Lam Research (NASDAQ:LRCX) Price Target Cut to $85.00 by Analysts at Sanford C. Bernstein

Lam Research (NASDAQ:LRCX) had its price target cut by Sanford C. Bernstein from $95.00 to $85.00 in a report issued on Friday,Benzinga reports. They currently have a market perform rating on the semiconductor company’s stock.

A number of other brokerages have also weighed in on LRCX. StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a research note on Friday, October 11th. Citigroup decreased their price objective on Lam Research from $99.00 to $89.30 and set a “buy” rating for the company in a report on Monday, September 16th. BNP Paribas upgraded Lam Research to a “hold” rating in a research note on Thursday, October 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price target on shares of Lam Research in a research note on Thursday, October 24th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Lam Research from $110.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Eight investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $97.29.

Lam Research Stock Performance

LRCX stock opened at $73.88 on Friday. Lam Research has a 1-year low of $68.72 and a 1-year high of $113.00. The business’s 50-day moving average price is $76.52 and its two-hundred day moving average price is $86.70. The firm has a market cap of $95.06 billion, a PE ratio of 23.91, a P/E/G ratio of 1.14 and a beta of 1.48. The company has a current ratio of 2.53, a quick ratio of 1.74 and a debt-to-equity ratio of 0.53.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.05. Lam Research had a return on equity of 50.60% and a net margin of 26.02%. The business had revenue of $4.17 billion during the quarter, compared to analyst estimates of $4.06 billion. During the same period in the previous year, the firm earned $6.85 EPS. Lam Research’s quarterly revenue was up 19.7% compared to the same quarter last year. As a group, research analysts forecast that Lam Research will post 3.52 earnings per share for the current year.

Lam Research Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Wednesday, December 11th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date is Wednesday, December 11th. Lam Research’s dividend payout ratio is presently 29.77%.

Insider Transactions at Lam Research

In other Lam Research news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total transaction of $528,928.97. Following the sale, the chief accounting officer now owns 4,267 shares of the company’s stock, valued at approximately $3,488,315.17. The trade was a 13.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Lam Research

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Jennison Associates LLC grew its holdings in shares of Lam Research by 20.0% during the third quarter. Jennison Associates LLC now owns 238,275 shares of the semiconductor company’s stock worth $194,451,000 after purchasing an additional 39,725 shares during the last quarter. Creative Planning grew its holdings in Lam Research by 2.5% during the 3rd quarter. Creative Planning now owns 47,377 shares of the semiconductor company’s stock worth $38,664,000 after acquiring an additional 1,146 shares during the last quarter. Vest Financial LLC increased its position in Lam Research by 68.7% in the 3rd quarter. Vest Financial LLC now owns 35,991 shares of the semiconductor company’s stock valued at $29,372,000 after acquiring an additional 14,658 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Lam Research by 9.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 340,855 shares of the semiconductor company’s stock valued at $278,165,000 after acquiring an additional 28,089 shares during the last quarter. Finally, Benson Investment Management Company Inc. acquired a new position in shares of Lam Research during the third quarter worth $5,182,000. Institutional investors own 84.61% of the company’s stock.

About Lam Research

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.