Lam Research (LRCX) Raised to “Buy” at Nomura
Nomura upgraded shares of Lam Research (NASDAQ:LRCX) from a neutral rating to a buy rating in a research report released on Thursday, MarketBeat reports. The brokerage currently has $215.00 price objective on the semiconductor company’s stock, up from their previous price objective of $103.01.
A number of other analysts have also recently issued reports on LRCX. B. Riley reissued a buy rating and set a $220.00 price objective on shares of Lam Research in a report on Thursday, August 10th. Zacks Investment Research cut Lam Research from a strong-buy rating to a hold rating in a report on Tuesday, September 26th. BidaskClub lowered Lam Research from a strong-buy rating to a buy rating in a research note on Saturday, December 2nd. Instinet upgraded Lam Research from a neutral rating to a buy rating in a research note on Thursday. Finally, J P Morgan Chase & Co restated a buy rating and issued a $230.00 target price on shares of Lam Research in a research note on Wednesday, October 18th. Four research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $212.99.
Shares of Lam Research (NASDAQ LRCX) traded down $2.70 on Thursday, reaching $186.46. The company had a trading volume of 3,342,687 shares, compared to its average volume of 2,956,374. The stock has a market cap of $30,196.45, a PE ratio of 16.06, a price-to-earnings-growth ratio of 0.85 and a beta of 1.57. 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 has a twelve month low of $103.01 and a twelve month high of $219.70.
Lam Research (NASDAQ:LRCX) last issued its quarterly earnings data on Tuesday, October 17th. The semiconductor company reported $3.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.27 by $0.19. The business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.46 billion. Lam Research had a return on equity of 30.19% and a net margin of 22.85%. The firm’s quarterly revenue was up 51.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.81 EPS. research analysts predict that Lam Research will post 14.74 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Wednesday, December 6th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, December 5th. This is a positive change from Lam Research’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 1.07%. Lam Research’s dividend payout ratio is 18.28%.
Lam Research declared that its Board of Directors has approved a stock repurchase plan on Tuesday, November 14th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.
In other news, Director Stephen G. Newberry sold 750 shares of the stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $170.00, for a total transaction of $127,500.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Timothy Archer sold 8,691 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $171.76, for a total value of $1,492,766.16. The disclosure for this sale can be found here. Insiders have sold a total of 71,688 shares of company stock worth $13,783,130 over the last quarter. Corporate insiders own 0.41% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Signature Estate & Investment Advisors LLC increased its position in shares of Lam Research by 15.2% during the 3rd quarter. Signature Estate & Investment Advisors LLC now owns 3,986 shares of the semiconductor company’s stock valued at $738,000 after purchasing an additional 527 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Lam Research by 5.4% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 560,705 shares of the semiconductor company’s stock worth $79,301,000 after acquiring an additional 28,662 shares during the last quarter. Putnam FL Investment Management Co. bought a new position in Lam Research during the 3rd quarter worth approximately $15,390,000. Pacad Investment Ltd. grew its position in Lam Research by 252.5% during the 2nd quarter. Pacad Investment Ltd. now owns 36,369 shares of the semiconductor company’s stock worth $5,144,000 after acquiring an additional 26,052 shares during the last quarter. Finally, Chicago Equity Partners LLC bought a new position in Lam Research during the 2nd quarter worth approximately $4,251,000. Hedge funds and other institutional investors own 93.80% of the company’s stock.
About Lam Research
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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