Lam Research (NASDAQ:LRCX) Stock Price Down 2.1% – Here’s Why

Lam Research Co. (NASDAQ:LRCX)’s stock price dropped 2.1% on Wednesday . The company traded as low as $75.85 and last traded at $76.67. Approximately 2,082,154 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 11,247,426 shares. The stock had previously closed at $78.31.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on LRCX shares. UBS Group decreased their price target on shares of Lam Research from $125.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday, September 12th. Deutsche Bank Aktiengesellschaft cut their target price on Lam Research from $110.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Citigroup lowered their price objective on shares of Lam Research from $99.00 to $89.30 and set a “buy” rating for the company in a report on Monday, September 16th. TD Cowen lifted their target price on shares of Lam Research from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Morgan Stanley cut their price target on shares of Lam Research from $81.00 to $77.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 23rd. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.03.

Lam Research Stock Performance

The company has a debt-to-equity ratio of 0.53, a current ratio of 2.53 and a quick ratio of 1.74. The company has a market capitalization of $96.21 billion, a PE ratio of 24.09, a PEG ratio of 1.22 and a beta of 1.47. The company has a 50 day moving average of $78.33 and a two-hundred day moving average of $89.13.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.05. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The company had revenue of $4.17 billion during the quarter, compared to analysts’ expectations of $4.06 billion. During the same period last year, the company posted $6.85 EPS. Lam Research’s revenue was up 19.7% on a year-over-year basis. As a group, equities research analysts predict that Lam Research Co. will post 3.52 earnings per share for the current year.

Lam Research Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date was Tuesday, September 17th. Lam Research’s payout ratio is 29.74%.

Insider Buying and Selling at Lam Research

In other news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total transaction of $528,928.97. Following the completion of the transaction, the chief accounting officer now directly owns 4,267 shares of the company’s stock, valued at $3,488,315.17. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Fortitude Family Office LLC lifted its stake in Lam Research by 16.7% in the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company’s stock worth $67,000 after purchasing an additional 9 shares in the last quarter. Thomasville National Bank raised its stake in Lam Research by 1.5% during the second quarter. Thomasville National Bank now owns 812 shares of the semiconductor company’s stock valued at $865,000 after purchasing an additional 12 shares in the last quarter. Ignite Planners LLC lifted its position in Lam Research by 2.8% during the second quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock valued at $484,000 after purchasing an additional 12 shares during the last quarter. U.S. Capital Wealth Advisors LLC grew its stake in shares of Lam Research by 3.7% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock worth $357,000 after buying an additional 12 shares in the last quarter. Finally, RFP Financial Group LLC increased its stake in Lam Research by 52.2% during the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 12 shares during the last quarter. 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.