Lam Research (NASDAQ:LRCX) Shares Up 1.7% – Here’s What Happened

Lam Research Co. (NASDAQ:LRCX) shares traded up 1.7% during trading on Wednesday . The stock traded as high as $82.60 and last traded at $82.37. 2,032,640 shares changed hands during trading, a decline of 81% from the average session volume of 10,968,883 shares. The stock had previously closed at $81.01.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. B. Riley increased their target price on shares of Lam Research from $113.00 to $132.50 and gave the stock a “buy” rating in a report on Thursday, June 20th. UBS Group reduced their target price on shares of Lam Research from $125.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, September 12th. Morgan Stanley dropped their price target on shares of Lam Research from $92.90 to $77.40 and set an “equal weight” rating on the stock in a research report on Tuesday, September 17th. Cantor Fitzgerald dropped their price target on shares of Lam Research from $120.00 to $100.00 and set a “neutral” rating on the stock in a research report on Monday, September 30th. Finally, Mizuho dropped their price target on shares of Lam Research from $105.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $141.28.

Lam Research Trading Up 2.2 %

The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52. The firm has a market cap of $10.82 billion, a price-to-earnings ratio of 3.03, a P/E/G ratio of 1.51 and a beta of 1.47. The firm’s 50-day moving average is $95.03 and its 200-day moving average is $96.52.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.05. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The business had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the previous year, the business posted $0.60 EPS. The firm’s quarterly revenue was up 20.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Lam Research Co. will post 35.2 EPS for the current fiscal year.

Lam Research Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend was Tuesday, September 17th. Lam Research’s dividend payout ratio is presently 3.38%.

Insider Activity

In other news, CAO Christina Correia sold 647 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total transaction of $528,928.97. Following the sale, the chief accounting officer now directly owns 4,267 shares in the company, valued at $3,488,315.17. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, SVP Neil J. Fernandes sold 16,200 shares of the business’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $105.70, for a total transaction of $1,712,323.80. Following the completion of the transaction, the senior vice president now owns 52,370 shares of the company’s stock, valued at approximately $5,535,456.63. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Christina Correia sold 647 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total value of $528,928.97. Following the completion of the sale, the chief accounting officer now directly owns 4,267 shares of the company’s stock, valued at approximately $3,488,315.17. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.

Institutional Trading of Lam Research

Hedge funds and other institutional investors have recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. purchased a new stake in Lam Research in the second quarter worth approximately $32,000. RFP Financial Group LLC boosted its stake in shares of Lam Research by 52.2% during the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 12 shares during the period. Raleigh Capital Management Inc. boosted its stake in shares of Lam Research by 78.6% during the fourth quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 22 shares during the period. Hobbs Group Advisors LLC bought a new position in shares of Lam Research during the second quarter valued at approximately $40,000. Finally, Country Trust Bank bought a new position in shares of Lam Research during the second quarter valued at approximately $43,000. Hedge funds and other 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.