Citigroup Inc. Reiterates $123.00 Price Target for Lam Research Corp. (LRCX)
Lam Research Corp. (NASDAQ:LRCX) has been given a $123.00 price objective by equities research analysts at Citigroup Inc. in a report released on Tuesday. The brokerage presently has a “buy” rating on the stock. Citigroup Inc.’s target price suggests a potential upside of 15.02% from the stock’s current price.
A number of other research firms also recently weighed in on LRCX. B. Riley restated a “buy” rating and issued a $120.00 price objective on shares of Lam Research Corp. in a report on Saturday. Cowen and Company restated an “outperform” rating and issued a $105.00 price objective (up from $100.00) on shares of Lam Research Corp. in a report on Tuesday, November 22nd. Deutsche Bank AG reiterated a “buy” rating on shares of Lam Research Corp. in a report on Monday, November 21st. Stifel Nicolaus increased their price target on Lam Research Corp. from $110.00 to $116.00 and gave the stock a “buy” rating in a report on Monday, November 21st. Finally, Bank of America Corp. reiterated a “buy” rating and set a $115.00 price target on shares of Lam Research Corp. in a report on Monday, November 21st. Three investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Lam Research Corp. presently has an average rating of “Buy” and a consensus price target of $107.24.
Shares of Lam Research Corp. (NASDAQ:LRCX) traded up 0.69% during mid-day trading on Tuesday, hitting $107.51. The stock had a trading volume of 1,457,649 shares. Lam Research Corp. has a 1-year low of $63.10 and a 1-year high of $108.19. The company has a market cap of $17.51 billion, a P/E ratio of 21.34 and a beta of 1.49. The firm’s 50 day moving average price is $99.65 and its 200 day moving average price is $90.97.
Lam Research Corp. (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, October 19th. The company reported $1.81 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.78 by $0.03. The business earned $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Lam Research Corp. had a return on equity of 18.43% and a net margin of 15.02%. Lam Research Corp.’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.82 earnings per share. Analysts predict that Lam Research Corp. will post $8.28 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 4th. Stockholders of record on Wednesday, December 14th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, December 12th. This represents a $1.80 annualized dividend and a dividend yield of 1.68%. This is a positive change from Lam Research Corp.’s previous quarterly dividend of $0.30. Lam Research Corp.’s dividend payout ratio (DPR) is presently 23.86%.
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In related news, CFO Douglas R. Bettinger sold 9,956 shares of Lam Research Corp. stock in a transaction that occurred on Wednesday, November 23rd. The shares were sold at an average price of $106.88, for a total value of $1,064,097.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Richard A. Gottscho sold 47,540 shares of Lam Research Corp. stock in a transaction that occurred on Thursday, October 6th. The shares were sold at an average price of $98.85, for a total transaction of $4,699,329.00. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC raised its position in Lam Research Corp. by 149.5% in the second quarter. FMR LLC now owns 10,317,149 shares of the company’s stock worth $867,259,000 after buying an additional 6,182,540 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in Lam Research Corp. by 104.9% in the third quarter. TIAA CREF Investment Management LLC now owns 2,493,735 shares of the company’s stock worth $236,182,000 after buying an additional 1,276,856 shares in the last quarter. BlackRock Investment Management LLC raised its position in Lam Research Corp. by 209.6% in the second quarter. BlackRock Investment Management LLC now owns 1,093,309 shares of the company’s stock worth $91,904,000 after buying an additional 740,148 shares in the last quarter. BlackRock Advisors LLC raised its position in Lam Research Corp. by 71.3% in the second quarter. BlackRock Advisors LLC now owns 1,671,546 shares of the company’s stock worth $140,511,000 after buying an additional 695,595 shares in the last quarter. Finally, Criterion Capital Management LLC raised its position in Lam Research Corp. by 187.6% in the second quarter. Criterion Capital Management LLC now owns 1,059,055 shares of the company’s stock worth $89,024,000 after buying an additional 690,855 shares in the last quarter.
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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