Lam Research Corp. (LRCX) Sees Large Volume Increase Following Analyst Upgrade
Lam Research Corp. (NASDAQ:LRCX) saw unusually-high trading volume on Friday after Needham & Company raised their price target on the stock to $115.00. Approximately 3,995,744 shares changed hands during trading, an increase of 33% from the previous session’s volume of 3,008,616 shares.The stock last traded at $100.37 and had previously closed at $100.19.
Other equities research analysts have also recently issued research reports about the stock. Deutsche Bank AG restated a “buy” rating and issued a $105.00 target price (up previously from $95.00) on shares of Lam Research Corp. in a report on Thursday, July 28th. Zacks Investment Research upgraded shares of Lam Research Corp. from a “hold” rating to a “buy” rating and set a $104.00 target price on the stock in a report on Friday, July 29th. B. Riley restated a “buy” rating and issued a $106.00 target price on shares of Lam Research Corp. in a report on Thursday, July 28th. Stifel Nicolaus raised their target price on shares of Lam Research Corp. from $93.00 to $102.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Finally, Nomura raised their target price on shares of Lam Research Corp. from $85.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, June 23rd. Two research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $100.29.
Several hedge funds have recently bought and sold shares of LRCX. Aperio Group LLC increased its stake in Lam Research Corp. by 9.3% in the first quarter. Aperio Group LLC now owns 51,086 shares of the company’s stock worth $4,220,000 after buying an additional 4,353 shares during the period. Ngam Advisors L.P. increased its stake in Lam Research Corp. by 44.3% in the first quarter. Ngam Advisors L.P. now owns 27,759 shares of the company’s stock worth $2,292,000 after buying an additional 8,522 shares during the period. Prudential Financial Inc. increased its stake in Lam Research Corp. by 4.0% in the first quarter. Prudential Financial Inc. now owns 239,775 shares of the company’s stock worth $19,806,000 after buying an additional 9,230 shares during the period. Franklin Resources Inc. increased its stake in Lam Research Corp. by 0.8% in the first quarter. Franklin Resources Inc. now owns 1,435,651 shares of the company’s stock worth $118,585,000 after buying an additional 10,940 shares during the period. Finally, BlackRock Group LTD increased its stake in Lam Research Corp. by 3.9% in the first quarter. BlackRock Group LTD now owns 1,618,463 shares of the company’s stock worth $133,685,000 after buying an additional 60,958 shares during the period.
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The firm has a market cap of $16.11 billion, a PE ratio of 19.26 and a beta of 1.47. The firm has a 50 day moving average price of $93.38 and a 200-day moving average price of $85.67.
Lam Research Corp. (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.64 by $0.16. Lam Research Corp. had a net margin of 15.53% and a return on equity of 18.95%. The business earned $1.55 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the firm posted $1.50 earnings per share. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. Analysts anticipate that Lam Research Corp. will post $7.02 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 28th. Stockholders of record on Wednesday, September 14th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend was Monday, September 12th. Lam Research Corp.’s payout ratio is 22.99%.
Lam Research Corp. 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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