Northern, WI 02/07/2013 (wallstreetpr) – Bill Miller, a fund manager at Legg Mason Inc. (NYSE:LM) had said that the Apple Inc. (NASDAQ:AAPL) shares are undervalued. This was enough for the shares to rally in late-morning trading.
The stock rose by 1.9%. All in all Apple Inc. (NASDAQ:AAPL) shares have declined 14% this year.
As it faces stiff competition from Samsung Electronics Co., its sales and profit margins have dropped. Rising investor concerns have dropped its value to a third of the record Sept. 19 figure. Along with Miller’s statement, traders speculate that the shareholders might get more cash.
Brian White, an analyst said, “The stock is undervalued, it’s ridiculous. They need something that makes a statement to attract value investors.”
In a first since 1995, Cook offered a payout, with a view to restore the dividends. As per data obtained, Apple Inc (NASDAQ:AAPL)’s dividend yield has risen to a figure of 2.3%.
The company’s management has been considering an increase in the returns offered to the shareholders, said Peter Oppenheimer, the company’s chief financial officer.
Apple Inc. (NASDAQ:AAPL) shares were up by 0.54% and currently trading at $457.00.
Legg Mason Inc. (NYSE:LM) shares declined by 1.06% and currently trading at $27.04
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