Lam Research Corporation (LRCX) Earns Buy Rating from KeyCorp
Lam Research Corporation (NASDAQ:LRCX)‘s stock had its “buy” rating restated by investment analysts at KeyCorp in a research note issued to investors on Sunday. They currently have a $225.00 price objective on the semiconductor company’s stock. KeyCorp’s price objective indicates a potential upside of 4.60% from the stock’s previous close.
LRCX has been the subject of a number of other reports. DA Davidson reiterated a “buy” rating and issued a $175.00 price objective on shares of Lam Research Corporation in a research note on Wednesday, July 26th. Needham & Company LLC restated a “buy” rating and set a $220.00 price target (up from $200.00) on shares of Lam Research Corporation in a research report on Friday, October 13th. B. Riley restated a “buy” rating and set a $250.00 price target on shares of Lam Research Corporation in a research report on Tuesday, November 14th. Berenberg Bank restated a “buy” rating and set a $240.00 price target on shares of Lam Research Corporation in a research report on Thursday, October 19th. Finally, Credit Suisse Group restated a “buy” rating on shares of Lam Research Corporation in a research report on Tuesday, August 29th. Five research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $212.89.
Lam Research Corporation (NASDAQ LRCX) traded up $4.63 during trading on Friday, reaching $215.10. 1,947,133 shares of the company were exchanged, compared to its average volume of 2,080,450. Lam Research Corporation has a fifty-two week low of $97.79 and a fifty-two week high of $217.00. The stock has a market cap of $34,080.00, a price-to-earnings ratio of 18.13, a price-to-earnings-growth ratio of 0.96 and a beta of 1.63. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.31 and a quick ratio of 2.83.
Lam Research Corporation (NASDAQ:LRCX) last released its quarterly earnings data on Tuesday, October 17th. The semiconductor company reported $3.46 earnings per share for the quarter, beating analysts’ consensus estimates of $3.27 by $0.19. Lam Research Corporation had a net margin of 22.85% and a return on equity of 30.19%. The business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same period in the previous year, the business earned $1.81 EPS. Lam Research Corporation’s revenue was up 51.8% compared to the same quarter last year. equities research analysts anticipate that Lam Research Corporation will post 14.74 earnings per share for the current fiscal year.
Lam Research Corporation announced that its board has authorized a stock repurchase program on Tuesday, November 14th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the semiconductor company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
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In other Lam Research Corporation news, COO Timothy Archer sold 8,691 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $171.76, for a total value of $1,492,766.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen G. Newberry sold 750 shares of the business’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $175.00, for a total transaction of $131,250.00. The disclosure for this sale can be found here. Insiders sold 49,419 shares of company stock valued at $9,079,367 over the last three months. 0.41% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the business. Krilogy Financial LLC lifted its stake in Lam Research Corporation by 91.6% in the third quarter. Krilogy Financial LLC now owns 550 shares of the semiconductor company’s stock worth $102,000 after purchasing an additional 263 shares during the last quarter. Odey Holdings AG lifted its stake in Lam Research Corporation by 9.9% in the second quarter. Odey Holdings AG now owns 810 shares of the semiconductor company’s stock worth $115,000 after purchasing an additional 73 shares during the last quarter. BDO Wealth Advisors LLC bought a new stake in Lam Research Corporation in the second quarter worth $118,000. Bollard Group LLC bought a new stake in Lam Research Corporation in the third quarter worth $130,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in Lam Research Corporation in the second quarter worth $134,000. 93.61% of the stock is owned by institutional investors and hedge funds.
About Lam Research Corporation
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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