Lam Research (LRCX) Lifted to “Buy” at UBS Group

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UBS Group upgraded shares of Lam Research (NASDAQ:LRCX) from a neutral rating to a buy rating in a report released on Tuesday, 247wallst.com reports. The brokerage currently has $220.00 price target on the semiconductor company’s stock.

Other research analysts have also issued reports about the company. Citigroup upgraded Lam Research from a neutral rating to a buy rating and cut their target price for the company from $234.88 to $200.00 in a research note on Monday, May 14th. Credit Suisse Group upped their target price on Lam Research from $275.00 to $278.00 and gave the company an outperform rating in a research note on Wednesday, April 18th. Argus restated a buy rating and issued a $203.77 target price (down from $235.00) on shares of Lam Research in a research note on Thursday, April 19th. ValuEngine lowered Lam Research from a buy rating to a hold rating in a research note on Thursday, April 19th. Finally, B. Riley upped their target price on Lam Research from $270.00 to $285.00 and gave the company a buy rating in a research note on Wednesday, April 18th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Lam Research has an average rating of Buy and an average price target of $254.66.

LRCX opened at $172.98 on Tuesday. Lam Research has a 1-year low of $139.24 and a 1-year high of $234.88. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.64 and a quick ratio of 2.21. The company has a market capitalization of $27.85 billion, a PE ratio of 17.33, a price-to-earnings-growth ratio of 0.56 and a beta of 1.43.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data on Tuesday, April 17th. The semiconductor company reported $4.79 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.41. Lam Research had a return on equity of 41.13% and a net margin of 18.32%. The company had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.85 billion. During the same period in the prior year, the business earned $3.10 earnings per share. Lam Research’s revenue for the quarter was up 34.3% compared to the same quarter last year. sell-side analysts predict that Lam Research will post 17.5 EPS for the current year.

Lam Research announced that its Board of Directors has authorized a share buyback plan on Tuesday, March 6th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the semiconductor company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 27th. Stockholders of record on Wednesday, June 6th were paid a $1.10 dividend. The ex-dividend date was Tuesday, June 5th. This is a positive change from Lam Research’s previous quarterly dividend of $0.50. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.54%. Lam Research’s dividend payout ratio (DPR) is 44.09%.

In other news, insider Timothy Archer sold 5,000 shares of the firm’s stock in a transaction on Tuesday, April 17th. The stock was sold at an average price of $210.00, for a total value of $1,050,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Martin B. Anstice sold 25,122 shares of the firm’s stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $203.83, for a total value of $5,120,617.26. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,330 shares of company stock valued at $8,322,796. 0.41% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in the company. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Lam Research in the first quarter valued at $3,047,000. 180 Wealth Advisors LLC increased its stake in shares of Lam Research by 35.7% in the first quarter. 180 Wealth Advisors LLC now owns 2,211 shares of the semiconductor company’s stock valued at $452,000 after buying an additional 582 shares in the last quarter. Trust Investment Advisors acquired a new stake in shares of Lam Research in the first quarter valued at $575,000. Suntrust Banks Inc. increased its stake in shares of Lam Research by 7.8% in the first quarter. Suntrust Banks Inc. now owns 8,020 shares of the semiconductor company’s stock valued at $1,628,000 after buying an additional 581 shares in the last quarter. Finally, Amalgamated Bank increased its stake in shares of Lam Research by 11.9% in the first quarter. Amalgamated Bank now owns 23,850 shares of the semiconductor company’s stock valued at $4,845,000 after buying an additional 2,539 shares in the last quarter. Institutional investors own 88.31% 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 worldwide. The company offers thin film deposition products, including SABRE electrochemical deposition products for copper damascene manufacturing; ALTUS systems to deposit conformal atomic layer films for tungsten metallization applications; VECTOR plasma-enhanced chemical vapor deposition (CVD) and atomic layer deposition systems to deposit oxides, nitrides, and carbides for hardmasks, multiple patterning films, anti-reflective layers, multi-layer stack films, and diffusion barriers; and Striker atomic layer deposition systems that deliver conformal dielectric films for spacer-based patterning and liner applications in various advanced memory and logic structures.

Analyst Recommendations for Lam Research (NASDAQ:LRCX)

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