Lam Research Corp. (NASDAQ:LRCX) saw a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 22,745,724 shares, a decline of 10.3% from the September 15th total of 25,347,838 shares. Approximately 14.3% of the company’s shares are short sold. Based on an average trading volume of 2,064,044 shares, the short-interest ratio is currently 11.0 days.
Shares of Lam Research Corp. (NASDAQ:LRCX) opened at 99.47 on Wednesday. The stock has a market cap of $15.94 billion, a P/E ratio of 19.06 and a beta of 1.47. The company has a 50 day moving average price of $94.78 and a 200 day moving average price of $86.77. Lam Research Corp. has a 1-year low of $63.10 and a 1-year high of $102.44.
Lam Research Corp. (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.64 by $0.16. The business earned $1.55 billion during the quarter, compared to the consensus estimate of $1.53 billion. Lam Research Corp. had a net margin of 15.53% and a return on equity of 18.95%. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.50 earnings per share. On average, equities analysts anticipate that Lam Research Corp. will post $7.02 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 28th. Shareholders of record on Wednesday, September 14th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend was Monday, September 12th. Lam Research Corp.’s payout ratio is currently 22.99%.
A number of equities research analysts have recently weighed in on LRCX shares. Credit Suisse Group AG reissued a “buy” rating and issued a $100.00 target price on shares of Lam Research Corp. in a research note on Sunday, August 14th. Royal Bank Of Canada lowered their target price on Lam Research Corp. from $105.00 to $95.00 and set an “outperform” rating for the company in a research note on Thursday, July 28th. Cowen and Company boosted their target price on Lam Research Corp. from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, July 26th. Citigroup Inc. reissued a “buy” rating and issued a $108.00 target price on shares of Lam Research Corp. in a research note on Thursday, October 6th. Finally, Needham & Company LLC boosted their target price on Lam Research Corp. from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 6th. Three investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $101.38.
In other news, insider Richard A. Gottscho sold 47,540 shares of the business’s stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the company. Conning Inc. increased its stake in Lam Research Corp. by 0.3% in the second quarter. Conning Inc. now owns 3,799 shares of the company’s stock valued at $319,000 after buying an additional 10 shares in the last quarter. Synovus Financial Corp increased its stake in Lam Research Corp. by 0.6% in the second quarter. Synovus Financial Corp now owns 2,975 shares of the company’s stock valued at $253,000 after buying an additional 18 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in Lam Research Corp. by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 6,088 shares of the company’s stock valued at $512,000 after buying an additional 22 shares in the last quarter. Cleararc Capital Inc. increased its stake in Lam Research Corp. by 0.8% in the second quarter. Cleararc Capital Inc. now owns 3,892 shares of the company’s stock valued at $327,000 after buying an additional 32 shares in the last quarter. Finally, Pacer Advisors Inc. increased its stake in Lam Research Corp. by 1.2% in the second quarter. Pacer Advisors Inc. now owns 4,651 shares of the company’s stock valued at $391,000 after buying an additional 57 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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