Insider Selling: Altera SVP Sells 119,408 Shares of Stock (ALTR)
Altera (NASDAQ:ALTR) SVP William Hata unloaded 119,408 shares of the stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $34.62, for a total value of $4,133,904.96. Following the completion of the sale, the senior vice president now directly owns 17,793 shares of the company’s stock, valued at approximately $615,994. The sale was disclosed in a filing with the SEC, which is available at this link.
Shares of Altera (NASDAQ:ALTR) traded up 0.64% on Wednesday, hitting $34.86. 1,889,072 shares of the company’s stock traded hands. Altera has a one year low of $30.73 and a one year high of $39.18. The stock has a 50-day moving average of $34.05 and a 200-day moving average of $34.41. The company has a market cap of $10.771 billion and a P/E ratio of 24.07. Altera also was the recipient of unusually large options trading activity on Monday. Stock traders bought 7,000 call options on the company. This is an increase of approximately 535% compared to the typical volume of 1,103 call options.
Altera (NASDAQ:ALTR) last announced its earnings results on Thursday, July 24th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.04. The company had revenue of $491.50 million for the quarter, compared to the consensus estimate of $480.22 million. During the same quarter in the previous year, the company posted $0.31 earnings per share. The company’s revenue for the quarter was up 16.5% on a year-over-year basis. Analysts expect that Altera will post $1.52 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 2nd. Stockholders of record on Monday, August 11th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend is Thursday, August 7th. This is a boost from Altera’s previous quarterly dividend of $0.15.
ALTR has been the subject of a number of recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Altera in a research note on Friday, August 22nd. They now have a $37.00 price target on the stock. Separately, analysts at Jefferies Group reiterated a “hold” rating on shares of Altera in a research note on Friday, July 25th. They now have a $37.00 price target on the stock, down previously from $38.00. Finally, analysts at FBR Capital Markets raised their price target on shares of Altera from $45.00 to $47.00 in a research note on Thursday, June 19th. They now have an “outperform” rating on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $39.00.
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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