Lam Research (NASDAQ:LRCX) Hits New 12-Month High After Analyst Upgrade – Defense World
Posted by Defense World Staff on Jun 18th, 2024 
Lam Research Co. (NASDAQ:LRCX – Get Free Report)’s share price reached a new 52-week high during trading on Monday after Wells Fargo & Company raised their price target on the stock from $980.00 to $1,100.00. Wells Fargo & Company currently has an equal weight rating on the stock. Lam Research traded as high as $1,049.94 and last traded at $1,046.30, with a volume of 250100 shares. The stock had previously closed at $1,035.98.
Other equities analysts also recently issued research reports about the stock. Barclays lifted their target price on shares of Lam Research from $865.00 to $900.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 5th. UBS Group upped their target price on Lam Research from $1,130.00 to $1,150.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Raymond James lifted 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. Evercore ISI assumed coverage on shares of Lam Research in a research report on Tuesday, April 16th. They set an “outperform” rating and a $1,200.00 price objective for the company. Finally, Stifel Nicolaus boosted their target price 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. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $970.57.
View Our Latest Report on Lam Research
In other news, Director Abhijit Y. Talwalkar sold 882 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $972.03, for a total value of $857,330.46. Following the completion of the transaction, the director now directly owns 10,541 shares of the company’s stock, valued at $10,246,168.23. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, 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 value of $363,284.00. Following the completion of the sale, the insider now owns 5,661 shares of the company’s stock, valued at approximately $5,141,376.81. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Abhijit Y. Talwalkar sold 882 shares of the business’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 transaction of $857,330.46. Following the completion of the sale, the director now directly owns 10,541 shares in the company, valued at approximately $10,246,168.23. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,989 shares of company stock worth $1,904,810. Insiders own 0.32% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. DSM Capital Partners LLC purchased a new stake in shares of Lam Research in the fourth quarter worth about $28,000. Valued Wealth Advisors LLC purchased a new stake in Lam Research in the 4th quarter worth approximately $30,000. Orion Capital Management LLC bought a new position in Lam Research in the 3rd quarter valued at $25,000. Partnership Wealth Management LLC purchased a new position in shares of Lam Research during the 4th quarter valued at $33,000. Finally, Ulland Investment Advisors LLC bought a new position in Lam Research in the 1st quarter worth about $42,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market capitalization of $140.11 billion, a PE ratio of 39.42, a P/E/G ratio of 3.58 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 business’s 50 day moving average is $942.44 and its two-hundred day moving average is $886.09.
Lam Research’s stock is set to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be payable to shareholders after the market closes on Wednesday, October 2nd.
Lam Research (NASDAQ:LRCX – Get Free Report) last released its earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 EPS for the quarter, beating analysts’ consensus estimates of $7.26 by $0.53. Lam Research had a return on equity of 45.96% and a net margin of 25.35%. The business had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm earned $6.99 earnings per share. The firm’s revenue was down 2.0% on a year-over-year basis. As a group, research analysts anticipate that Lam Research Co. will post 29.67 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Tuesday, June 18th will be paid 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 dividend payout ratio (DPR) is 29.42%.
Lam Research announced that its board has authorized a stock repurchase program on Tuesday, May 21st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor company to repurchase up to 8.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
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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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