Lam Research (LRCX) Shares Gap Up After Analyst Upgrade

Shares of Lam Research Co. (NASDAQ:LRCX) gapped up before the market opened on Thursday after B. Riley raised their price target on the stock to $225.00. The stock had previously closed at $141.86, but opened at $147.18. B. Riley currently has a buy rating on the stock. Lam Research shares last traded at $145.33, with a volume of 113164 shares changing hands.

Several other analysts also recently issued reports on the stock. Stifel Nicolaus set a $279.00 target price on shares of Lam Research and gave the company a “buy” rating in a research note on Tuesday. KeyCorp cut their target price on shares of Lam Research from $261.00 to $231.00 and set an “overweight” rating on the stock in a research note on Wednesday. Cowen cut their target price on shares of Lam Research from $250.00 to $210.00 and set an “outperform” rating on the stock in a research note on Wednesday. Zacks Investment Research downgraded shares of Lam Research from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, DA Davidson cut their target price on shares of Lam Research to $225.00 in a research note on Monday, October 15th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $230.89.

Several institutional investors have recently bought and sold shares of the company. Empowered Funds LLC grew its holdings in shares of Lam Research by 24.0% during the 3rd quarter. Empowered Funds LLC now owns 18,710 shares of the semiconductor company’s stock valued at $2,817,000 after acquiring an additional 3,617 shares in the last quarter. Empirical Finance LLC grew its holdings in shares of Lam Research by 114.9% during the 3rd quarter. Empirical Finance LLC now owns 16,650 shares of the semiconductor company’s stock valued at $2,526,000 after acquiring an additional 8,902 shares in the last quarter. Aperio Group LLC grew its holdings in shares of Lam Research by 4.1% during the 3rd quarter. Aperio Group LLC now owns 100,127 shares of the semiconductor company’s stock valued at $15,189,000 after acquiring an additional 3,912 shares in the last quarter. Foundry Partners LLC grew its holdings in shares of Lam Research by 18.3% during the 3rd quarter. Foundry Partners LLC now owns 96,292 shares of the semiconductor company’s stock valued at $14,607,000 after acquiring an additional 14,872 shares in the last quarter. Finally, RWC Asset Management LLP boosted its holdings in Lam Research by 77.9% in the third quarter. RWC Asset Management LLP now owns 83,609 shares of the semiconductor company’s stock worth $12,683,000 after purchasing an additional 36,612 shares in the last quarter. Institutional investors and hedge funds own 92.37% of the company’s stock.

The firm has a market capitalization of $22.41 billion, a PE ratio of 8.13, a price-to-earnings-growth ratio of 0.75 and a beta of 1.32. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.31 and a current ratio of 2.66.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings data on Tuesday, October 16th. The semiconductor company reported $3.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.22 by $0.14. The firm had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Lam Research had a net margin of 21.26% and a return on equity of 49.80%. Lam Research’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period in the prior year, the company posted $3.46 earnings per share. As a group, equities analysts expect that Lam Research Co. will post 14.63 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 26th. Investors of record on Wednesday, September 12th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend was Tuesday, September 11th. Lam Research’s dividend payout ratio is presently 24.62%.

Lam Research Company Profile (NASDAQ:LRCX)

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition product for copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatment; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition (ALD) products; and VECTOR plasma-enhanced CVD ALD products.

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