Shares of Lam Research Co. (NASDAQ:LRCX) gapped down before the market opened on Tuesday . The stock had previously closed at $178.70, but opened at $183.67. Lam Research shares last traded at $187.51, with a volume of 54086 shares trading hands.
Several research analysts have weighed in on LRCX shares. Citigroup reaffirmed a “buy” rating and set a $215.00 target price (up previously from $177.00) on shares of Lam Research in a research note on Friday, March 15th. Needham & Company LLC reissued a “buy” rating and set a $180.00 price target on shares of Lam Research in a research report on Thursday, January 24th. Credit Suisse Group reissued a “buy” rating and set a $278.00 price target on shares of Lam Research in a research report on Monday, January 21st. Mizuho reissued a “buy” rating and set a $180.00 price target on shares of Lam Research in a research report on Tuesday, April 16th. Finally, B. Riley raised Lam Research from a “neutral” rating to a “buy” rating and increased their price target for the stock from $170.00 to $235.00 in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $224.78.
The company has a debt-to-equity ratio of 0.71, a current ratio of 3.37 and a quick ratio of 2.79. The company has a market capitalization of $28.01 billion, a price-to-earnings ratio of 10.46, a price-to-earnings-growth ratio of 1.13 and a beta of 1.57.
Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, April 24th. The semiconductor company reported $3.70 earnings per share for the quarter, topping the consensus estimate of $3.38 by $0.32. Lam Research had a return on equity of 46.66% and a net margin of 25.64%. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same period in the prior year, the company earned $4.79 earnings per share. The company’s quarterly revenue was down 15.7% on a year-over-year basis. As a group, equities analysts forecast that Lam Research Co. will post 14.33 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Wednesday, June 12th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Tuesday, June 11th. Lam Research’s payout ratio is 24.62%.
Lam Research declared that its Board of Directors has approved a share buyback plan on Wednesday, January 23rd that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the semiconductor company to purchase up to 23% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
In other Lam Research news, SVP Kevin Jennings sold 1,553 shares of Lam Research stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $177.67, for a total transaction of $275,921.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Richard A. Gottscho sold 2,155 shares of Lam Research stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $209.00, for a total transaction of $450,395.00. The disclosure for this sale can be found here. Insiders sold a total of 35,125 shares of company stock valued at $6,772,290 over the last quarter. 0.44% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund grew its holdings in shares of Lam Research by 35,969.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 15,760,316 shares of the semiconductor company’s stock valued at $116,000 after buying an additional 15,716,622 shares during the last quarter. FMR LLC raised its position in Lam Research by 88.0% in the fourth quarter. FMR LLC now owns 6,652,531 shares of the semiconductor company’s stock worth $905,875,000 after acquiring an additional 3,114,393 shares during the period. American International Group Inc. increased its stake in shares of Lam Research by 1,921.2% in the fourth quarter. American International Group Inc. now owns 2,848,583 shares of the semiconductor company’s stock worth $387,892,000 after purchasing an additional 2,707,651 shares in the last quarter. Norges Bank purchased a new stake in shares of Lam Research in the fourth quarter worth $215,477,000. Finally, Amundi Pioneer Asset Management Inc. increased its stake in shares of Lam Research by 563.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,043,217 shares of the semiconductor company’s stock worth $186,745,000 after purchasing an additional 885,862 shares in the last quarter. Hedge funds and other institutional investors own 89.70% of the company’s stock.
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Lam Research Company Profile (NASDAQ:LRCX)
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition product for copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatment; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition (ALD) products; and VECTOR plasma-enhanced CVD ALD products.
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