Shares of Lam Research Co. (NASDAQ:LRCX – Get Free Report) gapped down prior to trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $1,100.00 to $950.00. The stock had previously closed at $921.24, but opened at $854.75. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Lam Research shares last traded at $879.84, with a volume of 287,244 shares traded.
A number of other analysts have also recently commented on LRCX. UBS Group raised their price objective on shares of Lam Research from $1,130.00 to $1,150.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Raymond James boosted their price objective on Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. Barclays raised their target price on Lam Research from $865.00 to $900.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 5th. Wells Fargo & Company decreased their price target on Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Needham & Company LLC restated a “buy” rating and issued a $1,130.00 price objective on shares of Lam Research in a research report on Thursday. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $1,007.85.
Insider Transactions at Lam Research
In related news, SVP Neil J. Fernandes sold 1,620 shares of Lam Research stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the completion of the sale, the senior vice president now directly owns 5,237 shares in the company, valued at approximately $5,535,456.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Lam Research news, SVP Neil J. Fernandes sold 1,620 shares of Lam Research stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the completion of the sale, the senior vice president now owns 5,237 shares of the company’s stock, valued at approximately $5,535,456.63. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider George M. Schisler sold 400 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $908.21, for a total transaction of $363,284.00. Following the sale, the insider now owns 5,661 shares of the company’s stock, valued at $5,141,376.81. The disclosure for this sale can be found here. Insiders sold 16,726 shares of company stock worth $17,746,999 over the last quarter. 0.32% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Lam Research
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Versor Investments LP boosted its stake in shares of Lam Research by 19.6% in the second quarter. Versor Investments LP now owns 2,061 shares of the semiconductor company’s stock worth $2,195,000 after acquiring an additional 338 shares during the period. Harfst & Associates Inc. boosted its stake in Lam Research by 1.4% during the second quarter. Harfst & Associates Inc. now owns 1,650 shares of the semiconductor company’s stock valued at $1,757,000 after buying an additional 22 shares during the last quarter. Verus Capital Partners LLC raised its holdings in shares of Lam Research by 43.8% during the 2nd quarter. Verus Capital Partners LLC now owns 1,073 shares of the semiconductor company’s stock worth $1,142,000 after acquiring an additional 327 shares in the last quarter. FFT Wealth Management LLC boosted its position in shares of Lam Research by 9.7% during the 2nd quarter. FFT Wealth Management LLC now owns 395 shares of the semiconductor company’s stock valued at $421,000 after acquiring an additional 35 shares during the last quarter. Finally, Natixis Advisors LLC grew its stake in shares of Lam Research by 8.4% in the 2nd quarter. Natixis Advisors LLC now owns 75,900 shares of the semiconductor company’s stock worth $80,822,000 after buying an additional 5,894 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.
Lam Research Price Performance
The stock has a market capitalization of $108.56 billion, a PE ratio of 30.26, a PEG ratio of 2.47 and a beta of 1.48. The company has a current ratio of 2.82, a quick ratio of 1.84 and a debt-to-equity ratio of 0.56. The firm’s 50-day moving average price is $1,006.55 and its 200-day moving average price is $945.51.
Lam Research shares are set to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be payable to shareholders after the closing bell on Wednesday, October 2nd.
Lam Research Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Investors of record on Tuesday, June 18th were paid a dividend of $2.00 per share. The ex-dividend date was Tuesday, June 18th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 0.96%. Lam Research’s dividend payout ratio is presently 29.42%.
Lam Research declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 21st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
About Lam Research
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.