Altera Corp.’s Neutral Rating Reaffirmed at Zacks (ALTR)
Altera Corp. (NASDAQ:ALTR)‘s stock had its “neutral” rating reiterated by Zacks in a report released on Wednesday, American Banking News.com reports. They currently have a $39.00 price objective on the stock. Zacks‘ price objective indicates a potential upside of 20.74% from the stock’s previous close.
Shares of Altera Corp. (NASDAQ:ALTR) traded down 13.45% during mid-day trading on Wednesday, hitting $32.30. 14,415,597 shares of the company’s stock traded hands. Altera Corp. has a one year low of $29.59 and a one year high of $38.97. The stock’s 50-day moving average is $36.0 and its 200-day moving average is $34.20. The company has a market cap of $10.319 billion and a price-to-earnings ratio of 23.92.
Altera Corp. (NASDAQ:ALTR) last released its earnings data on Tuesday, October 22nd. The company reported $0.37 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.34 by $0.03. The company had revenue of $445.90 million for the quarter, compared to the consensus estimate of $451.81 million. During the same quarter in the prior year, the company posted $0.49 earnings per share. The company’s quarterly revenue was down 9.9% on a year-over-year basis. Analysts expect that Altera Corp. will post $1.41 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.86%. The ex-dividend date is Thursday, November 7th.
A number of other analysts have also recently weighed in on ALTR. Analysts at Jefferies Group cut their price target on shares of Altera Corp. from $36.00 to $24.00 in a research note to investors on Wednesday. They now have a “hold” rating on the stock. Separately, analysts at Drexel Hamilton initiated coverage on shares of Altera Corp. in a research note to investors on Monday. They set a “buy” rating on the stock. Finally, analysts at Robert W. Baird upgraded shares of Altera Corp. from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, August 26th. They now have a $45.00 price target on the stock, up previously from $37.00. They noted that the move was a valuation call. Fifteen analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Altera Corp. has an average rating of “Hold” and an average price target of $35.24.
Altera Corporation is a global semiconductor company. The Company designs, manufactures, and markets high-density programmable logic devices (NASDAQ:ALTR), HardCopy ASIC devices, pre-defined design building blocks known as intellectual property (IP) cores, and associated development tools.
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