B. Riley reissued their buy rating on shares of Lam Research (NASDAQ:LRCX) in a research note released on Tuesday, November 14th. The brokerage currently has a $250.00 target price on the semiconductor company’s stock.
Several other research firms have also issued reports on LRCX. Morgan Stanley reiterated an overweight rating and set a $176.00 price target on shares of Lam Research in a research report on Monday, August 14th. Vetr lowered shares of Lam Research from a buy rating to a hold rating and set a $196.77 price target on the stock. in a research report on Monday, October 16th. DA Davidson reiterated a buy rating and set a $215.00 price target on shares of Lam Research in a research report on Thursday, October 12th. Citigroup raised their target price on shares of Lam Research from $175.00 to $200.00 and gave the company a neutral rating in a research report on Wednesday, October 18th. Finally, KeyCorp restated a buy rating and issued a $225.00 target price (up previously from $202.00) on shares of Lam Research in a research report on Wednesday, October 18th. Four analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Lam Research presently has an average rating of Buy and a consensus price target of $212.89.
Shares of Lam Research (NASDAQ:LRCX) traded down $4.52 on Tuesday, hitting $187.81. 5,658,983 shares of the stock traded hands, compared to its average volume of 2,240,431. Lam Research has a 12 month low of $98.35 and a 12 month high of $219.70. The company has a market capitalization of $30,415.08, a PE ratio of 16.18, a PEG ratio of 0.86 and a beta of 1.58. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.31 and a quick ratio of 2.83.
Lam Research announced that its board has authorized a stock repurchase plan on Tuesday, November 14th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Wednesday, December 6th will be paid a $0.50 dividend. This is an increase from Lam Research’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Tuesday, December 5th. Lam Research’s payout ratio is 16.45%.
In other Lam Research news, COO Timothy Archer sold 8,691 shares of Lam Research stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $171.76, for a total value of $1,492,766.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen G. Newberry sold 750 shares of the business’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $175.00, for a total transaction of $131,250.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 71,688 shares of company stock valued at $13,783,130. Insiders own 0.41% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Wetherby Asset Management Inc. increased its position in shares of Lam Research by 0.7% during the second quarter. Wetherby Asset Management Inc. now owns 1,789 shares of the semiconductor company’s stock worth $253,000 after acquiring an additional 12 shares in the last quarter. Fiduciary Trust Co. boosted its holdings in Lam Research by 1.0% during the second quarter. Fiduciary Trust Co. now owns 2,044 shares of the semiconductor company’s stock worth $289,000 after purchasing an additional 20 shares during the last quarter. Smithfield Trust Co. boosted its holdings in Lam Research by 0.9% during the second quarter. Smithfield Trust Co. now owns 2,382 shares of the semiconductor company’s stock worth $337,000 after purchasing an additional 22 shares during the last quarter. Hanseatic Management Services Inc. boosted its holdings in Lam Research by 1.0% during the second quarter. Hanseatic Management Services Inc. now owns 2,242 shares of the semiconductor company’s stock worth $317,000 after purchasing an additional 22 shares during the last quarter. Finally, ETRADE Capital Management LLC boosted its holdings in Lam Research by 0.5% during the second quarter. ETRADE Capital Management LLC now owns 5,833 shares of the semiconductor company’s stock worth $825,000 after purchasing an additional 28 shares during the last quarter. 93.82% of the stock is owned by institutional investors.
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About Lam Research
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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