UBS Group Trims Lam Research (NASDAQ:LRCX) Target Price to $1,150.00

Lam Research (NASDAQ:LRCX) had its price target trimmed by UBS Group from $1,250.00 to $1,150.00 in a report published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

LRCX has been the topic of several other reports. Raymond James increased their price objective on shares of Lam Research from $950.00 to $1,060.00 and gave the company an outperform rating in a research report on Friday, June 7th. StockNews.com lowered shares of Lam Research from a buy rating to a hold rating in a research report on Friday, July 26th. TD Cowen increased their price objective on shares of Lam Research from $1,000.00 to $1,050.00 and gave the company a buy rating in a research report on Thursday, August 1st. Needham & Company LLC reissued a buy rating and issued a $1,130.00 price objective on shares of Lam Research in a research report on Thursday, August 1st. Finally, B. Riley increased their price objective on shares of Lam Research from $1,130.00 to $1,325.00 and gave the company a buy rating in a research report on Thursday, June 20th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $1,015.63.

Lam Research Stock Performance

Shares of LRCX opened at $769.72 on Thursday. Lam Research has a 12 month low of $574.42 and a 12 month high of $1,130.00. The firm has a fifty day simple moving average of $868.98 and a 200 day simple moving average of $932.11. The stock has a market capitalization of $99.97 billion, a price-to-earnings ratio of 28.31, a PEG ratio of 1.48 and a beta of 1.48. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52.

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 issued to shareholders after the closing bell on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.58 by $0.56. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The firm had revenue of $3.87 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period in the prior year, the firm posted $5.98 earnings per share. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. Research analysts forecast that Lam Research will post 35.2 EPS for the current fiscal year.

Lam Research announced that its board has authorized a share repurchase plan on Tuesday, May 21st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 8.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Lam Research Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be paid a $2.30 dividend. This is an increase from Lam Research’s previous quarterly dividend of $2.00. This represents a $9.20 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date is Tuesday, September 17th. Lam Research’s dividend payout ratio (DPR) is presently 29.42%.

Insider Activity

In other news, CEO Timothy Archer sold 9,650 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $1,070.39, for a total value of $10,329,263.50. Following the sale, the chief executive officer now directly owns 84,639 shares in the company, valued at approximately $90,596,739.21. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Timothy Archer sold 9,650 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $1,070.39, for a total value of $10,329,263.50. Following the sale, the chief executive officer now directly owns 84,639 shares in the company, valued at approximately $90,596,739.21. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Neil J. Fernandes sold 4,409 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total transaction of $4,654,845.84. Following the completion of the sale, the senior vice president now owns 6,857 shares in the company, valued at $7,239,346.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,326 shares of company stock worth $17,383,715. Corporate insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Lam Research

Several hedge funds have recently added to or reduced their stakes in LRCX. DSM Capital Partners LLC acquired a new stake in Lam Research during the 4th quarter worth approximately $28,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in Lam Research during the 2nd quarter worth approximately $32,000. RFP Financial Group LLC boosted its position in Lam Research by 52.2% during the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after buying an additional 12 shares during the period. Atlantic Edge Private Wealth Management LLC acquired a new stake in Lam Research during the 4th quarter worth approximately $39,000. Finally, Raleigh Capital Management Inc. raised its holdings in Lam Research by 78.6% during the 4th quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 22 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.