Analog Devices (NASDAQ:ADI - Get Free Report) announced that its Board of Directors has approved a stock repurchase plan on Tuesday, February 18th, RTT News reports. The company plans to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.
Analog Devices stock traded up $5.61 during midday trading on Tuesday, reaching $220.22. The stock had a trading volume of 7,391,946 shares, compared to its average volume of 3,475,683. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35. Analog Devices has a twelve month low of $182.57 and a twelve month high of $244.14. The firm's fifty day simple moving average is $213.95 and its two-hundred day simple moving average is $219.56. The firm has a market cap of $109.25 billion, a price-to-earnings ratio of 66.94, a PEG ratio of 2.38 and a beta of 1.04.
Analog Devices (NASDAQ:ADI - Get Free Report) last released its quarterly earnings data 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. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.41 billion. During the same quarter in the previous year, the business earned $2.01 EPS. Analog Devices's quarterly revenue was down 10.1% compared to the same quarter last year. Equities analysts anticipate that Analog Devices will post 7.09 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.99 per share. This is a positive change from Analog Devices's previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a yield of 1.80%. Analog Devices's payout ratio is currently 111.85%.
Several equities research analysts have commented on ADI shares. Benchmark started coverage on shares of Analog Devices in a research note on Friday. They issued a "buy" rating and a $245.00 price target on the stock. Wells Fargo & Company initiated 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. Piper Sandler lowered their price objective on shares of Analog Devices from $235.00 to $220.00 and set a "neutral" rating on the stock in a research note on Wednesday, November 27th. Truist Financial raised their price objective on shares of Analog Devices from $216.00 to $230.00 and gave the company a "hold" rating in a research note on Friday, January 10th. Finally, Barclays lowered their price objective on shares of Analog Devices from $250.00 to $210.00 and set an "equal weight" rating on the stock in a research note on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $248.52.
Check Out Our Latest Research Report on Analog Devices
In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the business's stock in a transaction on 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 owns 21,983 shares of the company's stock, valued at $4,744,590.89. The trade was a 31.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.33% of the company's stock.
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.
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