Lam Research Co. (NASDAQ:LRCX - Get Free Report)'s stock price was down 6.2% during mid-day trading on Tuesday . The company traded as low as $79.48 and last traded at $80.38. Approximately 4,647,189 shares changed hands during trading, a decline of 57% from the average daily volume of 10,916,935 shares. The stock had previously closed at $85.70.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on LRCX shares. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Lam Research from $110.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, August 1st. Mizuho lowered their price target on Lam Research from $105.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, September 20th. Cantor Fitzgerald cut their price objective on shares of Lam Research from $120.00 to $100.00 and set a "neutral" rating on the stock in a research report on Monday, September 30th. Citigroup decreased their target price on shares of Lam Research from $99.00 to $89.30 and set a "buy" rating for the company in a research report on Monday, September 16th. Finally, Needham & Company LLC restated a "buy" rating and set a $113.00 price target on shares of Lam Research in a report on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $141.28.
Read Our Latest Stock Report on LRCX
Lam Research Price Performance
The company has a fifty day moving average price of $95.12 and a two-hundred day moving average price of $95.99. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52. The company has a market cap of $9.98 billion, a price-to-earnings ratio of 2.81, a price-to-earnings-growth ratio of 1.75 and a beta of 1.47.
Lam Research (NASDAQ:LRCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.05. The company 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 business's revenue was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.60 EPS. As a group, equities research analysts anticipate that Lam Research Co. will post 3.52 EPS for the current fiscal year.
Lam Research Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were given a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, September 17th. This represents a $0.92 dividend on an annualized basis and a yield of 1.20%. Lam Research's payout ratio is 3.38%.
Insider Activity
In related news, CAO Christina Correia sold 647 shares of the 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 sale, the chief accounting officer now directly owns 4,267 shares in the company, valued at $3,488,315.17. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.32% of the company's stock.
Institutional Investors Weigh In On Lam Research
Hedge funds and other institutional investors have recently bought and sold shares of the company. Symmetry Investments LP acquired a new position in Lam Research during the second quarter worth $3,229,000. Benson Investment Management Company Inc. bought a new position in Lam Research in the third quarter valued at approximately $5,182,000. Brown Financial Advisors acquired a new position in Lam Research during the second quarter valued at approximately $1,489,000. Wedmont Private Capital lifted its stake in Lam Research by 893.3% during the third quarter. Wedmont Private Capital now owns 14,522 shares of the semiconductor company's stock worth $11,851,000 after purchasing an additional 13,060 shares during the last quarter. Finally, 3Chopt Investment Partners LLC acquired a new stake in shares of Lam Research in the 2nd quarter valued at $1,105,000. Institutional investors and hedge funds own 84.61% of the company's stock.
About Lam Research
(
Get Free Report)
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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