Somerset Trust Co Acquires New Position in Analog Devices, Inc. (ADI)

Somerset Trust Co acquired a new position in Analog Devices, Inc. (NASDAQ:ADI) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 24,575 shares of the semiconductor company’s stock, valued at approximately $2,357,000. Analog Devices comprises 1.3% of Somerset Trust Co’s investment portfolio, making the stock its 19th biggest holding.

Several other institutional investors also recently modified their holdings of ADI. AXA raised its stake in shares of Analog Devices by 31.1% in the fourth quarter. AXA now owns 18,949 shares of the semiconductor company’s stock worth $1,687,000 after purchasing an additional 4,500 shares during the last quarter. Elkfork Partners LLC purchased a new stake in shares of Analog Devices in the fourth quarter worth approximately $1,064,000. Cornerstone Capital Management Holdings LLC. raised its stake in shares of Analog Devices by 9.9% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 69,308 shares of the semiconductor company’s stock worth $6,170,000 after purchasing an additional 6,256 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Analog Devices by 2.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 38,773 shares of the semiconductor company’s stock worth $3,453,000 after purchasing an additional 1,011 shares during the last quarter. Finally, Meadow Creek Investment Management LLC raised its stake in shares of Analog Devices by 30.2% in the fourth quarter. Meadow Creek Investment Management LLC now owns 6,832 shares of the semiconductor company’s stock worth $608,000 after purchasing an additional 1,584 shares during the last quarter. 87.43% of the stock is owned by hedge funds and other institutional investors.

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In other Analog Devices news, Director Neil S. Novich sold 7,500 shares of the stock in a transaction on Thursday, June 28th. The stock was sold at an average price of $95.90, for a total transaction of $719,250.00. Following the completion of the transaction, the director now directly owns 30,240 shares of the company’s stock, valued at $2,900,016. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on Tuesday, May 1st. The shares were sold at an average price of $86.95, for a total value of $869,500.00. Following the transaction, the chief executive officer now directly owns 17,376 shares of the company’s stock, valued at $1,510,843.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 87,050 shares of company stock valued at $8,230,432. 1.10% of the stock is owned by corporate insiders.

NASDAQ ADI traded down $0.83 on Thursday, hitting $98.26. 1,371,155 shares of the stock traded hands, compared to its average volume of 2,707,014. Analog Devices, Inc. has a 12 month low of $76.41 and a 12 month high of $103.59. The firm has a market cap of $36.44 billion, a price-to-earnings ratio of 20.82, a price-to-earnings-growth ratio of 1.37 and a beta of 1.26. The company has a current ratio of 1.53, a quick ratio of 1.14 and a debt-to-equity ratio of 0.65.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, May 30th. The semiconductor company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.08. Analog Devices had a return on equity of 20.34% and a net margin of 17.72%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.47 billion. During the same period in the prior year, the company earned $1.03 earnings per share. Analog Devices’s revenue was up 31.8% compared to the same quarter last year. analysts forecast that Analog Devices, Inc. will post 5.8 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 19th. Shareholders of record on Friday, June 8th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.95%. The ex-dividend date was Thursday, June 7th. Analog Devices’s dividend payout ratio (DPR) is 40.68%.

ADI has been the subject of several recent analyst reports. BidaskClub raised Analog Devices from a “hold” rating to a “buy” rating in a report on Friday, May 11th. Zacks Investment Research raised Analog Devices from a “hold” rating to a “buy” rating and set a $100.00 target price for the company in a report on Wednesday, April 4th. B. Riley reduced their target price on Analog Devices from $122.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, May 31st. Stifel Nicolaus upped their target price on Analog Devices from $105.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, May 31st. Finally, Loop Capital initiated coverage on Analog Devices in a report on Thursday, June 21st. They issued a “buy” rating and a $117.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Analog Devices has a consensus rating of “Buy” and a consensus target price of $104.63.

About Analog Devices

Analog Devices, Inc designs, manufactures, and markets a portfolio of solutions that leverage analog, mixed-signal, and digital signal processing technology, including integrated circuits (ICs), algorithms, software, and subsystems. It offers data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; high-performance amplifiers to condition analog signals; and radio frequency ICs to support cellular infrastructure.

Featured Article: What does earnings per share mean?

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Cie Gnrl des Etblsmnts Michelin SCA (ML) PT Set at €117.00 by UBS Group

UBS Group set a €117.00 ($136.05) price target on Cie Gnrl des Etblsmnts Michelin SCA (EPA:ML) in a research report sent to investors on Monday, www.boersen-zeitung.de reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the company. Kepler Capital Markets set a €145.00 ($168.60) target price on Cie Gnrl des Etblsmnts Michelin SCA and gave the company a buy rating in a research report on Tuesday, April 24th. Deutsche Bank set a €150.00 ($174.42) target price on Cie Gnrl des Etblsmnts Michelin SCA and gave the company a buy rating in a research report on Tuesday, June 19th. Goldman Sachs Group set a €143.00 ($166.28) target price on Cie Gnrl des Etblsmnts Michelin SCA and gave the company a buy rating in a research report on Friday, April 27th. JPMorgan Chase & Co. set a €145.00 ($168.60) target price on Cie Gnrl des Etblsmnts Michelin SCA and gave the company a buy rating in a research report on Tuesday, March 20th. Finally, Morgan Stanley set a €129.00 ($150.00) target price on Cie Gnrl des Etblsmnts Michelin SCA and gave the company a neutral rating in a research report on Tuesday, June 26th. Two analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of €132.27 ($153.80).

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Shares of Cie Gnrl des Etblsmnts Michelin SCA opened at €126.65 ($147.27) on Monday, Marketbeat Ratings reports. Cie Gnrl des Etblsmnts Michelin SCA has a 12-month low of €106.95 ($124.36) and a 12-month high of €130.85 ($152.15).

About Cie Gnrl des Etblsmnts Michelin SCA

Compagnie G茅n茅rale des �tablissements Michelin manufactures, distributes, and sells tires worldwide. The company operates through three segments: Passenger Car and Light Truck Tires and Related Distribution; Truck Tires and Related Distribution; and Specialty Businesses. It offers tires for cars, vans, trucks, buses, farm machinery, earthmovers, mining and handling equipment, tramways, metros, aircraft, motorcycles, scooters, and bicycles.

3 Tech Stocks Under $10 to Buy Now

Here at Zacks, we don’t generally classify stocks as “cheap” or “expensive”, and rather than looking at the stock’s face value, we have a system that puts an emphasis on earnings estimate revisions to find stocks that will hopefully be winners for investors.

That being said, low-priced stocks can be attractive to smaller investors that can’t necessarily afford large stakes in companies with higher priced stocks.

When looking at these low-priced stocks, we can look at the same trends in growth, value, and momentum and apply the Zacks Rank to properly analyze the potential that these companies have. We are also keenly aware of the latest sector trends and make sure to cover all of the hottest industries.

Today we’ve highlighted three stocks that fall into the broad “technology” sector. Each of these three stocks is currently trading for less than $10 per share and holds a Zacks Rank #2 (Buy) or better. Take a look at the strong estimate revision activity and other factors that make these tech companies stick out right now:

1. IEC Electronics Corp. (IEC )

Prior Close: $6.50

IEC Electronics is a provider of electronic contract manufacturing services, including circuit cards, cable loads, and wire harness assemblies. The stock obviously sticks out because of its Zacks Rank #1 (Strong Buy), but investors might also believe it is undervalued at current share prices for a number of other reasons.

Notably, IEC is trading at just 13x forward earnings, which is sharp discount from its industry’s average of 19.6x. Meanwhile, IEC has a P/S ratio of 0.6, which is also a discount to its industry peers. We should also note that IEC is expected to witness quadruple-digit EPS growth in 2018, and its earnings estimates have trended significantly higher over the past quarter.

 

2. 21Vianet Group, Inc. (VNET )

Prior Close: $9.91

21Vianet is one of China’s leading carrier-neutral internet data center services providers. The firm provides hosting and related services, managed network services, and cloud computing infrastructure. VNET is currently holding a Zacks Rank #2 (Buy) and looks like an interesting pick for anyone trying to find strong Chinese tech stocks.

Shares have added a staggering 54% in the past three months but could break higher if 21Vianet lives up to its growth expectations, with current estimates calling for earnings to improve by 83% in 2018. Meanwhile, the company is seeing cash flow growth of 103% right now. Still, with the stock sporting a P/S ratio of just 2.2, investors are clearly getting a solid price at the moment.

 

3. Vuzix Corporation (VUZI )

Prior Close: $7.80

Vuzix is a supplier of smart-glasses and augmented reality (AR) technologies and products for the consumer and enterprise markets. Its wearable displays are used for 3D gaming, manufacturing training, and military tactical equipment. VUZI is a obviously a member of a trendy growth industry, but the stock is also interesting right now due to its Zacks Rank #2 (Buy).

Vuzix is still in the red, but the company is inching toward profitability and is expected to improve EPS figures by 31% this year and 29% next year. Meanwhile, revenue growth is expected to touch nearly 200% in 2018 and 93% in 2019.

New products and mainstream adaption should continue to fuel these estimates. VUZI still feels like a speculative growth stock that could be volatile, but an improving outlook is signaling that now is a solid time to buy.

 

Bottom Line

A stock’s market price is not a clear indicator of whether it is a good investment. However, the nice thing about the Zacks Rank is that it can be applied to stocks of any price. For smaller investors looking to find solid tech stocks at lower prices, this list is a great place to start.

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Triumph Bancorp (TBK) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Triumph Bancorp (NASDAQ:TBK) from a hold rating to a buy rating in a research note released on Tuesday. Zacks Investment Research currently has $46.00 target price on the financial services provider’s stock.

According to Zacks, “Triumph Bancorp Inc. is a financial holding company with a diversified line of community banking, commercial finance and asset management activities. It serves its local communities through its two wholly owned bank subsidiaries, Triumph Savings Bank, SSB and Triumph Community Bank, N.A. These operations include a full suite of lending and depository products and services focused on meeting the needs of its customers in its community banking markets. It serves a broad national customer base through its commercial finance brands, which include discount factoring through Triumph Business Capital, equipment lending and general asset based lending through Triumph Commercial Finance, healthcare asset based lending through Triumph Healthcare Finance, commercial insurance through Triumph Insurance Group, institutional asset management services through Triumph Capital Advisors. Triumph Bancorp Inc. is headquartered in Dallas, Texas. “

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Several other research firms have also recently weighed in on TBK. B. Riley raised their price objective on shares of Triumph Bancorp from $42.00 to $46.00 and gave the company a buy rating in a research report on Tuesday, June 19th. Piper Jaffray Companies restated a buy rating and issued a $49.00 price objective on shares of Triumph Bancorp in a research report on Thursday, March 15th. Wells Fargo & Co cut shares of Triumph Bancorp from an outperform rating to a market perform rating and set a $43.00 price objective for the company. in a research report on Thursday, April 5th. ValuEngine upgraded shares of Triumph Bancorp from a hold rating to a buy rating in a research report on Thursday, April 26th. Finally, BidaskClub cut shares of Triumph Bancorp from a buy rating to a hold rating in a research report on Monday, May 14th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $40.78.

Shares of Triumph Bancorp opened at $41.75 on Tuesday, MarketBeat Ratings reports. Triumph Bancorp has a 12-month low of $24.40 and a 12-month high of $44.05. The stock has a market cap of $1.09 billion, a P/E ratio of 20.29, a PEG ratio of 1.56 and a beta of 0.94. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.10.

Triumph Bancorp (NASDAQ:TBK) last announced its quarterly earnings results on Wednesday, April 18th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.06). The firm had revenue of $52.30 million for the quarter, compared to the consensus estimate of $52.34 million. Triumph Bancorp had a net margin of 17.71% and a return on equity of 11.67%. equities research analysts expect that Triumph Bancorp will post 2.41 EPS for the current fiscal year.

In other Triumph Bancorp news, Director Michael P. Rafferty purchased 750 shares of the stock in a transaction dated Monday, May 14th. The stock was bought at an average price of $39.70 per share, for a total transaction of $29,775.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Aaron P. Graft sold 135,000 shares of Triumph Bancorp stock in a transaction that occurred on Tuesday, May 15th. The stock was sold at an average price of $39.50, for a total transaction of $5,332,500.00. The disclosure for this sale can be found here. 9.40% of the stock is owned by insiders.

Large investors have recently modified their holdings of the company. Barclays PLC grew its holdings in Triumph Bancorp by 132.4% during the first quarter. Barclays PLC now owns 6,459 shares of the financial services provider’s stock valued at $266,000 after purchasing an additional 3,680 shares during the period. A.R.T. Advisors LLC acquired a new position in Triumph Bancorp during the first quarter valued at approximately $431,000. UBS Group AG grew its holdings in Triumph Bancorp by 466.6% during the first quarter. UBS Group AG now owns 28,580 shares of the financial services provider’s stock valued at $1,178,000 after purchasing an additional 23,536 shares during the period. C M Bidwell & Associates Ltd. acquired a new position in Triumph Bancorp during the first quarter valued at approximately $118,000. Finally, Pacific Ridge Capital Partners LLC grew its holdings in Triumph Bancorp by 33.4% during the first quarter. Pacific Ridge Capital Partners LLC now owns 33,680 shares of the financial services provider’s stock valued at $1,388,000 after purchasing an additional 8,440 shares during the period. Institutional investors own 49.19% of the company’s stock.

About Triumph Bancorp

Triumph Bancorp, Inc operates as a financial holding company for TBK Bank, SSB that provides banking and commercial finance products and services to retail customers and small-to-mid-sized businesses in the United States. The company operates through Banking, Factoring, and Corporate segments. It offers depository products, including checking, savings, and money market accounts, as well as certificates of deposit; and commercial and industrial loans, loans to purchase capital equipment, and business loans for working capital and operational purposes.

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For more information about research offerings from Zacks Investment Research, visit Zacks.com

4th of July gas: Don't fill up in these states

So, you're taking a road trip for the Fourth of July weekend, and you're about to leave the state.

Do you fill up on gas now, or do you wait to fill up after you cross the border?

Making the wrong decision could cost you more than $10 a tank, depending on where you're heading.

"Watch out for those state lines," says Patrick DeHaan, senior petroleum analyst at fuel-station-finding app GasBuddy.

Gas prices averaged $2.86 per gallon Tuesday, according to AAA, hitting a four-year high for Independence Day travel.

Here's some advice before you head out �� all prices according to GasBuddy:

1. Fill up in Arizona, not California

The price disparity between these two states is extreme.

Arizona averaged $3.06 per�gallon as of Tuesday, while California averaged $3.73, according to GasBuddy.

At those prices, a 15-gallon fill-up is $10.06 more expensive in California.

2. Fill up in Texas, not New Mexico

If you're road-tripping in the Southwest, price differences can be significant. This is another good example.

The price of fuel in Texas, where oil�refineries are clustered,�averaged $2.66 on Tuesday. In New Mexico, it was $2.91.

That means you'd save $3.75 in Texas on a 15-gallon tank.

3. Fill up in Louisiana, not Texas

But Texas is more expensive than�Louisiana, which is also a hot spot for refineries.�

Prices averaged $2.59 in Louisiana on Tuesday, compared with $2.66 in Texas.

Generally, though, "anywhere in the South" is a good place to fill up, DeHaan said. "They��re right in oil��s backyard. Plus, low taxes."

4. Fill up in Ohio, not Michigan

Ohio is much more forgiving on the pocketbook than its rival to the north.�

With prices averaging $2.79 on Tuesday, Ohio was sharply lower than Michigan's $2.96.

5. Fill up in Virginia, not West Virginia

Going white-river rafting in West Virginia? Sounds fun.

But fill up first in Virginia, where prices are 21 cents lower at $2.61.

6. Fill up in West Virginia, not Pennsylvania

West Virginia doesn't look so bad when you see prices in Pennsylvania, which averaged $3.01 on Tuesday, compared with West Virginia's $2.82.

7. Fill up in Massachusetts, not Connecticut�

At $2.91, Massachusetts isn't exactly an oasis of cheap gas.

But it's still cheaper than neighboring Connecticut at $3.08.

8. Fill up in South Carolina, not North Carolina

North Carolina is 14 cents higher at $2.66.

Come to think of it, fill up in South Carolina no matter where you're heading. It's the cheapest gas state in the country, according to GasBuddy.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.

Here's What Affects Apple's iPhone Gross Profit Margins

Apple (NASDAQ:AAPL) is the world's most profitable smartphone maker by a mile. Apple's high smartphone industry profitability is a product of the company's immense shipment volumes (Apple regularly ships more than 200 million iPhones per year) coupled with its excellent average selling prices and relatively rich gross profit margin percentage.

Total profit is a function of operating expenses (e.g., research and development spending, marketing expenses), revenue, and gross profit margin.

Image source: Apple.

According to analysts with Canaccord Genuity, Apple generated 87% of the smartphone industry's profits during the fourth quarter of 2017, with the rest of the industry -- which is replete with players -- capturing just 13% of the total profit pool.

It's important to note that the fourth calendar quarter of 2017 just so happened to be Apple's peak quarter, while representing the trough for many others as their product launches typically happen in the spring, but it's clear that Apple captures the lion's share of the smartphone market's profits each year.

Here, I'd like to go over two factors that impact Apple's iPhone gross profit margins so investors can have a better idea of what helps drive the profitability of Apple's iPhone business (which made up 66.7% of the company's revenue during the first half of the current fiscal year, fiscal year 2018).

Component costs

Gross profit margin is a function of how much a product sells for and how much that product costs to make. For a product like the iPhone, component costs dominate production costs.

A smartphone typically consists of a screen, several cameras, a multitude of chips (e.g., applications processors, memory chips), haptic feedback motors, and a lot more. Other product costs include the retail packaging as well as the included components such as earbuds.

Typically, the more sophisticated a device is, the more expensive the components it's made up of are. One of Apple's jobs in trying to run a successful business is to strike a good balance between the features it adds (since more features ultimately translate to higher costs) and what the company can try to charge for its product (higher component costs tend to mean higher product selling prices to keep gross profit margin at acceptable levels).

It's not just features that drive component costs, though. A big chunk of a smartphone's bill of materials comes from memory components, such as DRAM and NAND flash, which are used as system memory and storage, respectively. Those commodity prices are dictated by many factors outside of Apple's control such as overall industry supply and demand dynamics.

Apple can control those costs to some degree by being judicious in how much NAND and DRAM it includes in its devices, and optimizing its software to require as little as possible, but ultimately, every computing device needs DRAM and NAND, and the amount required per device continues to increase.

Although component costs are a critical factor in gross profit margin, there's another equally critical factor to consider: device selling prices.

More expensive to make, more expensive to buy

A device that's more expensive to manufacture than another device doesn't necessarily carry lower gross profit margins. In fact, the whole point of cramming in new features and technologies is to make devices more desirable to consumers, which, if done right, should convince them to pay more for the more expensive product while still keeping overall unit demand healthy.

To illustrate, recall that Apple launched three new flagship smartphones last year: iPhone 8, iPhone 8 Plus, and iPhone X. The iPhone 8 and iPhone 8 Plus were priced roughly in line with their predecessors, the iPhone 7 and iPhone 7 Plus, respectively. The iPhone X was priced well above them, though, with the model with the smallest storage configuration starting at $999, and the one with larger storage coming in at $1,149.

Despite their high price tags, the smartphones have done relatively well in the marketplace. In fact, according to Apple CEO Tim Cook on the company's most recent earnings call, the iPhone X has been the company's most popular iPhone by unit shipments since it launched, even if total unit shipment demand may have fallen short of its expectations.

"Since we split the line with the launch of the iPhone 6 and iPhone 6 Plus in 2014, this is the first cycle in which the top of the line iPhone model has also been the most popular," Cook said.

In this case, Apple made a great business call by building a more expensive iPhone, but betting that customers would be willing to pay that premium for all of the new features and improved aesthetics.

Investor takeaway

Ultimately, gross profit margin is a function of both production costs and selling prices, and a great company like Apple is able to build products that strike a good balance between component costs and selling prices. After all, if a company makes a device that's too expensive, few are going to buy it, but if a company makes a device too cheap, then it may simply not be compelling enough to stand out in an already crowded smartphone market.

Apple's execution during the current iPhone product cycle has been quite good, and I think that as the overall smartphone market continues to see muted unit shipment growth, Apple will continue to optimize its revenue and profitability by trying to build products that ultimately compel customers to buy more expensive, feature-rich devices.