Lam Research (NASDAQ:LRCX) PT Lowered to $893.00

Lam Research (NASDAQ:LRCX) had its target price lowered by Citigroup from $990.00 to $893.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

Other research analysts have also recently issued research reports about the stock. StockNews.com cut shares of Lam Research from a buy rating to a hold rating in a report on Friday, July 26th. TD Cowen upped their price target on Lam Research from $1,000.00 to $1,050.00 and gave the stock a buy rating in a report on Thursday, August 1st. Wells Fargo & Company dropped their price objective on Lam Research from $1,100.00 to $1,000.00 and set an equal weight rating on the stock in a report on Thursday, August 1st. Raymond James upped their target price on Lam Research from $950.00 to $1,060.00 and gave the stock an outperform rating in a research note on Friday, June 7th. Finally, Cantor Fitzgerald reissued a neutral rating and issued a $1,200.00 price target on shares of Lam Research in a research note on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Lam Research has an average rating of Moderate Buy and a consensus target price of $1,013.37.

Lam Research Price Performance

Shares of LRCX opened at $789.07 on Monday. The company has a market capitalization of $103.16 billion, a P/E ratio of 29.02, a P/E/G ratio of 1.48 and a beta of 1.48. The business’s 50-day moving average is $842.35 and its two-hundred day moving average is $927.21. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. Lam Research has a fifty-two week low of $574.42 and a fifty-two week high of $1,130.00.

Shares of Lam Research are going to split on the morning of Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly issued shares will be payable to shareholders after the closing bell on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.58 by $0.56. The company had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.82 billion. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. Lam Research’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.98 earnings per share. Research analysts predict that Lam Research will post 35.2 earnings per share for the current year.

Lam Research Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be paid a dividend of $2.30 per share. This represents a $9.20 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend is Tuesday, September 17th. This is a boost from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s dividend payout ratio is currently 33.84%.

Insiders Place Their Bets

In other news, CEO Timothy Archer sold 9,650 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total value of $10,329,263.50. Following the completion of the sale, the chief executive officer now directly owns 84,639 shares in the company, valued at $90,596,739.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Lam Research news, CEO Timothy Archer sold 9,650 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total transaction of $10,329,263.50. Following the transaction, the chief executive officer now owns 84,639 shares of the company’s stock, valued at $90,596,739.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Neil J. Fernandes sold 4,409 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $1,055.76, for a total value of $4,654,845.84. Following the completion of the sale, the senior vice president now directly owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The disclosure for this sale can be found here. Insiders have sold 16,326 shares of company stock valued at $17,383,715 in the last ninety days. 0.32% of the stock is currently owned by corporate insiders.

Institutional Trading of Lam Research

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Fortitude Family Office LLC grew its position in Lam Research by 16.7% in the second quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company’s stock worth $67,000 after acquiring an additional 9 shares during the period. Thomasville National Bank grew its holdings in shares of Lam Research by 1.5% during the 2nd quarter. Thomasville National Bank now owns 812 shares of the semiconductor company’s stock worth $865,000 after purchasing an additional 12 shares during the period. Ignite Planners LLC increased its position in shares of Lam Research by 2.8% during the 2nd quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock worth $484,000 after purchasing an additional 12 shares during the last quarter. U.S. Capital Wealth Advisors LLC raised its holdings in Lam Research by 3.7% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock valued at $357,000 after buying an additional 12 shares during the period. Finally, RFP Financial Group LLC lifted its position in Lam Research by 52.2% in the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 12 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

About Lam Research

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.