Lam Research Corp. (LRCX) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS
Lam Research Corp. (NASDAQ:LRCX) posted its quarterly earnings data on Wednesday. The company reported $1.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.78 by $0.03. The company earned $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Lam Research Corp. had a return on equity of 18.95% and a net margin of 15.53%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the company earned $1.82 earnings per share.
Lam Research Corp. (NASDAQ:LRCX) traded up 0.25% during mid-day trading on Wednesday, reaching $99.72. The company’s stock had a trading volume of 4,259,247 shares. Lam Research Corp. has a one year low of $63.10 and a one year high of $102.44. The firm’s 50 day moving average is $94.78 and its 200-day moving average is $86.77. The stock has a market cap of $15.98 billion, a P/E ratio of 19.10 and a beta of 1.47.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 28th. Shareholders of record on Wednesday, September 14th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, September 12th. This represents a $1.20 annualized dividend and a yield of 1.20%. Lam Research Corp.’s payout ratio is 22.99%.
LRCX has been the subject of several research analyst reports. Credit Suisse Group AG reissued a “buy” rating and set a $100.00 price objective on shares of Lam Research Corp. in a research note on Sunday, August 14th. Royal Bank Of Canada lowered their price target on Lam Research Corp. from $105.00 to $95.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Cowen and Company raised their price target on Lam Research Corp. from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, July 26th. Citigroup Inc. restated a “buy” rating and set a $108.00 price target on shares of Lam Research Corp. in a research report on Thursday, October 6th. Finally, Needham & Company LLC raised their price target on Lam Research Corp. from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 6th. Three investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Lam Research Corp. has a consensus rating of “Buy” and an average target price of $101.38.
In related news, insider Richard A. Gottscho sold 47,540 shares of the business’s stock in a transaction dated Thursday, October 6th. The shares were sold at an average price of $98.85, for a total transaction of $4,699,329.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.46% of the company’s stock.
A number of institutional investors have recently bought and sold shares of LRCX. Highbridge Capital Management LLC acquired a new position in Lam Research Corp. during the second quarter worth $10,400,000. Cubist Systematic Strategies LLC acquired a new position in Lam Research Corp. during the second quarter worth $795,000. AQR Capital Management LLC raised its position in Lam Research Corp. by 37.9% in the second quarter. AQR Capital Management LLC now owns 933,443 shares of the company’s stock worth $78,466,000 after buying an additional 256,399 shares during the last quarter. Panagora Asset Management Inc. raised its position in Lam Research Corp. by 4.5% in the second quarter. Panagora Asset Management Inc. now owns 354,100 shares of the company’s stock worth $29,766,000 after buying an additional 15,166 shares during the last quarter. Finally, A.R.T. Advisors LLC raised its position in Lam Research Corp. by 1.5% in the second quarter. A.R.T. Advisors LLC now owns 38,468 shares of the company’s stock worth $3,233,000 after buying an additional 550 shares during the last quarter.
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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