Lam Research Corp. (LRCX) Sees Large Volume Increase Following Analyst Upgrade
Lam Research Corp. (NASDAQ:LRCX) shares saw unusually-high trading volume on Friday after Needham & Company raised their price target on the stock to $115.00. Approximately 3,995,744 shares traded hands during mid-day trading, an increase of 33% from the previous session’s volume of 3,008,616 shares.The stock last traded at $100.37 and had previously closed at $100.19.
LRCX has been the subject of a number of other research reports. Zacks Investment Research upgraded Lam Research Corp. from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research note on Tuesday, September 27th. Cowen and Company reiterated an “outperform” rating and set a $95.00 price target on shares of Lam Research Corp. in a research note on Wednesday, August 31st. Citigroup Inc. lifted their price target on Lam Research Corp. from $94.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, July 29th. Bank of America Corp. set a $108.00 price target on Lam Research Corp. and gave the company a “buy” rating in a research note on Wednesday, August 10th. Finally, RBC Capital Markets reiterated an “outperform” rating and set a $105.00 price target on shares of Lam Research Corp. in a research note on Saturday, August 13th. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Lam Research Corp. presently has a consensus rating of “Buy” and a consensus target price of $100.29.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC boosted its position in Lam Research Corp. by 28.6% in the second quarter. Quadrant Capital Group LLC now owns 1,258 shares of the company’s stock valued at $103,000 after buying an additional 280 shares during the last quarter. Mizuho Asset Management Co. Ltd. boosted its position in Lam Research Corp. by 92.9% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,060 shares of the company’s stock valued at $173,000 after buying an additional 992 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in Lam Research Corp. during the second quarter valued at $177,000. Johnson Financial Group Inc. boosted its position in Lam Research Corp. by 6,044.7% in the second quarter. Johnson Financial Group Inc. now owns 2,335 shares of the company’s stock valued at $196,000 after buying an additional 2,297 shares during the last quarter. Finally, SSI Investment Management Inc. purchased a new position in Lam Research Corp. during the second quarter valued at $200,000.
The stock has a market cap of $16.11 billion, a PE ratio of 19.26 and a beta of 1.47. The firm has a 50-day moving average of $93.38 and a 200-day moving average of $85.67.
Lam Research Corp. (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.80 EPS for the quarter, beating the Zacks’ consensus estimate 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 firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the prior year, the company posted $1.50 earnings per share. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. Equities analysts expect that Lam Research Corp. will post $7.02 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 28th. Stockholders of record on Wednesday, September 14th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Monday, September 12th. Lam Research Corp.’s payout ratio is 22.99%.
Lam Research Corp. Company Profile
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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