Lam Research Corp. (LRCX) Stock Price Up 3% on Analyst Upgrade
Shares of Lam Research Corp. (NASDAQ:LRCX) shot up 3% on Thursday after Needham & Company raised their price target on the stock to $115.00. The company traded as high as $99.75 and last traded at $99.08, with a volume of 6,937,119 shares trading hands. The stock had previously closed at $96.17.
A number of other equities analysts have also commented on the stock. JPMorgan Chase & Co. restated a “buy” rating on shares of Lam Research Corp. in a research report on Thursday. Citigroup Inc. restated a “buy” rating and issued a $108.00 price target on shares of Lam Research Corp. in a research report on Thursday. Zacks Investment Research upgraded shares of Lam Research Corp. from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Tuesday, September 27th. Cowen and Company restated an “outperform” rating and issued a $95.00 price target on shares of Lam Research Corp. in a research report on Wednesday, August 31st. Finally, DA Davidson restated a “buy” rating and issued a $110.00 price target on shares of Lam Research Corp. in a research report on Monday, August 15th. Two equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Lam Research Corp. currently has a consensus rating of “Buy” and an average price target of $99.94.
Several large investors have recently bought and sold shares of the company. Aperio Group LLC increased its stake in Lam Research Corp. by 9.3% in the first quarter. Aperio Group LLC now owns 51,086 shares of the company’s stock worth $4,220,000 after buying an additional 4,353 shares during the period. Ngam Advisors L.P. increased its stake in Lam Research Corp. by 44.3% in the first quarter. Ngam Advisors L.P. now owns 27,759 shares of the company’s stock worth $2,292,000 after buying an additional 8,522 shares during the period. Prudential Financial Inc. increased its stake in Lam Research Corp. by 4.0% in the first quarter. Prudential Financial Inc. now owns 239,775 shares of the company’s stock worth $19,806,000 after buying an additional 9,230 shares during the period. Franklin Resources Inc. increased its stake in Lam Research Corp. by 0.8% in the first quarter. Franklin Resources Inc. now owns 1,435,651 shares of the company’s stock worth $118,585,000 after buying an additional 10,940 shares during the period. Finally, BlackRock Group LTD increased its stake in Lam Research Corp. by 3.9% in the first quarter. BlackRock Group LTD now owns 1,618,463 shares of the company’s stock worth $133,685,000 after buying an additional 60,958 shares during the period.
The firm has a 50 day moving average price of $93.10 and a 200-day moving average price of $85.57. The firm has a market capitalization of $16.00 billion, a price-to-earnings ratio of 19.13 and a beta of 1.47.
Lam Research Corp. (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, July 27th. The company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.16. Lam Research Corp. had a net margin of 15.53% and a return on equity of 18.95%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the firm earned $1.50 earnings per share. Lam Research Corp.’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, analysts predict that Lam Research Corp. will post $6.98 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 28th. Investors of record on Wednesday, September 14th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Monday, September 12th. Lam Research Corp.’s dividend payout ratio is 22.99%.
About Lam Research Corp.
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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