Lam Research Corporation (NASDAQ:LRCX – Get Free Report) shares fell 16.3% on Thursday. The stock traded as low as $184.24 and last traded at $185.4150. 31,024,104 shares changed hands during trading, an increase of 185% from the average daily volume of 10,869,987 shares. The stock had previously closed at $221.43.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on the company. Wells Fargo & Company reiterated an “overweight” rating and set a $350.00 price target (down from $450.00) on shares of Lam Research in a report on Thursday, July 30th. UBS Group reiterated a “buy” rating and issued a $400.00 price target (down from $425.00) on shares of Lam Research in a report on Thursday, October 22nd. Zacks Research cut shares of Lam Research from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 22nd. Fundamental Research set a $390.00 target price on Lam Research in a research report on Thursday, October 1st. Finally, B. Riley Financial raised their price objective on shares of Lam Research from $350.00 to $390.00 and gave the stock a “buy” rating in a report on Thursday, October 1st. Twenty-six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $360.23.
Read Our Latest Report on LRCX
Lam Research Trading Down 16.3%
The company has a quick ratio of 1.86, a current ratio of 2.48 and a debt-to-equity ratio of 0.27. The firm has a 50 day moving average price of $289.28 and a 200 day moving average price of $283.97. The stock has a market capitalization of $231.61 billion, a PE ratio of 27.63, a P/E/G ratio of 0.85 and a beta of 1.97.
Lam Research (NASDAQ:LRCX – Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The semiconductor company reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $2.18 by $0.02. Lam Research had a net margin of 32.34% and a return on equity of 72.15%. The company had revenue of $8.22 billion for the quarter, compared to analysts’ expectations of $8.14 billion. During the same period in the prior year, the company posted $1.26 EPS. Lam Research’s revenue was up 54.4% compared to the same quarter last year. Equities analysts expect that Lam Research Corporation will post 9.59 EPS for the current fiscal year.
Lam Research Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 23rd were paid a dividend of $0.33 per share. The ex-dividend date was Wednesday, September 23rd. This represents a $1.32 annualized dividend and a yield of 0.7%. This is an increase from Lam Research’s previous quarterly dividend of $0.26. Lam Research’s dividend payout ratio (DPR) is currently 19.67%.
Insider Buying and Selling
In other news, Director Bethany Mayer sold 9,557 shares of Lam Research stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $314.74, for a total value of $3,007,970.18. Following the sale, the director directly owned 20,995 shares of the company’s stock, valued at approximately $6,607,966.30. The trade was a 31.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ava Harter sold 5,000 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $302.46, for a total transaction of $1,512,300.00. Following the sale, the insider owned 42,462 shares in the company, valued at $12,843,056.52. This represents a 10.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.31% of the stock is currently owned by company insiders.
Institutional Trading of Lam Research
Several institutional investors and hedge funds have recently bought and sold shares of LRCX. State Street Corp boosted its stake in shares of Lam Research by 2.6% in the 2nd quarter. State Street Corp now owns 60,704,130 shares of the semiconductor company’s stock valued at $26,320,468,000 after purchasing an additional 1,545,830 shares in the last quarter. Bank of America Corp DE grew its holdings in Lam Research by 5.5% in the second quarter. Bank of America Corp DE now owns 11,244,147 shares of the semiconductor company’s stock worth $4,872,426,000 after purchasing an additional 584,489 shares during the period. Van ECK Associates Corp increased its holdings in shares of Lam Research by 411.8% during the second quarter. Van ECK Associates Corp now owns 11,089,395 shares of the semiconductor company’s stock valued at $4,805,368,000 after acquiring an additional 8,922,854 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Lam Research in the 2nd quarter valued at about $3,777,585,000. Finally, Amundi raised its holdings in shares of Lam Research by 23.7% in the first quarter. Amundi now owns 10,147,479 shares of the semiconductor company’s stock valued at $2,168,107,000 after purchasing an additional 1,942,862 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.
Lam Research Company Profile
Lam Research Corporation (NASDAQ:LRCX) is a semiconductor equipment company that develops and manufactures systems used to fabricate integrated circuits. Its technologies support key stages of wafer processing, helping semiconductor manufacturers create the increasingly complex structures found in memory, logic and other types of chips.
The company’s product portfolio includes etch systems, which selectively remove materials from wafers; deposition systems, which apply thin films; and cleaning solutions used to remove contaminants and residue during manufacturing.
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