Lam Research Corporation (LRCX) Given “Buy” Rating at KeyCorp
KeyCorp restated their buy rating on shares of Lam Research Corporation (NASDAQ:LRCX) in a research report sent to investors on Sunday. The firm currently has a $225.00 price target on the semiconductor company’s stock.
Other equities analysts also recently issued reports about the company. B. Riley reaffirmed a buy rating and set a $220.00 price target on shares of Lam Research Corporation in a research report on Thursday, July 27th. DA Davidson reaffirmed a buy rating and set a $175.00 price target on shares of Lam Research Corporation in a research report on Wednesday, July 26th. Stifel Nicolaus reaffirmed a buy rating and set a $215.00 price target (up from $189.00) on shares of Lam Research Corporation in a research report on Thursday, July 27th. Needham & Company LLC upped their price target on Lam Research Corporation from $175.00 to $200.00 and gave the stock a buy rating in a research report on Thursday, July 27th. Finally, Berenberg Bank reaffirmed a buy rating on shares of Lam Research Corporation in a research report on Sunday, July 30th. Five equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $212.89.
Lam Research Corporation (NASDAQ:LRCX) traded up $4.63 during trading on Friday, reaching $215.10. The company’s stock had a trading volume of 1,947,233 shares, compared to its average volume of 2,080,450. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.83 and a current ratio of 3.31. The stock has a market capitalization of $34,080.00, a price-to-earnings ratio of 18.13, a P/E/G 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.
Lam Research Corporation (NASDAQ:LRCX) last posted its earnings results on Tuesday, October 17th. The semiconductor company reported $3.46 earnings per share for the quarter, topping analysts’ consensus estimates of $3.27 by $0.19. The company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.46 billion. Lam Research Corporation had a return on equity of 30.19% and a net margin of 22.85%. Lam Research Corporation’s revenue was up 51.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.81 earnings per share. research analysts anticipate that Lam Research Corporation will post 14.74 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Wednesday, December 6th will be issued a $0.50 dividend. This is an increase from Lam Research Corporation’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $2.00 dividend on an annualized basis and a yield of 0.93%. Lam Research Corporation’s dividend payout ratio is presently 16.44%.
Lam Research Corporation announced that its board has approved a share buyback plan on Tuesday, November 14th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the semiconductor company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
In other news, COO Timothy Archer sold 15,638 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $175.65, for a total transaction of $2,746,814.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael R. Cannon sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $212.43, for a total transaction of $1,911,870.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,419 shares of company stock valued at $9,079,367. 0.41% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Lam Research Corporation by 5.4% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 560,705 shares of the semiconductor company’s stock worth $79,301,000 after buying an additional 28,662 shares during the last quarter. Pacad Investment Ltd. increased its holdings in shares of Lam Research Corporation by 252.5% during the 2nd quarter. Pacad Investment Ltd. now owns 36,369 shares of the semiconductor company’s stock worth $5,144,000 after buying an additional 26,052 shares during the last quarter. Signature Estate & Investment Advisors LLC increased its holdings in shares of Lam Research Corporation by 15.2% during the 3rd quarter. Signature Estate & Investment Advisors LLC now owns 3,986 shares of the semiconductor company’s stock worth $738,000 after buying an additional 527 shares during the last quarter. Chicago Equity Partners LLC acquired a new stake in Lam Research Corporation in the 2nd quarter valued at approximately $4,251,000. Finally, Engineers Gate Manager LP acquired a new stake in Lam Research Corporation in the 2nd quarter valued at approximately $5,464,000. Institutional investors and hedge funds own 93.61% of the company’s stock.
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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