Lam Research (NASDAQ:LRCX - Free Report) had its target price decreased by Citigroup from $990.00 to $893.00 in a report issued on Monday morning, Benzinga reports. Citigroup currently has a buy rating on the semiconductor company's stock.
LRCX has been the topic of several other reports. TD Cowen raised their price objective on Lam Research from $1,000.00 to $1,050.00 and gave the company a buy rating in a research note on Thursday, August 1st. Barclays raised their price objective 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. Wells Fargo & Company dropped their price objective on Lam Research from $1,100.00 to $1,000.00 and set an equal weight rating on the stock in a research note on Thursday, August 1st. Needham & Company LLC restated a buy rating and set a $1,130.00 price objective on shares of Lam Research in a research note on Thursday, August 1st. Finally, Raymond James lifted their target price on Lam Research from $950.00 to $1,060.00 and gave the stock an outperform rating in a research note on Friday, June 7th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $1,010.53.
View Our Latest Research Report on Lam Research
Lam Research Trading Down 1.5 %
Shares of LRCX stock traded down $11.25 during trading hours on Monday, hitting $758.47. 1,251,299 shares of the company were exchanged, compared to its average volume of 1,088,034. The firm has a market cap of $99.16 billion, a P/E ratio of 27.90, a P/E/G ratio of 1.48 and a beta of 1.48. Lam Research has a fifty-two week low of $574.42 and a fifty-two week high of $1,130.00. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. The company has a 50 day simple moving average of $862.12 and a two-hundred day simple moving average of $930.91.
Lam Research shares are set to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be distributed to shareholders after the market closes on Wednesday, October 2nd.
Lam Research (NASDAQ:LRCX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.58 by $0.56. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter last year, the firm posted $5.98 EPS. Lam Research's revenue was up 20.7% compared to the same quarter last year. Equities analysts anticipate that Lam Research will post 35.2 EPS for the current year.
Lam Research Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th will be issued a dividend of $2.30 per share. This represents a $9.20 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Tuesday, September 17th. This is a positive change from Lam Research's previous quarterly dividend of $2.00. Lam Research's payout ratio is presently 33.84%.
Lam Research declared that its board has authorized a share buyback plan on Tuesday, May 21st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor company to buy up to 8.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.
Insider Buying and Selling at Lam Research
In other news, CEO Timothy Archer sold 9,650 shares of the business's stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total transaction of $10,329,263.50. Following the completion of the transaction, the chief executive officer now owns 84,639 shares of the company's stock, valued at $90,596,739.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Timothy Archer sold 9,650 shares of the business's stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total transaction of $10,329,263.50. Following the completion of the transaction, the chief executive officer now owns 84,639 shares of the company's stock, valued at $90,596,739.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Neil J. Fernandes sold 4,409 shares of the business's stock in a transaction dated 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 transaction, the senior vice president now directly owns 6,857 shares of the company's stock, valued at approximately $7,239,346.32. The disclosure for this sale can be found here. Insiders sold 16,326 shares of company stock valued at $17,383,715 in the last quarter. 0.32% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the business. CarsonAllaria Wealth Management Ltd. purchased a new stake in Lam Research in the second quarter worth approximately $32,000. RFP Financial Group LLC boosted its stake in Lam Research by 52.2% in the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company's stock worth $37,000 after buying an additional 12 shares in the last quarter. DSM Capital Partners LLC purchased a new stake in Lam Research in the fourth quarter worth approximately $28,000. Hobbs Group Advisors LLC purchased a new stake in Lam Research in the second quarter worth approximately $40,000. Finally, Country Trust Bank purchased a new stake in Lam Research in the second quarter worth approximately $43,000. Hedge funds and other institutional investors own 84.61% of the company's stock.
About Lam Research
(
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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.
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