Lam Research (NASDAQ:LRCX) Shares Down 0.9% - Here's What Happened

Shares of Lam Research Co. (NASDAQ:LRCX - Get Free Report) traded down 0.9% during mid-day trading on Monday . The company traded as low as $76.70 and last traded at $76.97. 1,971,078 shares were traded during trading, a decline of 82% from the average session volume of 11,246,845 shares. The stock had previously closed at $77.68.

Analyst Ratings Changes

A number of equities analysts recently commented on LRCX shares. Mizuho decreased their target price on Lam Research from $105.00 to $95.00 and set an "outperform" rating on the stock in a report on Friday, September 20th. TD Cowen raised their price objective on Lam Research from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Thursday, August 1st. B. Riley cut their price objective on Lam Research from $132.50 to $105.00 and set a "buy" rating for the company in a research note on Wednesday, October 23rd. Morgan Stanley decreased their target price on shares of Lam Research from $81.00 to $77.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 23rd. Finally, Citigroup dropped their price target 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. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $97.03.

Lam Research Stock Down 2.9 %

The company has a fifty day moving average price of $78.98 and a 200-day moving average price of $89.51. The firm has a market capitalization of $9.86 billion, a PE ratio of 2.77, a PEG ratio of 1.89 and a beta of 1.47. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.81 by $0.05. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The business had revenue of $4.17 billion during the quarter, compared to analyst estimates of $4.06 billion. During the same quarter last year, the business earned $6.85 earnings per share. Lam Research's quarterly revenue was up 19.7% compared to the same quarter last year. As a group, analysts expect that Lam Research Co. will post 3.23 earnings per share for the current year.

Lam Research Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, September 17th. This represents a $0.92 dividend on an annualized basis and a yield of 1.22%. Lam Research's dividend payout ratio (DPR) is presently 3.38%.

Insider Activity

In other news, CAO Christina Correia sold 647 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total transaction of $528,928.97. Following the transaction, the chief accounting officer now owns 4,267 shares of the company's stock, valued at approximately $3,488,315.17. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.32% of the company's stock.

Institutional Trading of Lam Research

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LRCX. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Lam Research in the second quarter worth approximately $32,000. RFP Financial Group LLC raised its stake in shares of Lam Research by 52.2% during the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company's stock valued at $37,000 after acquiring an additional 12 shares in the last quarter. Hobbs Group Advisors LLC purchased a new stake in shares of Lam Research in the 2nd quarter worth $40,000. Country Trust Bank purchased a new position in shares of Lam Research during the second quarter valued at $43,000. Finally, MFA Wealth Advisors LLC bought a new stake in shares of Lam Research in the second quarter valued at about $45,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.