Lam Research (NASDAQ:LRCX) Hits New 12-Month High on Analyst Upgrade

Lam Research Co. (NASDAQ:LRCX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday after Raymond James raised their price target on the stock from $950.00 to $1,060.00. Raymond James currently has an outperform rating on the stock. Lam Research traded as high as $1,008.50 and last traded at $1,004.75, with a volume of 636273 shares traded. The stock had previously closed at $962.72.

A number of other equities research analysts also recently weighed in on LRCX. JPMorgan Chase & Co. lifted their price target on shares of Lam Research from $900.00 to $950.00 and gave the company an "overweight" rating in a research report on Thursday, April 25th. StockNews.com upgraded shares of Lam Research from a "hold" rating to a "buy" rating in a research report on Wednesday, June 5th. Citigroup lifted their price target on shares of Lam Research from $975.00 to $1,025.00 and gave the company a "buy" rating in a research report on Thursday, April 25th. Evercore ISI started coverage on shares of Lam Research in a research report on Tuesday, April 16th. They issued an "outperform" rating and a $1,200.00 price target for the company. Finally, Barclays lifted their price target on shares of Lam Research from $865.00 to $900.00 and gave the company an "equal weight" rating in a research report on Wednesday, June 5th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $964.86.

Insider Transactions at Lam Research

In related news, SVP Seshasayee Varadarajan sold 5,500 shares of the business's stock in a transaction on Monday, March 18th. The shares were sold at an average price of $922.41, for a total value of $5,073,255.00. Following the sale, the senior vice president now owns 22,095 shares of the company's stock, valued at $20,380,648.95. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Lam Research news, Director Abhijit Y. Talwalkar sold 882 shares of the company's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $972.03, for a total transaction of $857,330.46. Following the sale, the director now owns 10,541 shares of the company's stock, valued at $10,246,168.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Seshasayee Varadarajan sold 5,500 shares of the company's stock in a transaction on Monday, March 18th. The shares were sold at an average price of $922.41, for a total transaction of $5,073,255.00. Following the sale, the senior vice president now directly owns 22,095 shares in the company, valued at approximately $20,380,648.95. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,489 shares of company stock worth $6,978,065. Corporate insiders own 0.32% of the company's stock.

Institutional Trading of Lam Research

A number of institutional investors have recently bought and sold shares of LRCX. Orion Capital Management LLC bought a new position in shares of Lam Research during the 3rd quarter worth about $25,000. DSM Capital Partners LLC bought a new position in shares of Lam Research during the 4th quarter worth about $28,000. Asset Dedication LLC boosted its position in shares of Lam Research by 56.7% during the 3rd quarter. Asset Dedication LLC now owns 47 shares of the semiconductor company's stock worth $30,000 after purchasing an additional 17 shares in the last quarter. Valued Wealth Advisors LLC bought a new position in shares of Lam Research during the 4th quarter worth about $30,000. Finally, Partnership Wealth Management LLC bought a new position in shares of Lam Research during the 4th quarter worth about $33,000. Institutional investors own 84.61% of the company's stock.

Lam Research Stock Up 4.2 %

The company has a market cap of $131.14 billion, a P/E ratio of 36.89, a PEG ratio of 3.32 and a beta of 1.46. The stock's 50-day moving average price is $935.44 and its 200-day moving average price is $874.79. The company has a current ratio of 2.82, a quick ratio of 1.84 and a debt-to-equity ratio of 0.56.

Shares of Lam Research are going to split on the morning of Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be distributed to shareholders after the closing bell on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share for the quarter, topping analysts' consensus estimates of $7.26 by $0.53. The company had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.72 billion. Lam Research had a net margin of 25.35% and a return on equity of 45.96%. The firm's revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $6.99 EPS. As a group, research analysts forecast that Lam Research Co. will post 29.67 EPS for the current year.

Lam Research Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 10th. Shareholders of record on Tuesday, June 18th will be paid a $2.00 dividend. The ex-dividend date is Tuesday, June 18th. This represents a $8.00 annualized dividend and a yield of 0.80%. Lam Research's dividend payout ratio (DPR) is 29.42%.

Lam Research announced that its board has approved a stock buyback plan on Tuesday, May 21st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor company to reacquire up to 8.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

About Lam Research

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.