Lam Research (NASDAQ:LRCX) Stock Gets Price Target Cut from B. Riley Financial

Lam Research (NASDAQ:LRCX) had its price objective decreased by B. Riley Financial from $338.00 to $310.00 in a research note released on Monday morning,Benzinga reports. B. Riley Financial currently has a buy rating on the semiconductor company’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Bank of America reissued a “buy” rating and set a $345.00 target price on shares of Lam Research in a report on Thursday, October 22nd. Weiss Ratings cut shares of Lam Research from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, September 4th. Wall Street Zen raised shares of Lam Research from a “hold” rating to a “buy” rating in a research report on Saturday, October 24th. HSBC restated a “hold” rating and issued a $333.00 price objective on shares of Lam Research in a report on Monday, July 27th. Finally, Fundamental Research set a $390.00 price target on shares of Lam Research in a research report on Thursday, October 1st. Twenty-six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $357.57.

Lam Research Stock Performance

Shares of LRCX opened at $235.88 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.86 and a current ratio of 2.48. The firm has a market capitalization of $294.65 billion, a P/E ratio of 32.90, a P/E/G ratio of 0.82 and a beta of 1.97. Lam Research has a 52 week low of $135.50 and a 52 week high of $438.50. The stock has a 50 day moving average price of $280.09 and a two-hundred day moving average price of $283.74.

Lam Research (NASDAQ:LRCX) last announced its earnings results on Wednesday, October 21st. The semiconductor company reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.18 by $0.02. The firm had revenue of $8.22 billion for the quarter, compared to the consensus estimate of $8.14 billion. Lam Research had a return on equity of 72.15% and a net margin of 32.34%. The company’s revenue was up 54.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.26 EPS. Equities analysts forecast that Lam Research will post 9.60 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Wednesday, December 2nd will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Wednesday, December 2nd. Lam Research’s dividend payout ratio is presently 19.67%.

Lam Research announced that its Board of Directors has initiated a share buyback program on Thursday, November 5th that allows the company to repurchase $25 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Lam Research

In related news, insider Ava Harter sold 5,000 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $302.46, for a total transaction of $1,512,300.00. Following the completion of the transaction, the insider owned 42,462 shares in the company, valued at approximately $12,843,056.52. This represents a 10.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bethany Mayer sold 9,557 shares of Lam Research stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $314.74, for a total value of $3,007,970.18. Following the completion of the sale, the director directly owned 20,995 shares in the company, valued at approximately $6,607,966.30. The trade was a 31.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 14,573 shares of company stock worth $4,523,606. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Lam Research

A number of hedge funds have recently made changes to their positions in LRCX. Patron Partners LLC boosted its stake in Lam Research by 36.0% in the 3rd quarter. Patron Partners LLC now owns 2,706 shares of the semiconductor company’s stock worth $889,000 after purchasing an additional 717 shares in the last quarter. Mayflower Financial Advisors LLC increased its position in shares of Lam Research by 3.7% in the third quarter. Mayflower Financial Advisors LLC now owns 1,343 shares of the semiconductor company’s stock valued at $441,000 after buying an additional 48 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of Lam Research in the third quarter valued at about $23,887,000. Edmond DE Rothschild Holding S.A. boosted its stake in shares of Lam Research by 13.5% in the third quarter. Edmond DE Rothschild Holding S.A. now owns 9,694 shares of the semiconductor company’s stock worth $3,185,000 after acquiring an additional 1,153 shares during the last quarter. Finally, GW&K Investment Management LLC raised its position in shares of Lam Research by 4.6% in the third quarter. GW&K Investment Management LLC now owns 1,838 shares of the semiconductor company’s stock valued at $604,000 after buying an additional 80 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Latest Lam Research News

Here’s some of the latest news about LRCX:

• Positive Sentiment: Lam’s shares rose alongside peers in a broad wafer-fabrication-equipment rally, suggesting a rebound in sector sentiment after the recent decline. Read More.
• Neutral Sentiment: Lam named longtime employee Kim Tae-won to lead its Korean operations, a region important to the company’s relationships with major chipmakers. The appointment may aid execution but has no clear immediate financial impact. Read More.
• Negative Sentiment: Despite the rebound, LRCX and other equipment stocks had recently suffered steep declines amid concerns about semiconductor spending. Supply constraints could also limit further margin improvement, while ETFs were net sellers on Nov. 6—evidence that sentiment and fund flows have been uneven. Read More. · Read More.

About Lam Research

Lam Research is a global supplier of equipment and services used to manufacture semiconductors. Its products help chipmakers create and process the microscopic structures that form integrated circuits. The company’s wafer fabrication equipment is used for processes including etch, thin-film deposition and wafer cleaning. Lam also provides services such as equipment maintenance, upgrades, spare parts and other support for chip manufacturing operations. Founded in 1980 and headquartered in Fremont, California, Lam Research serves semiconductor manufacturers around the world.