a “hold” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. decreased their price target on shares of Analog Devices from $134.00 to $119.00 and set a “neutral” rating on the stock in a research note on Thursday, May 21st. Finally, Stifel Nicolaus increased their price target on shares of Analog Devices from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Analog Devices has a consensus rating of “Buy” and a consensus target price of $125.68.

Analog Devices Company Profile

Analog Devices, Inc engages in the design, development, manufacture, and marketing of integrated circuits (ICs). Its products include industrial process control systems, medical imaging equipment, factory process automation systems, patient vital signs monitoring devices, instrumentation and measurement systems, wireless infrastructure equipment, energy management systems, networking equipment, aerospace and defense electronics, optical systems, automobiles, and portable consumer devices.

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Institutional Ownership by Quarter for Analog Devices (NASDAQ:ADI)

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