Lam Research (NASDAQ:LRCX) Downgraded by StockNews.com

Lam Research (NASDAQ:LRCX) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

A number of other equities research analysts also recently weighed in on the company. Wells Fargo & Company raised their price target on Lam Research from $980.00 to $1,100.00 and gave the company an “equal weight” rating in a research report on Monday, June 17th. Cantor Fitzgerald lifted their price objective on Lam Research from $1,100.00 to $1,200.00 and gave the stock a “neutral” rating in a report on Tuesday, July 16th. Stifel Nicolaus lifted their price objective on Lam Research from $950.00 to $1,050.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. UBS Group lifted their price objective on Lam Research from $1,130.00 to $1,150.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Finally, Susquehanna decreased their price objective on Lam Research from $880.00 to $850.00 and set a “neutral” rating on the stock in a report on Thursday, April 25th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $986.05.

Lam Research Price Performance

NASDAQ:LRCX traded up $10.52 during trading hours on Friday, hitting $894.64. 1,167,649 shares of the company’s stock traded hands, compared to its average volume of 1,024,891. The firm has a market cap of $116.97 billion, a P/E ratio of 32.90, a P/E/G ratio of 2.63 and a beta of 1.48. Lam Research has a 52 week low of $574.42 and a 52 week high of $1,130.00. The business’s fifty day simple moving average is $1,010.61 and its two-hundred day simple moving average is $941.39. The company has a quick ratio of 1.84, a current ratio of 2.82 and a debt-to-equity ratio of 0.56.

Lam Research’s stock is scheduled to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be distributed to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.26 by $0.53. The company had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.72 billion. Lam Research had a return on equity of 45.96% and a net margin of 25.35%. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the company earned $6.99 earnings per share. On average, research analysts anticipate that Lam Research will post 29.67 earnings per share for the current fiscal year.

Lam Research announced that its board has authorized a stock buyback plan on Tuesday, May 21st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 8.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Lam Research

In other news, CEO Timothy Archer sold 9,650 shares of the business’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 sale, the chief executive officer now directly owns 84,639 shares of the company’s stock, valued at approximately $90,596,739.21. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $1,062.26, for a total value of $687,282.22. Following the sale, the chief accounting officer now directly owns 4,914 shares of the company’s stock, valued at approximately $5,219,945.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy Archer sold 9,650 shares of the business’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 disclosure for this sale can be found here. In the last three months, insiders have sold 16,786 shares of company stock valued at $17,802,292. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lam Research

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CarsonAllaria Wealth Management Ltd. bought a new position in Lam Research in the 2nd quarter valued at approximately $32,000. RFP Financial Group LLC lifted its position in Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 12 shares in the last quarter. DSM Capital Partners LLC bought a new position in Lam Research in the 4th quarter valued at approximately $28,000. Hobbs Group Advisors LLC bought a new position in Lam Research in the 2nd quarter valued at approximately $40,000. Finally, Partnership Wealth Management LLC bought a new position in Lam Research in the 4th quarter valued at approximately $33,000. 84.61% of the stock is owned by institutional investors.

Lam Research Company Profile

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.