Short Interest in Lam Research Co. (LRCX) Expands By 26.7%

Lam Research Co. (NASDAQ:LRCX) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 11,072,191 shares, an increase of 26.7% from the January 15th total of 8,737,576 shares. Based on an average daily trading volume, of 4,564,178 shares, the short-interest ratio is presently 2.4 days. Approximately 7.2% of the shares of the company are sold short.

Shares of Lam Research stock traded up $0.62 during trading on Monday, reaching $175.92. The company’s stock had a trading volume of 1,682,803 shares, compared to its average volume of 3,166,479. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.39 and a quick ratio of 2.61. Lam Research has a 12-month low of $122.64 and a 12-month high of $234.88. The company has a market cap of $26.75 billion, a PE ratio of 9.84, a price-to-earnings-growth ratio of 1.05 and a beta of 1.50.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, January 23rd. The semiconductor company reported $3.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.67 by $0.20. Lam Research had a return on equity of 48.08% and a net margin of 26.69%. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the previous year, the business earned $4.34 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, equities research analysts anticipate that Lam Research will post 13.9 EPS for the current fiscal year.

Lam Research announced that its board has authorized a share buyback plan on Wednesday, January 23rd that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 23% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

In other Lam Research news, Director Christine Heckart sold 2,050 shares of Lam Research stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $172.98, for a total transaction of $354,609.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Kevin Jennings sold 1,692 shares of Lam Research stock in a transaction that occurred on Wednesday, February 6th. The stock was sold at an average price of $180.00, for a total value of $304,560.00. The disclosure for this sale can be found here. Insiders own 0.44% of the company’s stock.

Several institutional investors have recently bought and sold shares of LRCX. FMR LLC boosted its stake in shares of Lam Research by 92.5% in the second quarter. FMR LLC now owns 2,329,989 shares of the semiconductor company’s stock valued at $402,737,000 after buying an additional 1,119,488 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Lam Research by 3.9% during the third quarter. State of Alaska Department of Revenue now owns 27,789 shares of the semiconductor company’s stock worth $4,215,000 after purchasing an additional 1,033 shares in the last quarter. Polianta Ltd boosted its position in Lam Research by 11.9% during the third quarter. Polianta Ltd now owns 7,500 shares of the semiconductor company’s stock worth $1,137,000 after purchasing an additional 800 shares in the last quarter. First Hawaiian Bank purchased a new stake in Lam Research during the third quarter worth $239,000. Finally, RWC Asset Management LLP boosted its position in Lam Research by 77.9% during 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. Hedge funds and other institutional investors own 89.11% of the company’s stock.

Several research analysts have weighed in on the company. Mizuho reiterated a “hold” rating and issued a $165.00 target price on shares of Lam Research in a research note on Wednesday, October 17th. UBS Group downgraded Lam Research from a “positive” rating to a “neutral” rating in a research note on Tuesday, October 23rd. B. Riley lifted their target price on Lam Research to $170.00 and gave the company a “neutral” rating in a research note on Thursday, January 24th. Cowen reiterated an “outperform” rating and issued a $185.00 target price (down from $210.00) on shares of Lam Research in a research note on Thursday, January 24th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $180.00 target price on shares of Lam Research in a research note on Thursday, January 24th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Lam Research presently has a consensus rating of “Buy” and a consensus target price of $216.39.

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Lam Research Company Profile

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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