Lam Research (NASDAQ:LRCX) Upgraded by StockNews.com to Buy – Defense World
Posted by Defense World Staff on Jun 6th, 2024 
StockNews.com upgraded shares of Lam Research (NASDAQ:LRCX – Free Report) from a hold rating to a buy rating in a research report sent to investors on Wednesday.
LRCX has been the topic of several other reports. Deutsche Bank Aktiengesellschaft assumed 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 on the stock. Stifel Nicolaus increased 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. 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 report on Thursday, April 25th. Mizuho upped their price target on shares of Lam Research from $935.00 to $960.00 and gave the company a buy rating in a report on Thursday, April 25th. Finally, B. Riley raised shares of Lam Research from a neutral rating to a buy rating and upped their price target for the company from $870.00 to $1,100.00 in a report on Friday, April 19th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $959.62.
Check Out Our Latest Stock Analysis on Lam Research
Lam Research stock opened at $971.72 on Wednesday. The company has a market cap of $127.04 billion, a price-to-earnings ratio of 35.74, a PEG ratio of 3.23 and a beta of 1.46. 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 has a 1 year low of $574.42 and a 1 year high of $1,007.39. The firm has a 50 day moving average price of $935.37 and a 200 day moving average price of $868.21.
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 created shares will be distributed to shareholders after the market closes on Wednesday, October 2nd.
Lam Research (NASDAQ:LRCX – Get Free Report) last posted its earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 EPS for the quarter, topping analysts’ consensus estimates of $7.26 by $0.53. Lam Research had a net margin of 25.35% and a return on equity of 45.96%. The business had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the company posted $6.99 earnings per share. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. Sell-side analysts predict that Lam Research will post 29.67 earnings per share for the current year.
Lam Research declared that its board has approved a share repurchase program on Tuesday, May 21st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 8.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Tuesday, June 18th will be issued a $2.00 dividend. The ex-dividend date is Tuesday, June 18th. This represents a $8.00 dividend on an annualized basis and a yield of 0.82%. Lam Research’s dividend payout ratio is currently 29.42%.
In other Lam Research news, SVP Seshasayee Varadarajan sold 5,500 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $922.41, for a total transaction of $5,073,255.00. Following the transaction, the senior vice president now owns 22,095 shares in the company, valued at $20,380,648.95. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Christina Corrreia sold 647 shares of the 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 $628,903.41. Following the completion of the sale, the chief accounting officer now directly owns 5,541 shares of the company’s stock, valued at $5,386,018.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Seshasayee Varadarajan sold 5,500 shares of the stock in a transaction that occurred on 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 completion of the sale, the senior vice president now directly owns 22,095 shares of the company’s stock, valued at $20,380,648.95. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,489 shares of company stock worth $6,978,065. Insiders own 0.32% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Jump Financial LLC bought a new position in shares of Lam Research during the third quarter valued at $688,000. Avantax Advisory Services Inc. increased its position in Lam Research by 1.5% in the third quarter. Avantax Advisory Services Inc. now owns 1,872 shares of the semiconductor company’s stock worth $1,174,000 after purchasing an additional 27 shares during the period. Spire Wealth Management increased its position in Lam Research by 8.8% in the third quarter. Spire Wealth Management now owns 729 shares of the semiconductor company’s stock worth $457,000 after purchasing an additional 59 shares during the period. Atria Wealth Solutions Inc. boosted its holdings in Lam Research by 0.6% during the third quarter. Atria Wealth Solutions Inc. now owns 8,590 shares of the semiconductor company’s stock worth $5,398,000 after buying an additional 51 shares during the last quarter. Finally, Pathstone Family Office LLC boosted its holdings in Lam Research by 132.2% during the third quarter. Pathstone Family Office LLC now owns 11,446 shares of the semiconductor company’s stock worth $7,330,000 after buying an additional 6,516 shares during the last quarter. 84.61% of the stock is owned by institutional investors.
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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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