Zacks Investment Research upgraded shares of Lam Research Corp. (NASDAQ:LRCX) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $102.00 target price on the stock.
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.”
A number of other research firms have also commented on LRCX. Nomura upped their price objective on shares of Lam Research Corp. from $85.00 to $95.00 and gave the company a buy rating in a research note on Thursday, June 23rd. Pacific Crest set a $101.00 price objective on shares of Lam Research Corp. and gave the company a buy rating in a research note on Thursday, August 11th. BlueFin Research raised shares of Lam Research Corp. to a positive rating in a research note on Monday, July 18th. Susquehanna reaffirmed a neutral rating on shares of Lam Research Corp. in a research note on Saturday, August 13th. Finally, Needham & Company LLC reissued a buy rating and set a $105.00 target price on shares of Lam Research Corp. in a research note on Saturday, August 13th. Two analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $99.11.
Shares of Lam Research Corp. (NASDAQ:LRCX) traded down 0.10% during midday trading on Tuesday, reaching $92.42. 262,275 shares of the company’s stock traded hands. The company has a 50 day moving average of $92.37 and a 200 day moving average of $84.91. The firm has a market cap of $14.81 billion, a PE ratio of 17.70 and a beta of 1.31. Lam Research Corp. has a 52-week low of $63.10 and a 52-week high of $95.77.
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 Zacks’ 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 company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the firm posted $1.50 EPS. The company’s quarterly revenue was up 4.4% on a year-over-year basis. On average, equities analysts predict that Lam Research Corp. will post $6.98 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 28th. Investors of record on Wednesday, September 14th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, September 12th. This represents a $1.20 annualized dividend and a yield of 1.30%. Lam Research Corp.’s payout ratio is currently 22.99%.
A number of institutional investors have recently modified their holdings of LRCX. Quadrant Capital Group LLC raised its position in shares of Lam Research Corp. by 28.6% in the second quarter. Quadrant Capital Group LLC now owns 1,258 shares of the company’s stock worth $103,000 after buying an additional 280 shares in the last quarter. Mizuho Asset Management Co. Ltd. raised its position in shares of 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 worth $173,000 after buying an additional 992 shares in the last quarter. Signature Estate & Investment Advisors LLC acquired a new position in shares of Lam Research Corp. during the second quarter worth $177,000. Johnson Financial Group Inc. raised its position in shares of 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 worth $196,000 after buying an additional 2,297 shares in the last quarter. Finally, SSI Investment Management Inc. acquired a new position in shares of Lam Research Corp. during the second quarter worth $200,000.
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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