Lam Research Corporation (LRCX) Upgraded to “Hold” by Zacks Investment Research

Lam Research Corporation (NASDAQ:LRCX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday.

According to Zacks, “Lam Research Corp. is a leading global provider of innovative wafer fabrication equipment and services to the semiconductor industry. The company reported better-than-expected fiscal fourth quarter 2017 results with both earnings and revenues surpassing our estimates. The results were driven by strong success in the areas of device architecture, process flow and advanced packaging technology inflections. Year to date, the stock has outperformed the industry it belongs to.  The company has been improving on WFE market share significantly since 2013 and expects to continue making gains, going forward.   At the same time, the persistent decline in the PC market, which is still the most important consumer of DRAMs, the competitive climate and currency effects remain concerns.”

Other analysts also recently issued research reports about the company. Cowen and Company reiterated an “outperform” rating and set a $185.00 price target (up previously from $150.00) on shares of Lam Research Corporation in a research report on Thursday, July 27th. B. Riley restated a “buy” rating and issued a $220.00 target price on shares of Lam Research Corporation in a research report on Thursday, July 27th. Argus started coverage on Lam Research Corporation in a research report on Tuesday, September 12th. They issued a “buy” rating and a $196.00 target price for the company. DA Davidson restated a “buy” rating and issued a $215.00 target price on shares of Lam Research Corporation in a research report on Thursday. Finally, Needham & Company LLC restated a “buy” rating and issued a $220.00 target price (up previously from $200.00) on shares of Lam Research Corporation in a research report on Friday. Five research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Lam Research Corporation has a consensus rating of “Buy” and a consensus target price of $182.94.

Lam Research Corporation (NASDAQ:LRCX) last issued its quarterly earnings results on Wednesday, July 26th. The semiconductor company reported $3.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.02 by $0.09. The firm had revenue of $2.34 billion during the quarter, compared to the consensus estimate of $2.31 billion. Lam Research Corporation had a return on equity of 26.78% and a net margin of 21.19%. The company’s revenue for the quarter was up 51.6% on a year-over-year basis. During the same quarter last year, the company posted $1.80 EPS.

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In related news, COO Timothy Archer sold 8,691 shares of the company’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $171.76, for a total value of $1,492,766.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Stephen G. Newberry sold 750 shares of the company’s stock in a transaction on Friday, September 29th. The stock was sold at an average price of $185.00, for a total value of $138,750.00. The disclosure for this sale can be found here. Insiders have sold 48,066 shares of company stock worth $8,350,148 over the last three months. Insiders own 0.41% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Keel Point LLC grew its stake in Lam Research Corporation by 0.4% in the first quarter. Keel Point LLC now owns 2,303 shares of the semiconductor company’s stock worth $296,000 after purchasing an additional 9 shares during the period. Wetherby Asset Management Inc. grew its stake in Lam Research Corporation by 0.7% in the second quarter. Wetherby Asset Management Inc. now owns 1,789 shares of the semiconductor company’s stock worth $253,000 after purchasing an additional 12 shares during the period. Fiduciary Trust Co. grew its stake in Lam Research Corporation by 1.0% in the second quarter. Fiduciary Trust Co. now owns 2,044 shares of the semiconductor company’s stock worth $289,000 after purchasing an additional 20 shares during the period. Smithfield Trust Co. grew its stake in Lam Research Corporation by 0.9% in the second quarter. Smithfield Trust Co. now owns 2,382 shares of the semiconductor company’s stock worth $337,000 after purchasing an additional 22 shares during the period. Finally, Hanseatic Management Services Inc. grew its stake in Lam Research Corporation by 1.0% in the second quarter. Hanseatic Management Services Inc. now owns 2,242 shares of the semiconductor company’s stock worth $317,000 after purchasing an additional 22 shares during the period. 93.96% of the stock is currently owned by institutional investors.

Lam Research Corporation Company Profile

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.

Analyst Recommendations for Lam Research Corporation (NASDAQ:LRCX)

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