Lam Research Co. (NASDAQ:LRCX) shares shot up 0% during mid-day trading on Wednesday . The company traded as high as $205.66 and last traded at $205.08. 6,496,420 shares were traded during mid-day trading, an increase of 109% from the average session volume of 3,103,655 shares. The stock had previously closed at $205.08.
A number of research firms recently commented on LRCX. KeyCorp reiterated a “buy” rating and issued a $225.00 target price on shares of Lam Research in a research note on Sunday, November 19th. B. Riley reiterated a “buy” rating and issued a $250.00 target price on shares of Lam Research in a research note on Tuesday, November 14th. Royal Bank of Canada lifted their target price on shares of Lam Research from $210.00 to $225.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 15th. Deutsche Bank lifted their target price on shares of Lam Research to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, November 15th. Finally, Needham & Company LLC lifted their target price on shares of Lam Research from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, October 19th. Two investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $220.65.
The company has a current ratio of 3.31, a quick ratio of 2.83 and a debt-to-equity ratio of 0.24. The firm has a market cap of $33,210.00, a P/E ratio of 18.73, a P/E/G ratio of 0.86 and a beta of 1.57.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 10th. Shareholders of record on Wednesday, December 6th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.98%. This is a boost from Lam Research’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, December 5th. Lam Research’s payout ratio is presently 18.26%.
Lam Research announced that its Board of Directors has approved a stock repurchase plan on Tuesday, November 14th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the semiconductor company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In related news, insider Martin B. Anstice sold 21,955 shares of the business’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $211.16, for a total value of $4,636,017.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Patrick J. Lord sold 264 shares of the business’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $216.08, for a total transaction of $57,045.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,269 shares of company stock valued at $6,615,633. Company insiders own 0.41% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. lifted its stake in shares of Lam Research by 3.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 610,178 shares of the semiconductor company’s stock valued at $112,316,000 after purchasing an additional 20,480 shares during the period. Coastline Trust Co acquired a new position in shares of Lam Research in the 4th quarter valued at $265,000. Koshinski Asset Management Inc. lifted its stake in shares of Lam Research by 10.0% in the 4th quarter. Koshinski Asset Management Inc. now owns 10,320 shares of the semiconductor company’s stock valued at $1,900,000 after purchasing an additional 935 shares during the period. First National Trust Co acquired a new position in shares of Lam Research in the 4th quarter valued at $201,000. Finally, BerganKDV Wealth Management LLC lifted its stake in shares of Lam Research by 22.7% in the 4th quarter. BerganKDV Wealth Management LLC now owns 4,121 shares of the semiconductor company’s stock valued at $759,000 after purchasing an additional 762 shares during the period. Hedge funds and other institutional investors own 93.45% of the company’s stock.
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Lam Research Company Profile
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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