Lam Research (NASDAQ:LRCX) Stock Price Down 2.5% - Here's What Happened

Lam Research Co. (NASDAQ:LRCX - Get Free Report)'s share price was down 2.5% during mid-day trading on Thursday . The company traded as low as $73.89 and last traded at $74.51. Approximately 1,993,331 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 11,247,200 shares. The stock had previously closed at $76.45.

Analysts Set New Price Targets

A number of research analysts have issued reports on LRCX shares. Morgan Stanley decreased their target price on Lam Research from $81.00 to $77.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 23rd. Wells Fargo & Company cut their price objective on Lam Research from $88.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 24th. Stifel Nicolaus reaffirmed a "buy" rating and issued a $100.00 price objective (down from $105.00) on shares of Lam Research in a research note on Thursday, October 24th. Mizuho dropped their price target on Lam Research from $105.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, September 20th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $100.00 price target on shares of Lam Research in a research note on Thursday, October 24th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $97.03.

Lam Research Price Performance

The company has a fifty day moving average of $78.59 and a 200-day moving average of $89.23. The firm has a market cap of $9.62 billion, a P/E ratio of 2.74, a P/E/G ratio of 1.89 and a beta of 1.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.05. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The business had revenue of $4.17 billion during the quarter, compared to the consensus estimate of $4.06 billion. During the same quarter in the prior year, the company posted $6.85 earnings per share. Lam Research's revenue was up 19.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Lam Research Co. will post 3.23 EPS for the current fiscal year.

Lam Research Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th were paid a dividend of $0.23 per share. The ex-dividend date was Tuesday, September 17th. This represents a $0.92 annualized dividend and a dividend yield of 1.25%. Lam Research's payout ratio is 3.38%.

Insider Transactions at Lam Research

In other news, CAO Christina Correia sold 647 shares of the stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 4,267 shares in the company, valued at approximately $3,488,315.17. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fortitude Family Office LLC lifted its holdings in Lam Research by 16.7% during the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company's stock worth $67,000 after purchasing an additional 9 shares in the last quarter. Thomasville National Bank increased its position in shares of Lam Research by 1.5% during the 2nd quarter. Thomasville National Bank now owns 812 shares of the semiconductor company's stock valued at $865,000 after purchasing an additional 12 shares during the last quarter. Ignite Planners LLC grew its position in Lam Research by 2.8% during the 2nd quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company's stock worth $484,000 after acquiring an additional 12 shares during the last quarter. U.S. Capital Wealth Advisors LLC grew its position in Lam Research by 3.7% during the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company's stock worth $357,000 after acquiring an additional 12 shares during the last quarter. Finally, RFP Financial Group LLC grew its position in Lam Research by 52.2% during the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company's stock worth $37,000 after acquiring an additional 12 shares during the last quarter. Institutional investors own 84.61% of the company's stock.

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.

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