Royal Bank Of Canada Increases Lam Research Corporation (LRCX) Price Target to $225.00
Lam Research Corporation (NASDAQ:LRCX) had its price target raised by Royal Bank Of Canada from $210.00 to $225.00 in a report published on Wednesday, Marketbeat.com reports. The firm currently has an outperform rating on the semiconductor company’s stock.
A number of other research analysts have also issued reports on the company. Argus increased their target price on Lam Research Corporation from $196.00 to $225.00 and gave the company a buy rating in a research report on Thursday, October 19th. Berenberg Bank reiterated a buy rating and set a $240.00 target price on shares of Lam Research Corporation in a research report on Thursday, October 19th. Needham & Company LLC increased their target price on Lam Research Corporation from $220.00 to $235.00 and gave the company a buy rating in a research report on Thursday, October 19th. Bank of America Corporation increased their target price on Lam Research Corporation from $230.00 to $270.00 and gave the company a buy rating in a research report on Wednesday, October 18th. Finally, J P Morgan Chase & Co reiterated a buy rating and set a $230.00 target price on shares of Lam Research Corporation in a research report on Wednesday, October 18th. Five investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $212.89.
Shares of Lam Research Corporation (NASDAQ LRCX) opened at $210.47 on Wednesday. The company has a market cap of $34,084.77, a P/E ratio of 18.13, a PEG ratio of 0.96 and a beta of 1.63. Lam Research Corporation has a one year low of $97.79 and a one year high of $217.00. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.83 and a current ratio of 3.31.
Lam Research Corporation (NASDAQ:LRCX) last issued its quarterly earnings data on Tuesday, October 17th. The semiconductor company reported $3.46 EPS for the quarter, topping analysts’ consensus estimates of $3.27 by $0.19. The business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.46 billion. Lam Research Corporation had a net margin of 22.85% and a return on equity of 30.19%. The business’s revenue was up 51.8% on a year-over-year basis. During the same quarter last year, the company earned $1.81 EPS. research analysts forecast that Lam Research Corporation will post 14.74 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Wednesday, December 6th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.95%. This is an increase from Lam Research Corporation’s previous quarterly dividend of $0.45. The ex-dividend date is Tuesday, December 5th. Lam Research Corporation’s dividend payout ratio (DPR) is presently 16.45%.
Lam Research Corporation declared that its board has authorized a stock repurchase plan on Tuesday, November 14th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the semiconductor company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In other Lam Research Corporation news, Director Michael R. Cannon sold 9,000 shares of Lam Research Corporation stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $212.43, for a total value of $1,911,870.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Timothy Archer sold 8,691 shares of Lam Research Corporation stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $171.76, for a total value of $1,492,766.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,419 shares of company stock valued at $9,079,367. 0.41% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vantage Financial Partners Ltd. Inc. acquired a new position in Lam Research Corporation in the 2nd quarter valued at about $254,000. Krilogy Financial LLC grew its position in Lam Research Corporation by 91.6% in the 3rd quarter. Krilogy Financial LLC now owns 550 shares of the semiconductor company’s stock valued at $102,000 after acquiring an additional 263 shares in the last quarter. Bollard Group LLC acquired a new position in Lam Research Corporation in the 3rd quarter valued at about $130,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Lam Research Corporation in the 3rd quarter valued at about $134,000. Finally, Odey Holdings AG grew its position in Lam Research Corporation by 9.9% in the 2nd quarter. Odey Holdings AG now owns 810 shares of the semiconductor company’s stock valued at $115,000 after acquiring an additional 73 shares in the last quarter. 93.05% 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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