Lam Research Corporation (NASDAQ:LRCX) hit a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $193.96 and last traded at $193.96, with a volume of 1,994,943 shares changing hands. The stock had previously closed at $192.36.

The semiconductor company reported $3.46 earnings per share for the quarter, topping analysts’ consensus estimates of $3.27 by $0.19. The business had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.46 billion. Lam Research Corporation had a net margin of 22.85% and a return on equity of 30.82%. The company’s revenue was up 51.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.81 earnings per share.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 4th. Shareholders of record on Wednesday, September 13th were given a $0.45 dividend. The ex-dividend date of this dividend was Tuesday, September 12th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.90%. Lam Research Corporation’s dividend payout ratio (DPR) is currently 16.45%.

A number of research analysts have weighed in on the stock. Berenberg Bank reiterated a “buy” rating on shares of Lam Research Corporation in a research report on Sunday, July 30th. Zacks Investment Research upgraded shares of Lam Research Corporation from a “sell” rating to a “hold” rating and set a $221.00 price objective for the company in a research report on Friday, October 13th. Argus assumed coverage on shares of Lam Research Corporation in a research report on Tuesday, September 12th. They issued a “buy” rating and a $196.00 price objective for the company. B. Riley reiterated a “buy” rating and issued a $220.00 price objective on shares of Lam Research Corporation in a research report on Tuesday, August 15th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective (up previously from $200.00) on shares of Lam Research Corporation in a research report on Friday, October 13th. Six investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $201.04.

In related news, Director Stephen G. Newberry sold 750 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $170.00, for a total transaction of $127,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Timothy Archer sold 8,691 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $171.76, for a total transaction of $1,492,766.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 40,419 shares of company stock valued at $7,167,497. 0.41% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in LRCX. Municipal Employees Retirement System of Michigan grew its stake in Lam Research Corporation by 2.9% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 5,250 shares of the semiconductor company’s stock valued at $674,000 after acquiring an additional 150 shares in the last quarter. Banque Pictet & Cie SA grew its stake in Lam Research Corporation by 75.8% during the 1st quarter. Banque Pictet & Cie SA now owns 55,762 shares of the semiconductor company’s stock valued at $7,158,000 after acquiring an additional 24,047 shares in the last quarter. Thrivent Financial For Lutherans grew its stake in Lam Research Corporation by 0.3% during the 1st quarter. Thrivent Financial For Lutherans now owns 176,975 shares of the semiconductor company’s stock valued at $22,691,000 after acquiring an additional 460 shares in the last quarter. Global X Management Co. LLC grew its stake in Lam Research Corporation by 32.5% during the 1st quarter. Global X Management Co. LLC now owns 2,755 shares of the semiconductor company’s stock valued at $354,000 after acquiring an additional 676 shares in the last quarter. Finally, Putnam FL Investment Management Co. grew its stake in Lam Research Corporation by 72.4% during the 1st quarter. Putnam FL Investment Management Co. now owns 108,433 shares of the semiconductor company’s stock valued at $13,919,000 after acquiring an additional 45,546 shares in the last quarter. 93.88% of the stock is owned by institutional investors.

The stock’s 50 day moving average is $177.88 and its 200 day moving average is $157.58. The firm has a market capitalization of $32.57 billion, a P/E ratio of 21.70 and a beta of 1.53.

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Lam Research Corporation Company Profile

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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