Wells Fargo & Company Cuts Lam Research (NASDAQ:LRCX) Price Target to $83.00

Lam Research (NASDAQ:LRCX) had its target price cut by Wells Fargo & Company from $85.00 to $83.00 in a research note published on Friday morning,Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

LRCX has been the subject of several other reports. Sanford C. Bernstein lowered their price objective on Lam Research from $95.00 to $85.00 and set a “market perform” rating for the company in a research note on Friday, November 29th. Morgan Stanley increased their price target on Lam Research from $76.00 to $78.00 and gave the company an “equal weight” rating in a research report on Thursday. UBS Group cut their price objective on shares of Lam Research from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. B. Riley reduced their target price on shares of Lam Research from $132.50 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $100.00 price target on shares of Lam Research in a research report on Thursday, October 24th. Eight investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.24.

Lam Research Stock Performance

NASDAQ LRCX opened at $76.59 on Friday. The company has a market cap of $98.55 billion, a P/E ratio of 24.75, a PEG ratio of 1.24 and a beta of 1.46. The company has a fifty day simple moving average of $76.26 and a 200 day simple moving average of $86.05. 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 has a 12-month low of $68.87 and a 12-month high of $113.00.

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 analysts’ consensus estimates of $0.81 by $0.05. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The firm had revenue of $4.17 billion during the quarter, compared to analysts’ expectations of $4.06 billion. During the same period last year, the company earned $6.85 earnings per share. The business’s revenue was up 19.7% on a year-over-year basis. Sell-side analysts predict that Lam Research will post 3.52 earnings per share for the current fiscal year.

Lam Research Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Wednesday, December 11th will be given a dividend of $0.23 per share. The ex-dividend date is Wednesday, December 11th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.20%. Lam Research’s dividend payout ratio is presently 29.74%.

Insider Transactions at Lam Research

In other news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total value of $528,928.97. Following the sale, the chief accounting officer now owns 4,267 shares of the company’s stock, valued at $3,488,315.17. The trade was a 13.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. U.S. Capital Wealth Advisors LLC boosted its holdings in shares of Lam Research by 3.7% in the second quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock worth $357,000 after acquiring an additional 12 shares during the period. Ignite Planners LLC boosted its stake in Lam Research by 2.8% in the 2nd quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock worth $484,000 after purchasing an additional 12 shares during the period. RFP Financial Group LLC grew its holdings in Lam Research by 52.2% during the 2nd 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. Rosenberg Matthew Hamilton increased its position in shares of Lam Research by 24.0% during the second quarter. Rosenberg Matthew Hamilton now owns 62 shares of the semiconductor company’s stock valued at $66,000 after buying an additional 12 shares during the period. Finally, TRUE Private Wealth Advisors lifted its holdings in shares of Lam Research by 3.4% in the second quarter. TRUE Private Wealth Advisors now owns 390 shares of the semiconductor company’s stock worth $415,000 after buying an additional 13 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.