Lam Research Corp. (LRCX) Cut to “Hold” at Zacks Investment Research
Lam Research Corp. (NASDAQ:LRCX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Lam Research Corp. is a leading global provider of innovative wafer fabrication equipment and services to the semiconductor industry. The company reported better-than-expected fiscal fourth quarter 2016 results with revenues and earnings surpassing our estimates. The results were driven by strong success in the areas of device architecture, process flow and advanced packaging technology inflections. The KLA acquisition is expected to expand its market and customer base, generating cash and creating value. The company has been improving on WFE market share significantly since 2013 and expects to continue making gains, going forward. At the same time, the persistent decline in the PC market, which is still the most important consumer of DRAMs, the competitive climate and currency effects remain concerns. The Brexit impact cannot be ignored either.”
LRCX has been the topic of several other reports. RBC Capital Markets reaffirmed an “outperform” rating and issued a $105.00 target price on shares of Lam Research Corp. in a research report on Sunday, October 9th. Needham & Company LLC reissued a “buy” rating and set a $105.00 price target on shares of Lam Research Corp. in a report on Tuesday, September 20th. Cowen and Company reissued an “outperform” rating and set a $95.00 price target on shares of Lam Research Corp. in a report on Wednesday, August 31st. Citigroup Inc. raised their price target on Lam Research Corp. from $94.00 to $105.00 and gave the company a “buy” rating in a report on Friday, July 29th. Finally, Bank of America Corp. set a $108.00 price target on Lam Research Corp. and gave the company a “buy” rating in a report on Wednesday, August 10th. Three equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Lam Research Corp. presently has a consensus rating of “Buy” and a consensus target price of $101.38.
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Shares of Lam Research Corp. (NASDAQ:LRCX) traded up 1.07% on Friday, reaching $98.78. 266,197 shares of the company traded hands. Lam Research Corp. has a 52-week low of $63.10 and a 52-week high of $102.44. The firm has a 50-day moving average of $94.37 and a 200-day moving average of $86.34. The company has a market capitalization of $15.83 billion, a PE ratio of 18.92 and a beta of 1.47.
Lam Research Corp. (NASDAQ:LRCX) last issued its earnings results on Wednesday, July 27th. The company reported $1.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.64 by $0.16. Lam Research Corp. had a return on equity of 18.95% and a net margin of 15.53%. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the company earned $1.50 earnings per share. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, equities research analysts forecast that Lam Research Corp. will post $7.02 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 28th. Stockholders of record on Wednesday, September 14th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend was Monday, September 12th. Lam Research Corp.’s dividend payout ratio (DPR) is presently 22.99%.
In other news, insider Richard A. Gottscho sold 47,540 shares of the firm’s stock in a transaction dated Thursday, October 6th. The stock was sold at an average price of $98.85, for a total transaction of $4,699,329.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in Lam Research Corp. by 29.1% in the first quarter. Wellington Management Group LLP now owns 5,025,762 shares of the company’s stock worth $415,128,000 after buying an additional 1,131,843 shares during the period. University of Notre Dame DU Lac purchased a new stake in Lam Research Corp. during the first quarter worth $1,616,000. Geode Capital Management LLC increased its stake in Lam Research Corp. by 3.0% in the first quarter. Geode Capital Management LLC now owns 1,345,517 shares of the company’s stock worth $110,924,000 after buying an additional 39,093 shares during the period. Nicholas Investment Partners LP increased its stake in Lam Research Corp. by 7.9% in the first quarter. Nicholas Investment Partners LP now owns 35,538 shares of the company’s stock worth $2,935,000 after buying an additional 2,611 shares during the period. Finally, Riverhead Capital Management LLC increased its stake in Lam Research Corp. by 24.8% in the first quarter. Riverhead Capital Management LLC now owns 131,986 shares of the company’s stock worth $10,902,000 after buying an additional 26,199 shares during the period.
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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