Lam Research (NASDAQ:LRCX) Shares Up 1.8% - Here's What Happened

Shares of Lam Research Co. (NASDAQ:LRCX - Get Free Report) shot up 1.8% during trading on Friday . The company traded as high as $83.74 and last traded at $83.50. 955,993 shares changed hands during trading, a decline of 91% from the average session volume of 10,934,484 shares. The stock had previously closed at $82.06.

Analyst Upgrades and Downgrades

A number of research firms have commented on LRCX. Citigroup dropped their price target on shares of Lam Research from $99.00 to $89.30 and set a "buy" rating on the stock in a research report on Monday, September 16th. Needham & Company LLC restated a "buy" rating and set a $113.00 price target on shares of Lam Research in a research report on Thursday, August 1st. Wells Fargo & Company dropped their price target on shares of Lam Research from $1,000.00 to $880.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 3rd. B. Riley boosted their price target on shares of Lam Research from $113.00 to $132.50 and gave the stock a "buy" rating in a research report on Thursday, June 20th. Finally, TD Cowen lifted their price objective on shares of Lam Research from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $141.28.

Lam Research Stock Performance

The firm's 50-day moving average price is $94.83 and its two-hundred day moving average price is $96.32. The firm has a market capitalization of $10.84 billion, a PE ratio of 3.05, a P/E/G ratio of 1.75 and a beta of 1.47. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.76 by $0.05. The business had revenue of $3.87 billion during the quarter, compared to analysts' expectations of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The firm's quarterly revenue was up 20.7% compared to the same quarter last year. During the same period last year, the company posted $0.60 earnings per share. As a group, research analysts predict that Lam Research Co. will post 3.52 earnings per share for the current fiscal year.

Lam Research Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.11%. The ex-dividend date was Tuesday, September 17th. Lam Research's dividend payout ratio is currently 3.38%.

Insider Buying and Selling

In other Lam Research news, CAO Christina Correia sold 647 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total value of $528,928.97. Following the completion of the sale, the chief accounting officer now directly owns 4,267 shares of the company's stock, valued at $3,488,315.17. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

Institutional Trading of Lam Research

Several large investors have recently modified their holdings of the company. Fortitude Family Office LLC raised its stake in Lam Research by 16.7% during the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company's stock valued at $67,000 after purchasing an additional 9 shares during the last quarter. Thomasville National Bank raised its stake in shares of Lam Research by 1.5% in the 2nd quarter. Thomasville National Bank now owns 812 shares of the semiconductor company's stock valued at $865,000 after buying an additional 12 shares in the last quarter. Ignite Planners LLC raised its stake in shares of Lam Research by 2.8% in the 2nd quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company's stock valued at $484,000 after buying an additional 12 shares in the last quarter. U.S. Capital Wealth Advisors LLC raised its stake in shares of Lam Research by 3.7% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company's stock valued at $357,000 after buying an additional 12 shares in the last quarter. Finally, RFP Financial Group LLC raised 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 buying an additional 12 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

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.