Lam Research (NASDAQ:LRCX) Given New $1325.00 Price Target at B. Riley – Defense World
Posted by Defense World Staff on Jun 21st, 2024 
Lam Research (NASDAQ:LRCX – Free Report) had its target price boosted by B. Riley from $1,130.00 to $1,325.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.
Several other research analysts also recently commented on the company. Wells Fargo & Company lifted their target price on Lam Research from $980.00 to $1,100.00 and gave the stock an equal weight rating in a research note on Monday. TD Cowen upped their price objective on shares of Lam Research from $975.00 to $1,000.00 and gave the company a buy rating in a report on Thursday, April 25th. Deutsche Bank Aktiengesellschaft began coverage on shares of Lam Research in a research note on Thursday, April 11th. They set a hold rating and a $1,000.00 target price for the company. Jefferies Financial Group began coverage on shares of Lam Research in a research note on Monday, May 13th. They issued a buy rating and a $1,100.00 price target on the stock. Finally, Cantor Fitzgerald restated a neutral rating and set a $1,100.00 price objective on shares of Lam Research in a report on Thursday, April 25th. 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 data from MarketBeat.com, Lam Research currently has an average rating of Moderate Buy and a consensus target price of $981.29.
Check Out Our Latest Research Report on LRCX
Shares of LRCX stock opened at $1,061.31 on Thursday. Lam Research has a 12 month low of $574.42 and a 12 month high of $1,101.81. The company’s fifty day simple moving average is $948.88 and its 200-day simple moving average is $891.27. The firm has a market cap of $138.76 billion, a PE ratio of 39.03, a P/E/G ratio of 3.76 and a beta of 1.46. The company has a quick ratio of 1.84, a current ratio of 2.82 and a debt-to-equity ratio of 0.56.
Lam Research shares are set to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be issued to shareholders after the closing bell on Wednesday, October 2nd.
Lam Research (NASDAQ:LRCX – Get Free Report) last released 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 company had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the business earned $6.99 EPS. Lam Research’s revenue for the quarter was down 2.0% compared to the same quarter last year. Equities research analysts expect that Lam Research will post 29.67 EPS for the current fiscal year.
Lam Research declared that its Board of Directors has approved a stock repurchase plan on Tuesday, May 21st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to repurchase up to 8.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Tuesday, June 18th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Tuesday, June 18th. This represents a $8.00 annualized dividend and a dividend yield of 0.75%. Lam Research’s dividend payout ratio is 29.42%.
In other news, insider George M. Schisler sold 400 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 5,661 shares of the company’s stock, valued at approximately $5,141,376.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Lam Research news, CAO Christina Corrreia sold 647 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $972.03, for a total value of $628,903.41. Following the sale, the chief accounting officer now owns 5,541 shares in the company, valued at $5,386,018.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider George M. Schisler sold 400 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $908.21, for a total transaction of $363,284.00. Following the transaction, the insider now owns 5,661 shares of the company’s stock, valued at $5,141,376.81. The disclosure for this sale can be found here. Insiders sold 1,989 shares of company stock worth $1,904,810 over the last three months. Insiders own 0.32% of the company’s stock.
Hedge funds have recently modified their holdings of the company. LPL Financial LLC raised its holdings in Lam Research by 5.8% in the 3rd quarter. LPL Financial LLC now owns 62,917 shares of the semiconductor company’s stock valued at $39,435,000 after buying an additional 3,474 shares during the last quarter. Ontario Teachers Pension Plan Board raised its stake in shares of Lam Research by 79.3% during the third quarter. Ontario Teachers Pension Plan Board now owns 3,347 shares of the semiconductor company’s stock valued at $2,098,000 after acquiring an additional 1,480 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Lam Research by 154.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 10,644 shares of the semiconductor company’s stock worth $6,671,000 after purchasing an additional 6,455 shares during the period. Stifel Financial Corp increased its holdings in Lam Research by 4.4% in the third quarter. Stifel Financial Corp now owns 70,200 shares of the semiconductor company’s stock valued at $44,014,000 after purchasing an additional 2,964 shares during the period. Finally, Northern Trust Corp increased its holdings in Lam Research by 9.7% in the third quarter. Northern Trust Corp now owns 1,523,215 shares of the semiconductor company’s stock valued at $954,705,000 after purchasing an additional 134,558 shares during the period. Institutional investors and hedge funds 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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