Oppenheimer Reaffirms “Outperform” Rating for Lam Research (NASDAQ:LRCX)

Oppenheimer restated their outperform rating on shares of Lam Research (NASDAQ:LRCX) in a report released on Tuesday morning, MarketBeat reports. The firm currently has a $110.00 price objective on the semiconductor company’s stock, up from their prior price objective of $80.00.

Other analysts also recently issued reports about the company. Mizuho raised their target price on Lam Research from $87.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Argus upgraded Lam Research to a “strong-buy” rating in a research note on Friday, April 25th. Barclays decreased their price target on Lam Research from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 22nd. Evercore ISI upped their target price on Lam Research from $95.00 to $99.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Finally, Wells Fargo & Company lowered their target price on Lam Research from $85.00 to $75.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Seven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $92.78.

Lam Research Trading Down 0.5%

LRCX stock opened at $92.24 on Tuesday. Lam Research has a 52 week low of $56.32 and a 52 week high of $113.00. The company has a market cap of $117.99 billion, a price-to-earnings ratio of 25.71, a PEG ratio of 1.30 and a beta of 1.65. The company has a quick ratio of 1.64, a current ratio of 2.45 and a debt-to-equity ratio of 0.39. The business has a fifty day simple moving average of $79.16 and a 200-day simple moving average of $77.49.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings results on Wednesday, April 23rd. The semiconductor company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.04. The firm had revenue of $4.72 billion during the quarter, compared to the consensus estimate of $4.64 billion. Lam Research had a return on equity of 53.21% and a net margin of 27.18%. The firm’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $7.79 EPS. On average, equities research analysts expect that Lam Research will post 3.71 EPS for the current year.

Lam Research Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $0.92 annualized dividend and a dividend yield of 1.00%. Lam Research’s dividend payout ratio is currently 25.63%.

Hedge Funds Weigh In On Lam Research

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Lam Research by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 129,152,102 shares of the semiconductor company’s stock worth $9,389,358,000 after purchasing an additional 8,364,375 shares in the last quarter. FMR LLC grew its position in Lam Research by 1,032.6% during the 4th quarter. FMR LLC now owns 40,031,194 shares of the semiconductor company’s stock worth $2,891,453,000 after purchasing an additional 36,496,689 shares in the last quarter. Ameriprise Financial Inc. grew its position in Lam Research by 950.5% during the 4th quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company’s stock worth $2,495,128,000 after purchasing an additional 31,255,726 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of 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 acquiring an additional 28,307,499 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Lam Research during the 4th quarter valued at $1,661,672,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.