Bank of America Cuts Lam Research (NASDAQ:LRCX) Price Target to $90.00

Lam Research (NASDAQ:LRCX) had its price objective cut by Bank of America from $110.00 to $90.00 in a research report released on Wednesday,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

LRCX has been the topic of several other reports. Oppenheimer decreased their price target on Lam Research from $95.00 to $80.00 and set an “outperform” rating on the stock in a research report on Friday, April 11th. Jefferies Financial Group upped their target price on shares of Lam Research from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, March 28th. Stifel Nicolaus cut their price target on shares of Lam Research from $100.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday. Barclays decreased their price target on shares of Lam Research from $90.00 to $75.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Finally, Wells Fargo & Company boosted their target price on Lam Research from $82.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 30th. Six equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.87.

Lam Research Stock Performance

NASDAQ LRCX opened at $63.76 on Wednesday. The firm has a market cap of $81.85 billion, a P/E ratio of 19.37, a price-to-earnings-growth ratio of 1.47 and a beta of 1.52. The company has a quick ratio of 1.73, a current ratio of 2.54 and a debt-to-equity ratio of 0.51. The company’s 50 day moving average is $74.79 and its 200-day moving average is $75.96. Lam Research has a 12-month low of $56.32 and a 12-month high of $113.00.

Lam Research (NASDAQ:LRCX) last posted its earnings results on Wednesday, January 29th. The semiconductor company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.04. Lam Research had a return on equity of 51.86% and a net margin of 26.49%. Sell-side analysts predict that Lam Research will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 9th. Shareholders of record on Wednesday, March 5th were paid a $0.23 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.44%. Lam Research’s dividend payout ratio (DPR) is currently 27.96%.

Insider Activity

In other news, SVP Seshasayee Varadarajan sold 110,080 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $90.00, for a total transaction of $9,907,200.00. Following the completion of the transaction, the senior vice president now directly owns 179,084 shares of the company’s stock, valued at approximately $16,117,560. This represents a 38.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Lam Research by 892.7% during the fourth quarter. Vanguard Group Inc. now owns 120,787,727 shares of the semiconductor company’s stock valued at $8,724,498,000 after buying an additional 108,619,564 shares during the period. FMR LLC lifted its stake in Lam Research by 1,032.6% in the fourth quarter. FMR LLC now owns 40,031,194 shares of the semiconductor company’s stock worth $2,891,453,000 after acquiring an additional 36,496,689 shares during the period. Ameriprise Financial Inc. boosted its holdings in Lam Research by 950.5% in the fourth quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company’s stock valued at $2,495,128,000 after acquiring an additional 31,255,726 shares in the last quarter. Geode Capital Management LLC increased its position in Lam Research by 907.1% during the 4th quarter. Geode Capital Management LLC now owns 31,428,010 shares of the semiconductor company’s stock valued at $2,265,610,000 after purchasing an additional 28,307,499 shares during the period. Finally, Norges Bank bought a new position in Lam Research in the 4th quarter worth $1,661,672,000. Hedge funds and other institutional investors own 84.61% 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.