Lam Research Corp. (NASDAQ:LRCX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research 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.”
Other research analysts have also recently issued reports about the company. Needham & Company LLC reaffirmed a “buy” rating and set a $105.00 price objective (up from $95.00) on shares of Lam Research Corp. in a research report on Thursday, July 28th. Deutsche Bank AG reaffirmed a “buy” rating and set a $105.00 price objective (up from $95.00) on shares of Lam Research Corp. in a research report on Thursday, July 28th. Nomura lifted their price objective on Lam Research Corp. from $85.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, June 23rd. Stifel Nicolaus lifted their price objective on Lam Research Corp. from $93.00 to $102.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Finally, B. Riley reaffirmed a “buy” rating and set a $106.00 price objective on shares of Lam Research Corp. in a research report on Thursday, July 28th. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $101.38.
Lam Research Corp. (NASDAQ:LRCX) opened at 98.06 on Friday. Lam Research Corp. has a 12 month low of $63.10 and a 12 month high of $102.44. The firm’s 50-day moving average is $94.63 and its 200-day moving average is $86.65. The company has a market capitalization of $15.72 billion, a PE ratio of 18.79 and a beta of 1.46.
Lam Research Corp. (NASDAQ:LRCX) last announced its earnings results on Wednesday, July 27th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.16. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Lam Research Corp. had a return on equity of 18.95% and a net margin of 15.53%. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the firm posted $1.50 earnings per share. Equities analysts anticipate that Lam Research Corp. will post $7.02 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 28th. Stockholders of record on Wednesday, September 14th were given a $0.30 dividend. The ex-dividend date of this dividend was Monday, September 12th. This represents a $1.20 annualized dividend and a dividend yield of 1.22%. 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 that occurred on Thursday, October 6th. The stock was sold at an average price of $98.85, for a total value of $4,699,329.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.46% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. MSI Financial Services Inc increased its position in Lam Research Corp. by 40.2% in the third quarter. MSI Financial Services Inc now owns 1,095 shares of the company’s stock valued at $104,000 after buying an additional 314 shares during the period. Quadrant Capital Group LLC boosted its stake in Lam Research Corp. by 28.6% in the second quarter. Quadrant Capital Group LLC now owns 1,258 shares of the company’s stock valued at $103,000 after buying an additional 280 shares in the last quarter. Mizuho Asset Management Co. Ltd. boosted its stake in Lam Research Corp. by 92.9% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,060 shares of the company’s stock valued at $173,000 after buying an additional 992 shares in the last quarter. Signature Estate & Investment Advisors LLC bought a new stake in Lam Research Corp. during the second quarter valued at approximately $177,000. Finally, Johnson Financial Group Inc. boosted its stake in Lam Research Corp. by 6,044.7% in the second quarter. Johnson Financial Group Inc. now owns 2,335 shares of the company’s stock valued at $196,000 after buying an additional 2,297 shares in the last quarter.
About Lam Research Corp.
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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