Lam Research Co. (NASDAQ:LRCX) CAO Christina Correia Sells 647 Shares – Defense World
Posted by Defense World Staff on Jul 3rd, 2024 
Lam Research Co. (NASDAQ:LRCX – Get Free Report) CAO Christina Correia sold 647 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $1,062.26, for a total transaction of $687,282.22. Following the completion of the sale, the chief accounting officer now owns 4,914 shares of the company’s stock, valued at approximately $5,219,945.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Shares of LRCX stock opened at $1,072.82 on Wednesday. The firm has a 50 day moving average price of $968.06 and a two-hundred day moving average price of $910.04. The company has a quick ratio of 1.84, a current ratio of 2.82 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $140.26 billion, a PE ratio of 39.33, a price-to-earnings-growth ratio of 3.68 and a beta of 1.48. Lam Research Co. has a 12-month low of $574.42 and a 12-month high of $1,101.81.
Lam Research’s stock is 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 payable to shareholders after the closing bell on Wednesday, October 2nd.
Lam Research (NASDAQ:LRCX – Get Free Report) last issued its quarterly earnings data on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $3.72 billion. During the same period last year, the business posted $6.99 earnings per share. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. As a group, analysts predict that Lam Research Co. will post 29.67 earnings per share for the current year.
Lam Research announced that its board has authorized a share repurchase plan on Tuesday, May 21st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor company to purchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Tuesday, June 18th will be given a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, June 18th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 0.75%. Lam Research’s payout ratio is 29.42%.
A number of analysts recently commented on LRCX shares. Stifel Nicolaus upped their price objective on shares of Lam Research from $950.00 to $1,050.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Barclays upped their price objective on shares of Lam Research from $865.00 to $900.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 5th. JPMorgan Chase & Co. upped their price objective on shares of Lam Research from $900.00 to $950.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. StockNews.com cut Lam Research from a “buy” rating to a “hold” rating in a report on Thursday, June 13th. Finally, Raymond James increased their target price on Lam Research from $950.00 to $1,060.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Lam Research has a consensus rating of “Moderate Buy” and a consensus target price of $981.29.
View Our Latest Stock Analysis on Lam Research
A number of hedge funds and other institutional investors have recently made changes to their positions in LRCX. Norges Bank acquired a new stake in shares of Lam Research in the fourth quarter valued at approximately $1,414,111,000. International Assets Investment Management LLC raised its position in shares of Lam Research by 76,165.7% in the fourth quarter. International Assets Investment Management LLC now owns 318,028 shares of the semiconductor company’s stock valued at $249,099,000 after buying an additional 317,611 shares in the last quarter. Cerity Partners LLC raised its position in shares of Lam Research by 1,125.6% in the fourth quarter. Cerity Partners LLC now owns 342,139 shares of the semiconductor company’s stock valued at $267,984,000 after buying an additional 314,224 shares in the last quarter. Swedbank AB bought a new position in Lam Research in the first quarter valued at approximately $192,668,000. Finally, Van ECK Associates Corp increased its stake in Lam Research by 24.6% in the first quarter. Van ECK Associates Corp now owns 968,115 shares of the semiconductor company’s stock valued at $940,592,000 after acquiring an additional 191,230 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.
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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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