Lam Research Co. (NASDAQ:LRCX) SVP Neil J. Fernandes Sells 4409 Shares of Stock – Defense World
Posted by Defense World Staff on Jul 2nd, 2024 
Lam Research Co. (NASDAQ:LRCX – Get Free Report) SVP Neil J. Fernandes sold 4,409 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total transaction of $4,654,845.84. Following the completion of the transaction, the senior vice president now owns 6,857 shares in the company, valued at $7,239,346.32. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.
Shares of NASDAQ LRCX opened at $1,060.63 on Tuesday. The business has a fifty day moving average of $964.21 and a two-hundred day moving average of $907.97. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.84 and a current ratio of 2.82. Lam Research Co. has a 52-week low of $574.42 and a 52-week high of $1,101.81. The stock has a market cap of $138.67 billion, a PE ratio of 39.01, a PEG ratio of 3.68 and a beta of 1.48.
Lam Research shares are going to split on the morning of Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be issued to shareholders after the market closes 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 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 for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm earned $6.99 earnings per share. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. As a group, equities research analysts expect that Lam Research Co. will post 29.67 earnings per share for the current fiscal year.
Lam Research announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 21st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to buy up to 8.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 10th. Shareholders 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 annualized dividend and a yield of 0.75%. Lam Research’s payout ratio is 29.42%.
A number of hedge funds and other institutional investors have recently made changes to their positions in LRCX. Checchi Capital Advisers LLC raised its stake in shares of Lam Research by 1.0% in the fourth quarter. Checchi Capital Advisers LLC now owns 1,781 shares of the semiconductor company’s stock worth $1,395,000 after acquiring an additional 18 shares during the last quarter. Citizens Financial Group Inc. RI lifted its holdings in Lam Research by 20.9% during the 4th quarter. Citizens Financial Group Inc. RI now owns 491 shares of the semiconductor company’s stock worth $384,000 after buying an additional 85 shares in the last quarter. Everence Capital Management Inc. boosted its position in Lam Research by 54.7% in the 4th quarter. Everence Capital Management Inc. now owns 4,073 shares of the semiconductor company’s stock valued at $3,190,000 after buying an additional 1,440 shares during the last quarter. Gradient Investments LLC increased its stake in shares of Lam Research by 32,411.1% in the 4th quarter. Gradient Investments LLC now owns 14,630 shares of the semiconductor company’s stock valued at $11,459,000 after buying an additional 14,585 shares during the period. Finally, Contravisory Investment Management Inc. bought a new stake in shares of Lam Research during the fourth quarter worth $7,930,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have commented on LRCX shares. Stifel Nicolaus lifted their price target on Lam Research from $950.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Mizuho boosted their target price on shares of Lam Research from $935.00 to $960.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Deutsche Bank Aktiengesellschaft began coverage on shares of Lam Research in a report on Thursday, April 11th. They issued a “hold” rating and a $1,000.00 price target for the company. Susquehanna decreased their price target on shares of Lam Research from $880.00 to $850.00 and set a “neutral” rating on the stock in a research report on Thursday, April 25th. Finally, Citigroup increased their target price on shares of Lam Research from $975.00 to $1,025.00 and gave the company a “buy” rating in a research note 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, the company has an average rating of “Moderate Buy” and a consensus price target of $981.29.
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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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