Linear Technology Corp. Upgraded to “Buy” by Citigroup Inc. (LLTC)
Linear Technology Corp. (NASDAQ:LLTC) was upgraded by equities research analysts at Citigroup Inc. from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm currently has a $53.00 price objective on the stock, up from their previous price objective of $43.00. Citigroup Inc.’s price objective suggests a potential upside of 18.67% from the stock’s previous close.
The analysts wrote, “1) Inventory was roughly flat; 2) Auto continued to grow modestly; 3) Comms bookings improved due to strength in Asia; 4) GM were flat qq; 5) Book-to-bill was slightly positive in the Dec-Q and should improve in the Mar-Q as industrial and auto both grow; and 6) Dividend increased $0.01 to $0.27/share.”
In other Linear Technology Corp. news, CFO Paul Coghlan sold 10,000 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $46.48, for a total transaction of $464,800.00. Following the transaction, the chief financial officer now directly owns 478,783 shares in the company, valued at approximately $22,253,834. The transaction was disclosed in a filing with the SEC, which is available at this link.
Linear Technology Corp. (NASDAQ:LLTC) traded down 0.27% during mid-day trading on Friday, hitting $44.54. 3,223,841 shares of the company’s stock traded hands. Linear Technology Corp. has a 52 week low of $34.21 and a 52 week high of $46.74. The stock has a 50-day moving average of $45.12 and a 200-day moving average of $41.46. The company has a market cap of $10.654 billion and a P/E ratio of 25.09.
Linear Technology Corp. (NASDAQ:LLTC) last released its earnings data on Wednesday, January 15th. The company reported $0.44 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.45 by $0.01. The company had revenue of $334.60 million for the quarter, compared to the consensus estimate of $334.79 million. During the same quarter last year, the company posted $0.40 earnings per share. Linear Technology Corp.’s revenue was up 9.6% compared to the same quarter last year. On average, analysts predict that Linear Technology Corp. will post $1.93 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, February 26th. Shareholders of record on Friday, February 14th will be paid a dividend of 0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Wednesday, February 12th. This is a positive change from Linear Technology Corp.’s previous quarterly dividend of $0.26.
Other equities research analysts have also recently issued reports about the stock. Analysts at Morgan Stanley reiterated an “overweight” rating on shares of Linear Technology Corp. in a research note to investors on Wednesday. They now have a $54.00 price target on the stock, up previously from $47.00. Separately, analysts at UBS AG raised their EPS on shares of Linear Technology Corp. in a research note to investors on Thursday, January 16th. They now have a “neutral” rating and a $46.00 price target on the stock. They previously had a $40.00 price target on the stock. Finally, analysts at Pacific Crest upgraded shares of Linear Technology Corp. to a “sector perform” rating in a research note to investors on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $42.57.
Linear Technology Corporation (NASDAQ:LLTC) designs, manufactures and markets a line of linear analog integrated circuits for companies worldwide.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.