Shares of Lam Research Corporation (NASDAQ:LRCX – Get Free Report) shot up 10.4% during mid-day trading on Monday. The stock traded as high as $222.64 and last traded at $221.31. Approximately 16,664,496 shares changed hands during trading, an increase of 52% from the average session volume of 10,967,746 shares. The stock had previously closed at $200.44.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on LRCX shares. Morgan Stanley set a $339.00 target price on Lam Research and gave the company an “overweight” rating in a report on Thursday, October 22nd. HSBC reaffirmed a “hold” rating and set a $333.00 price target on shares of Lam Research in a research note on Monday, July 27th. Zacks Research lowered shares of Lam Research from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 22nd. Weiss Ratings cut shares of Lam Research from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, September 4th. Finally, Fundamental Research set a $390.00 target price on shares of Lam Research in a report on Thursday, October 1st. Twenty-six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $357.57.
View Our Latest Research Report on LRCX
Lam Research Trading Up 10.4%
The firm has a market capitalization of $276.45 billion, a PE ratio of 32.98, a P/E/G ratio of 0.74 and a beta of 1.97. 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 business’s fifty day moving average price is $284.37 and its 200 day moving average price is $283.67.
Lam Research (NASDAQ:LRCX – Get Free Report) last announced its earnings results on Wednesday, October 21st. The semiconductor company reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.18 by $0.02. The firm had revenue of $8.22 billion for the quarter, compared to analyst estimates of $8.14 billion. Lam Research had a net margin of 32.34% and a return on equity of 72.15%. Lam Research’s revenue was up 54.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.26 earnings per share. As a group, analysts expect that Lam Research Corporation will post 9.59 EPS for the current fiscal year.
Lam Research Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 6th. Stockholders of record on Wednesday, December 2nd will be given a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, December 2nd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.6%. Lam Research’s payout ratio is currently 19.67%.
Lam Research announced that its Board of Directors has approved a share buyback plan on Thursday, November 5th that allows the company to repurchase $25 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 9% of its shares through open market purchases. Share repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Insider Buying and Selling at Lam Research
In related news, Director Bethany Mayer sold 9,557 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $314.74, for a total transaction of $3,007,970.18. Following the transaction, the director directly owned 20,995 shares in the company, valued at approximately $6,607,966.30. This represents a 31.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Ava Harter sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $302.46, for a total value of $1,512,300.00. Following the completion of the sale, the insider directly owned 42,462 shares in the company, valued at approximately $12,843,056.52. The trade was a 10.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 14,573 shares of company stock valued at $4,523,606 over the last quarter. Insiders own 0.31% of the company’s stock.
Institutional Investors Weigh In On Lam Research
A number of institutional investors have recently bought and sold shares of the stock. State Street Corp grew its position in Lam Research by 2.6% during the second quarter. State Street Corp now owns 60,704,130 shares of the semiconductor company’s stock valued at $26,320,468,000 after acquiring an additional 1,545,830 shares during the period. Bank of America Corp DE raised its holdings in shares of Lam Research by 5.5% in the 2nd 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 lifted its stake in shares of Lam Research by 411.8% in the 2nd quarter. Van ECK Associates Corp now owns 11,089,395 shares of the semiconductor company’s stock valued at $4,805,368,000 after purchasing an additional 8,922,854 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Lam Research in the 2nd quarter valued at about $3,777,585,000. Finally, Amundi grew its holdings in shares of Lam Research by 23.7% during the 1st quarter. Amundi now owns 10,147,479 shares of the semiconductor company’s stock worth $2,168,107,000 after purchasing an additional 1,942,862 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.
Lam Research Company Profile
Lam Research is a global supplier of equipment and services used to manufacture semiconductors. Its products help chipmakers create and process the microscopic structures that form integrated circuits.
The company’s wafer fabrication equipment is used for processes including etch, thin-film deposition and wafer cleaning. Lam also provides services such as equipment maintenance, upgrades, spare parts and other support for chip manufacturing operations.
Founded in 1980 and headquartered in Fremont, California, Lam Research serves semiconductor manufacturers around the world.
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