Lam Research Co. (NASDAQ:LRCX) Announces Quarterly Dividend of $2.30

Lam Research Co. (NASDAQ:LRCX) declared a quarterly dividend on Wednesday, August 28th, RTT News reports. Shareholders of record on Tuesday, September 17th will be given a dividend of 2.30 per share by the semiconductor company on Tuesday, October 1st. This represents a $9.20 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date is Tuesday, September 17th. This is a positive change from Lam Research’s previous quarterly dividend of $2.00.

Lam Research has increased its dividend by an average of 15.0% annually over the last three years. Lam Research has a dividend payout ratio of 25.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Lam Research to earn $44.49 per share next year, which means the company should continue to be able to cover its $9.20 annual dividend with an expected future payout ratio of 20.7%.

Lam Research Trading Up 2.9 %

LRCX opened at $769.72 on Monday. The company has a market cap of $100.63 billion, a P/E ratio of 28.31, a PEG ratio of 1.48 and a beta of 1.48. 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 company’s 50 day moving average is $868.98 and its 200-day moving average is $932.18. Lam Research has a 1-year low of $574.42 and a 1-year high of $1,130.00.

Shares of Lam Research are scheduled to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be payable to shareholders after the closing bell on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last posted its earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 EPS for the quarter, beating the consensus estimate of $7.58 by $0.56. The firm had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.82 billion. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The business’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period last year, the company earned $5.98 earnings per share. Equities research analysts predict that Lam Research will post 35.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on LRCX. UBS Group decreased their price target on shares of Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating for the company in a research report on Thursday. Raymond James raised their target price on Lam Research from $950.00 to $1,060.00 and gave the stock an “outperform” rating in a research report on Friday, June 7th. Citigroup reduced their price target on Lam Research from $1,025.00 to $990.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Needham & Company LLC restated a “buy” rating and set a $1,130.00 price objective on shares of Lam Research in a research report on Thursday, August 1st. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $1,200.00 target price on shares of Lam Research in a report on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Lam Research presently has a consensus rating of “Moderate Buy” and an average price target of $1,015.63.

Lam Research announced that its board has approved a stock repurchase program on Tuesday, May 21st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 8.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Lam Research news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $1,062.26, for a total transaction of $687,282.22. Following the transaction, the chief accounting officer now directly owns 4,914 shares in the company, valued at approximately $5,219,945.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Lam Research news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $1,062.26, for a total transaction of $687,282.22. Following the transaction, the chief accounting officer now owns 4,914 shares of the company’s stock, valued at approximately $5,219,945.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Timothy Archer sold 9,650 shares of Lam Research stock in a transaction on Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total value of $10,329,263.50. Following the sale, the chief executive officer now owns 84,639 shares in the company, valued at $90,596,739.21. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,326 shares of company stock valued at $17,383,715. Corporate insiders own 0.32% of the company’s stock.

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.