Citigroup Inc. Downgrades Linear Technology to Neutral (LLTC)
Linear Technology (NASDAQ:LLTC) was downgraded by investment analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a note issued to investors on Friday, TheFlyOnTheWall.com reports. They currently have a $50.00 price target on the stock. Citigroup Inc.’s price objective points to a potential upside of 12.01% from the company’s current price.
A number of other firms have also recently commented on LLTC. Analysts at Zacks reiterated a “neutral” rating on shares of Linear Technology in a research note on Thursday, April 17th. They now have a $47.00 price target on the stock. Separately, analysts at Credit Suisse raised their price target on shares of Linear Technology from $40.00 to $42.00 in a research note on Thursday, April 17th. Finally, analysts at ISI Group initiated coverage on shares of Linear Technology in a research note on Thursday, April 10th. They set a “cautious” rating and a $46.00 price target on the stock. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $43.64.
Linear Technology (NASDAQ:LLTC) traded down 4.51% during mid-day trading on Friday, hitting $44.64. The stock had a trading volume of 6,375,898 shares. Linear Technology has a 52-week low of $35.44 and a 52-week high of $51.77. The stock’s 50-day moving average is $47.64 and its 200-day moving average is $44.49. The company has a market cap of $10.743 billion and a P/E ratio of 25.97.
Linear Technology (NASDAQ:LLTC) last issued its quarterly earnings data on Tuesday, April 15th. The company reported $0.56 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.48 by $0.08. The company had revenue of $348.00 million for the quarter, compared to the consensus estimate of $350.01 million. During the same quarter last year, the company posted $0.48 earnings per share. Linear Technology’s revenue was up 10.6% compared to the same quarter last year. Analysts expect that Linear Technology will post $1.88 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, May 28th. Investors of record on Friday, May 16th 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, May 14th.
In other Linear Technology news, VP David Quarles sold 10,000 shares of the stock on the open market in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $47.35, for a total transaction of $473,500.00. Following the completion of the sale, the vice president now directly owns 59,605 shares of the company’s stock, valued at approximately $2,822,297. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Linear Technology Corporation (NASDAQ:LLTC) is designing, manufacturing and marketing a range of analog integrated circuits for companies globally.
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