Lam Research (LRCX) Shares Gap Up After Analyst Upgrade

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Lam Research Co. (NASDAQ:LRCX) gapped up before the market opened on Thursday after B. Riley raised their price target on the stock to $225.00. The stock had previously closed at $141.86, but opened at $147.18. B. Riley currently has a buy rating on the stock. Lam Research shares last traded at $145.33, with a volume of 113164 shares traded.

Several other equities research analysts have also weighed in on LRCX. KeyCorp reduced their price objective on Lam Research from $261.00 to $231.00 and set an “overweight” rating for the company in a research note on Wednesday. Stifel Nicolaus set a $279.00 target price on Lam Research and gave the stock a “buy” rating in a research report on Tuesday. Cowen decreased their target price on Lam Research from $250.00 to $210.00 and set an “outperform” rating for the company in a research report on Wednesday. BidaskClub cut Lam Research from a “hold” rating to a “sell” rating in a research report on Wednesday, June 20th. Finally, Zacks Investment Research cut Lam Research from a “hold” rating to a “sell” rating in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $231.25.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Lam Research by 0.9% during the second quarter. BlackRock Inc. now owns 11,252,078 shares of the semiconductor company’s stock valued at $1,944,921,000 after purchasing an additional 102,790 shares during the last quarter. Janus Henderson Group PLC boosted its position in Lam Research by 4.4% during the second quarter. Janus Henderson Group PLC now owns 5,503,855 shares of the semiconductor company’s stock valued at $951,341,000 after purchasing an additional 231,609 shares during the last quarter. LSV Asset Management boosted its position in Lam Research by 7.9% during the second quarter. LSV Asset Management now owns 2,641,374 shares of the semiconductor company’s stock valued at $456,561,000 after purchasing an additional 193,629 shares during the last quarter. FMR LLC boosted its position in Lam Research by 92.5% during the second quarter. FMR LLC now owns 2,329,989 shares of the semiconductor company’s stock valued at $402,737,000 after purchasing an additional 1,119,488 shares during the last quarter. Finally, Swedbank boosted its position in Lam Research by 8.3% during the third quarter. Swedbank now owns 1,944,630 shares of the semiconductor company’s stock valued at $295,000,000 after purchasing an additional 149,147 shares during the last quarter. 89.21% of the stock is owned by hedge funds and other institutional investors.

The stock has a market cap of $23.10 billion, a PE ratio of 8.13, a price-to-earnings-growth ratio of 0.59 and a beta of 1.33. The company has a quick ratio of 2.31, a current ratio of 2.90 and a debt-to-equity ratio of 0.27.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Tuesday, October 16th. The semiconductor company reported $3.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.22 by $0.14. The firm had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Lam Research had a return on equity of 47.14% and a net margin of 21.49%. The business’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same quarter last year, the firm earned $3.46 earnings per share. As a group, equities research analysts anticipate that Lam Research Co. will post 15.51 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 26th. Investors of record on Wednesday, September 12th were given a dividend of $1.10 per share. The ex-dividend date was Tuesday, September 11th. This represents a $4.40 dividend on an annualized basis and a yield of 3.03%. Lam Research’s payout ratio is 24.62%.

About Lam Research (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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