Lam Research (NASDAQ:LRCX) Cut to “Hold” at StockNews.com – Defense World
Posted by Defense World Staff on Jun 13th, 2024 
Lam Research (NASDAQ:LRCX – Get Free Report) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.
Several other research firms have also recently weighed in on LRCX. Stifel Nicolaus increased their price objective on shares of Lam Research from $950.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. UBS Group increased their price objective on shares of Lam Research from $1,130.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Jefferies Financial Group initiated coverage on shares of Lam Research in a research report on Monday, May 13th. They set a “buy” rating and a $1,100.00 price objective for the company. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Lam Research in a research report on Thursday, April 11th. They set a “hold” rating and a $1,000.00 price objective for the company. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $1,100.00 price objective on shares of Lam Research in a research report on Thursday, April 25th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Lam Research presently has an average rating of “Moderate Buy” and an average target price of $964.86.
Get Our Latest Analysis on LRCX
Shares of NASDAQ:LRCX opened at $1,037.63 on Thursday. The company has a market cap of $135.66 billion, a price-to-earnings ratio of 38.16, a PEG ratio of 3.46 and a beta of 1.46. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.82 and a quick ratio of 1.84. The firm has a 50 day simple moving average of $937.27 and a 200 day simple moving average of $877.91. Lam Research has a one year low of $574.42 and a one year high of $1,040.90.
Lam Research shares are set to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be distributed to shareholders after the market closes on Wednesday, October 2nd.
Lam Research (NASDAQ:LRCX – Get Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.26 by $0.53. Lam Research had a net margin of 25.35% and a return on equity of 45.96%. The firm had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the company posted $6.99 EPS. The company’s revenue was down 2.0% on a year-over-year basis. Research analysts predict that Lam Research will post 29.67 earnings per share for the current fiscal year.
Lam Research declared that its board has authorized a share repurchase plan on Tuesday, May 21st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 8.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, insider George M. Schisler sold 400 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $908.21, for a total transaction of $363,284.00. Following the transaction, the insider now directly owns 5,661 shares of the company’s stock, valued at $5,141,376.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Lam Research news, SVP Seshasayee Varadarajan sold 5,500 shares of Lam Research stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $922.41, for a total value of $5,073,255.00. Following the sale, the senior vice president now owns 22,095 shares of the company’s stock, valued at $20,380,648.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider George M. Schisler sold 400 shares of Lam Research stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $908.21, for a total transaction of $363,284.00. Following the completion of the sale, the insider now directly owns 5,661 shares in the company, valued at approximately $5,141,376.81. The disclosure for this sale can be found here. Insiders have sold 7,489 shares of company stock valued at $6,978,065 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. DSM Capital Partners LLC bought a new stake in Lam Research in the fourth quarter worth about $28,000. Valued Wealth Advisors LLC purchased a new position in shares of Lam Research in the fourth quarter worth about $30,000. Orion Capital Management LLC purchased a new position in shares of Lam Research in the third quarter worth about $25,000. Partnership Wealth Management LLC purchased a new position in shares of Lam Research in the fourth quarter worth about $33,000. Finally, Ulland Investment Advisors LLC purchased a new position in shares of Lam Research in the first quarter worth about $42,000. Institutional investors own 84.61% of the company’s stock.
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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.
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