Lam Research (NASDAQ:LRCX) Shares Gap Down to $769.72

Lam Research Co. (NASDAQ:LRCX - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $769.72, but opened at $751.46. Lam Research shares last traded at $750.40, with a volume of 32,810 shares trading hands.

Analyst Ratings Changes

LRCX has been the topic of several research analyst reports. Wells Fargo & Company lowered their price objective on shares of Lam Research from $1,100.00 to $1,000.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 1st. TD Cowen raised their target price on Lam Research from $1,000.00 to $1,050.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. Needham & Company LLC reissued a "buy" rating and set a $1,130.00 price target on shares of Lam Research in a research report on Thursday, August 1st. UBS Group reduced their price objective on Lam Research from $1,250.00 to $1,150.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Barclays lifted their target price on Lam Research from $865.00 to $900.00 and gave the company an "equal weight" rating in a research note on Wednesday, June 5th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $1,010.53.

Lam Research Stock Down 1.5 %

The firm has a market cap of $99.16 billion, a P/E ratio of 27.63, a P/E/G ratio of 1.48 and a beta of 1.48. The business's fifty day moving average price is $868.98 and its two-hundred day moving average price is $932.18. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52.

Lam Research shares are going to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly issued shares will be payable to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.58 by $0.56. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. Lam Research's quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.98 EPS. As a group, equities research analysts anticipate that Lam Research Co. will post 35.2 EPS for the current year.

Lam Research Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be given a dividend of $2.30 per share. This represents a $9.20 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Tuesday, September 17th. This is a boost from Lam Research's previous quarterly dividend of $2.00. Lam Research's payout ratio is currently 33.84%.

Lam Research announced that its board has initiated a share buyback plan on Tuesday, May 21st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 8.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, SVP Neil J. Fernandes sold 4,409 shares of the firm's stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total value of $4,654,845.84. Following the sale, the senior vice president now owns 6,857 shares in the company, valued at $7,239,346.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Lam Research news, SVP Neil J. Fernandes sold 4,409 shares of the company's stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $1,055.76, for a total value of $4,654,845.84. Following the completion of the transaction, the senior vice president now owns 6,857 shares of the company's stock, valued at approximately $7,239,346.32. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Neil J. Fernandes sold 1,620 shares of the company's stock in a transaction on Friday, July 12th. The shares were sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the completion of the transaction, the senior vice president now owns 5,237 shares of the company's stock, valued at $5,535,456.63. The disclosure for this sale can be found here. Insiders have sold a total of 16,326 shares of company stock valued at $17,383,715 in the last three months. Company insiders own 0.32% of the company's stock.

Institutional Trading of Lam Research

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. DSM Capital Partners LLC acquired a new stake in Lam Research during the fourth quarter valued at approximately $28,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Lam Research during the second quarter worth $32,000. RFP Financial Group LLC boosted its stake in shares of Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company's stock valued at $37,000 after purchasing an additional 12 shares in the last quarter. Raleigh Capital Management Inc. increased its position in shares of Lam Research by 78.6% during the 4th quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company's stock worth $39,000 after purchasing an additional 22 shares in the last quarter. Finally, Hobbs Group Advisors LLC acquired a new position in Lam Research in the second quarter valued at about $40,000. Institutional investors own 84.61% of the company's stock.

Lam Research Company Profile

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.