Lam Research (LRCX) Lifted to Buy at Nomura
Lam Research (NASDAQ:LRCX) was upgraded by stock analysts at Nomura from a “neutral” rating to a “buy” rating in a report issued on Thursday, MarketBeat reports. The brokerage currently has a $215.00 target price on the semiconductor company’s stock, up from their prior target price of $103.01. Nomura’s price objective suggests a potential upside of 13.66% from the stock’s previous close.
A number of other equities research analysts have also commented on the company. Instinet raised Lam Research from a “neutral” rating to a “buy” rating in a research report on Thursday. BidaskClub downgraded Lam Research from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. KeyCorp reiterated a “buy” rating and set a $225.00 price objective on shares of Lam Research in a report on Sunday, November 19th. Deutsche Bank increased their price objective on Lam Research to $230.00 and gave the stock a “buy” rating in a report on Wednesday, November 15th. Finally, B. Riley reiterated a “buy” rating and set a $250.00 price objective on shares of Lam Research in a report on Tuesday, November 14th. Four equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. Lam Research presently has an average rating of “Buy” and an average target price of $212.99.
Lam Research (NASDAQ LRCX) traded up $4.93 during midday trading on Thursday, hitting $189.16. The stock had a trading volume of 3,331,699 shares, compared to its average volume of 2,172,113. The firm has a market capitalization of $30,710.00, a price-to-earnings ratio of 15.55, a P/E/G ratio of 0.82 and a beta of 1.57. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.83 and a current ratio of 3.31. Lam Research has a 52 week low of $103.01 and a 52 week high of $219.70.
Lam Research declared that its board has authorized a share buyback plan on Tuesday, November 14th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other Lam Research news, insider Martin B. Anstice sold 21,955 shares of the firm’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $211.16, for a total value of $4,636,017.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Patrick J. Lord sold 264 shares of the firm’s stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $216.08, for a total value of $57,045.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 71,688 shares of company stock valued at $13,783,130. Corporate insiders own 0.41% of the company’s stock.
A number of hedge funds have recently bought and sold shares of LRCX. Krilogy Financial LLC lifted its position in shares of Lam Research by 91.6% in the third quarter. Krilogy Financial LLC now owns 550 shares of the semiconductor company’s stock valued at $102,000 after buying an additional 263 shares during the last quarter. Odey Holdings AG lifted its position in shares of Lam Research by 9.9% in the second quarter. Odey Holdings AG now owns 810 shares of the semiconductor company’s stock valued at $115,000 after buying an additional 73 shares during the last quarter. BDO Wealth Advisors LLC acquired a new stake in shares of Lam Research in the second quarter valued at approximately $118,000. Bollard Group LLC acquired a new stake in shares of Lam Research in the third quarter valued at approximately $130,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Lam Research in the second quarter valued at approximately $134,000. Hedge funds and other institutional investors own 93.80% of the company’s stock.
About Lam Research
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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