Lam Research Reaches New 52-Week High at $62.22 (LRCX)
Shares of Lam Research (NASDAQ:LRCX) reached a new 52-week high during mid-day trading on Friday , Stock Ratings Network reports. The stock traded as high as $62.22 and last traded at $61.78, with a volume of 585,564 shares changing hands. The stock had previously closed at $61.78.
LRCX has been the subject of a number of recent research reports. Analysts at RBC Capital raised their price target on shares of Lam Research from $57.00 to $62.00 in a research note on Monday, May 12th. Separately, analysts at B. Riley reiterated a “buy” rating on shares of Lam Research in a research note on Thursday, April 24th. They now have a $67.00 price target on the stock. Finally, analysts at Citigroup Inc. reiterated a “hold” rating on shares of Lam Research in a research note on Thursday, April 24th. They now have a $56.00 price target on the stock. Three analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $63.12.
The stock’s 50-day moving average is $56.67 and its 200-day moving average is $53.91. The company has a market cap of $10.056 billion and a price-to-earnings ratio of 21.78.
Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $1.26 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.16 by $0.10. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the company posted $0.44 earnings per share. The company’s quarterly revenue was up 38.7% on a year-over-year basis. Analysts expect that Lam Research will post $4.41 EPS for the current fiscal year.
The company also recently declared a special dividend, which is scheduled for Wednesday, July 2nd. Investors of record on Wednesday, June 11th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, June 9th.
In other Lam Research news, COO Timothy Archer unloaded 19,909 shares of the stock on the open market in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $61.00, for a total value of $1,214,449.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Lam Research Corporation (NASDAQ:LRCX), is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry.
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