Lam Research (NASDAQ:LRCX) PT Lowered to $893.00

Lam Research (NASDAQ:LRCX) had its price objective cut by Citigroup from $990.00 to $893.00 in a report released on Monday morning, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other equities analysts have also commented on LRCX. Barclays increased their price target on Lam Research from $865.00 to $900.00 and gave the company an equal weight rating in a research note on Wednesday, June 5th. TD Cowen raised their price objective on Lam Research from $1,000.00 to $1,050.00 and gave the company a buy rating in a research note on Thursday, August 1st. StockNews.com lowered Lam Research from a buy rating to a hold rating in a research note on Friday, July 26th. B. Riley raised their price objective on Lam Research from $1,130.00 to $1,325.00 and gave the company a buy rating in a research note on Thursday, June 20th. Finally, Raymond James raised their price objective on Lam Research from $950.00 to $1,060.00 and gave the company an outperform rating in a research note on Friday, June 7th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $1,013.37.

Lam Research Price Performance

Shares of Lam Research stock opened at $755.87 on Monday. The stock has a 50 day moving average of $847.76 and a 200 day moving average of $928.18. Lam Research has a 12 month low of $574.42 and a 12 month high of $1,130.00. The firm has a market cap of $98.82 billion, a PE ratio of 27.80, a PEG ratio of 1.48 and a beta of 1.48. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52.

Lam Research shares are scheduled to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly issued shares will be issued to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 EPS for the quarter, beating analysts’ consensus estimates of $7.58 by $0.56. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The company had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.82 billion. During the same period in the prior year, the company earned $5.98 earnings per share. The firm’s revenue was up 20.7% on a year-over-year basis. On average, research analysts expect that Lam Research will post 35.2 EPS for the current fiscal year.

Lam Research Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th will be paid a dividend of $2.30 per share. This represents a $9.20 dividend on an annualized basis and a yield of 1.22%. This is a boost from Lam Research’s previous quarterly dividend of $2.00. The ex-dividend date is Tuesday, September 17th. Lam Research’s dividend payout ratio is 33.84%.

Insider Transactions at Lam Research

In related news, CEO Timothy Archer sold 9,650 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total value of $10,329,263.50. Following the transaction, the chief executive officer now owns 84,639 shares of the company’s stock, valued at $90,596,739.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Timothy Archer sold 9,650 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $1,070.39, for a total value of $10,329,263.50. Following the completion of the sale, the chief executive officer now owns 84,639 shares in the company, valued at $90,596,739.21. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Neil J. Fernandes sold 4,409 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total transaction of $4,654,845.84. Following the completion of the sale, the senior vice president now owns 6,857 shares of the company’s stock, valued at approximately $7,239,346.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,326 shares of company stock valued at $17,383,715. 0.32% of the stock is currently owned by company insiders.

Institutional Trading of Lam Research

Hedge funds and other institutional investors have recently bought and sold shares of the company. Swedbank AB acquired a new position in shares of Lam Research in the 1st quarter valued at $192,668,000. Van ECK Associates Corp increased its stake in Lam Research by 24.6% during the 1st quarter. Van ECK Associates Corp now owns 968,115 shares of the semiconductor company’s stock worth $940,592,000 after buying an additional 191,230 shares during the period. Vanguard Group Inc. increased its stake in Lam Research by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 11,856,661 shares of the semiconductor company’s stock worth $11,519,576,000 after buying an additional 144,914 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Lam Research by 5.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,959,151 shares of the semiconductor company’s stock worth $2,875,023,000 after purchasing an additional 142,903 shares during the last quarter. Finally, Natixis increased its position in shares of Lam Research by 1,267.1% in the 1st quarter. Natixis now owns 142,967 shares of the semiconductor company’s stock worth $138,902,000 after purchasing an additional 132,509 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

About Lam Research

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.