Lam Research (NASDAQ:LRCX) Price Target Cut to $1,150.00

Lam Research (NASDAQ:LRCX) had its price target reduced by UBS Group from $1,250.00 to $1,150.00 in a research report sent to investors on Thursday morning, Benzinga reports. UBS Group currently has a buy rating on the semiconductor company’s stock.

Other equities research analysts have also issued research reports about the stock. StockNews.com lowered shares of Lam Research from a buy rating to a hold rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Lam Research from $1,100.00 to $950.00 and set a buy rating for the company in a research report on Thursday, August 1st. Wells Fargo & Company cut their target price on shares of Lam Research from $1,100.00 to $1,000.00 and set an equal weight rating for the company in a research report on Thursday, August 1st. TD Cowen boosted their target price on shares of Lam Research from $1,000.00 to $1,050.00 and gave the stock a buy rating in a research report on Thursday, August 1st. Finally, Cantor Fitzgerald reissued a neutral rating and set a $1,200.00 target price on shares of Lam Research in a research report on Thursday, August 1st. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $1,015.63.

Lam Research Trading Up 2.9 %

Shares of NASDAQ:LRCX opened at $769.72 on Thursday. The firm has a fifty day moving average of $868.98 and a two-hundred day moving average of $932.18. The firm has a market capitalization of $99.97 billion, a P/E ratio of 28.31, a price-to-earnings-growth ratio of 1.48 and a beta of 1.48. Lam Research has a 12-month low of $574.42 and a 12-month high of $1,130.00. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52.

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 released its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.58 by $0.56. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The business had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.82 billion. During the same quarter in the previous year, the business earned $5.98 EPS. Lam Research’s quarterly revenue was up 20.7% compared to the same quarter last year. On average, equities analysts expect that Lam Research will post 35.2 EPS for the current fiscal year.

Lam Research Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be paid a $2.30 dividend. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $9.20 dividend on an annualized basis and a yield of 1.20%. This is a boost from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s payout ratio is presently 29.42%.

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

Insider Activity at Lam Research

In related news, SVP Neil J. Fernandes sold 1,620 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the sale, the senior vice president now owns 5,237 shares of the company’s stock, valued at $5,535,456.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, SVP Neil J. Fernandes sold 4,409 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total value of $4,654,845.84. Following the sale, the senior vice president now owns 6,857 shares of the company’s stock, valued at $7,239,346.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Neil J. Fernandes sold 1,620 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $1,056.99, for a total transaction of $1,712,323.80. Following the completion of the transaction, the senior vice president now owns 5,237 shares in the company, valued at $5,535,456.63. The disclosure for this sale can be found here. Insiders have sold a total of 16,326 shares of company stock valued at $17,383,715 over the last quarter. 0.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lam Research

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LRCX. DSM Capital Partners LLC acquired a new position in Lam Research in the fourth quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Lam Research in the second quarter valued at about $32,000. RFP Financial Group LLC boosted 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 in the last quarter. Atlantic Edge Private Wealth Management LLC acquired a new position in Lam Research in the fourth quarter valued at about $39,000. Finally, Raleigh Capital Management Inc. boosted its position in Lam Research by 78.6% in the fourth quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company’s stock valued at $39,000 after buying an additional 22 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.