Lam Research Corporation’s (LRCX) Buy Rating Reiterated at Citigroup Inc.
Lam Research Corporation (NASDAQ:LRCX)‘s stock had its “buy” rating reissued by equities research analysts at Citigroup Inc. in a note issued to investors on Wednesday, May 17th. They presently have a $200.00 price objective on the semiconductor company’s stock. Citigroup Inc.’s price objective suggests a potential upside of 34.94% from the company’s current price.
A number of other equities research analysts have also recently issued reports on the stock. Morgan Stanley restated an “overweight” rating and set a $129.00 price target on shares of Lam Research Corporation in a report on Wednesday, April 19th. Cowen and Company restated an “outperform” rating and set a $125.00 price target (up from $105.00) on shares of Lam Research Corporation in a report on Tuesday, January 24th. Susquehanna Bancshares Inc upped their price target on shares of Lam Research Corporation from $92.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, January 26th. Goldman Sachs Group, Inc. (The) cut shares of Lam Research Corporation from a “conviction-buy” rating to a “buy” rating and upped their price target for the company from $153.00 to $160.00 in a report on Monday, May 8th. They noted that the move was a valuation call. Finally, Deutsche Bank AG upped their price target on shares of Lam Research Corporation from $115.00 to $125.00 and gave the company a “buy” rating in a report on Monday, January 23rd. Two investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $148.88.
Lam Research Corporation (LRCX) traded down 0.18% during trading on Wednesday, reaching $148.21. The company’s stock had a trading volume of 4,113,402 shares. The firm has a 50-day moving average price of $153.05 and a 200-day moving average price of $126.60. Lam Research Corporation has a 52 week low of $79.15 and a 52 week high of $167.05. The firm has a market capitalization of $23.91 billion, a P/E ratio of 18.83 and a beta of 1.39.
Lam Research Corporation (NASDAQ:LRCX) last announced its earnings results on Tuesday, April 18th. The semiconductor company reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.25. Lam Research Corporation had a net margin of 19.82% and a return on equity of 23.84%. The company had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the business earned $1.18 EPS. The company’s revenue was up 63.9% on a year-over-year basis. On average, equities analysts anticipate that Lam Research Corporation will post $9.88 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 28th. Stockholders of record on Wednesday, June 7th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Monday, June 5th. Lam Research Corporation’s payout ratio is 22.96%.
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In other news, Director Stephen G. Newberry sold 20,047 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $150.01, for a total transaction of $3,007,250.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick J. Lord sold 2,770 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $155.35, for a total transaction of $430,319.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,982 shares of company stock valued at $5,357,071. Company insiders own 0.46% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in Lam Research Corporation during the fourth quarter valued at $138,959,000. Janus Capital Management LLC raised its stake in Lam Research Corporation by 24.3% in the fourth quarter. Janus Capital Management LLC now owns 3,175,155 shares of the semiconductor company’s stock valued at $335,710,000 after buying an additional 621,245 shares during the last quarter. Soros Fund Management LLC purchased a new stake in Lam Research Corporation during the first quarter valued at $71,978,000. Vanguard Group Inc. raised its stake in Lam Research Corporation by 3.1% in the first quarter. Vanguard Group Inc. now owns 15,750,128 shares of the semiconductor company’s stock valued at $2,021,687,000 after buying an additional 471,405 shares during the last quarter. Finally, Pioneer Investment Management Inc. raised its stake in Lam Research Corporation by 141.6% in the third quarter. Pioneer Investment Management Inc. now owns 793,249 shares of the semiconductor company’s stock valued at $75,129,000 after buying an additional 464,963 shares during the last quarter. 99.34% of the stock is owned by institutional investors.
About Lam Research Corporation
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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