Analog Devices (ADI) Targets to Achieve 100% Renewable Energy Across Its Manufacturing Facilities

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. As measured by the S&P 500 Index, the markets were mixed in the third quarter. The fund returned -3.14% in the quarter compared to -3.27% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund highlighted stocks like Analog Devices, Inc. (NASDAQ:ADI) in the third quarter 2023 investor letter. Headquartered in Wilmington, Massachusetts, Analog Devices, Inc. (NASDAQ:ADI) is a semiconductor company that designs and manufactures integrated circuits (ICs), software, and subsystems.  On October 25, 2023, Analog Devices, Inc. (NASDAQ:ADI) stock closed at $159.79 per share. One-month return of Analog Devices, Inc. (NASDAQ:ADI) was -7.53%, and its shares gained 13.02% of their value over the last 52 weeks. Analog Devices, Inc. (NASDAQ:ADI) has a market capitalization of $79.626 billion.

Madison Sustainable Equity Fund made the following comment about Analog Devices, Inc. (NASDAQ:ADI) in its Q3 2023 investor letter:

“Analog Devices, Inc. (NASDAQ:ADI) released its latest Environmental, Social, and Governance report and introduced a new total water withdrawn intensity goal. ADI has set a goal to achieve a 50% reduction in total water withdrawn by 2027. This goal is in addition to its progress of reaching a 25% water recycling rate in its manufacturing facilities. The company disclosed that it has decreased its Scope 1 & 2 greenhouse gas emissions by 7.2% since 2019 despite strong revenue growth. It has also disclosed full Scope 3 emissions for the first time. The company is on track to achieving 100% renewable energy across its manufacturing facilities by 2025.”

Analog Devices, Inc. (NASDAQ:ADI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 65 hedge fund portfolios held Analog Devices, Inc. (NASDAQ:ADI) at the end of second quarter which was 73 in the previous quarter.

We discussed Analog Devices, Inc. (NASDAQ:ADI) in another article and shared the list of dividend stocks of 2023. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.