Lam Research Stock Scheduled to Split on Thursday, October 3rd (NASDAQ:LRCX)

Lam Research Co. (NASDAQ:LRCX) shares are set to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be issued to shareholders after the market closes on Wednesday, October 2nd.

Lam Research Stock Down 2.0 %

Lam Research stock opened at $773.19 on Friday. Lam Research has a fifty-two week low of $574.42 and a fifty-two week high of $1,130.00. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00. The firm has a market capitalization of $101.09 billion, a price-to-earnings ratio of 28.44, a PEG ratio of 1.48 and a beta of 1.48. The company’s 50 day simple moving average is $836.41 and its 200 day simple moving average is $925.79.

Lam Research (NASDAQ:LRCX) last posted its earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share 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 company had revenue of $3.87 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period last year, the business posted $5.98 earnings per share. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Lam Research will post 35.2 EPS for the current year.

Lam Research Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be given a dividend of $2.30 per share. The ex-dividend date is Tuesday, September 17th. This represents a $9.20 dividend on an annualized basis and a dividend yield of 1.19%. This is a positive change from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s dividend payout ratio (DPR) is currently 33.84%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Morgan Stanley dropped their target price on shares of Lam Research from $929.00 to $774.00 and set an “equal weight” rating on the stock in a report on Tuesday. UBS Group dropped their price objective on shares of Lam Research from $1,250.00 to $1,150.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Wells Fargo & Company reduced their target price on shares of Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Cantor Fitzgerald reiterated a “neutral” rating and set a $1,200.00 target price on shares of Lam Research in a report on Thursday, August 1st. Finally, Citigroup cut their price target on Lam Research from $990.00 to $893.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,012.84.

Insider Transactions at Lam Research

In related news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $1,062.26, for a total value of $687,282.22. Following the completion of the transaction, the chief accounting officer now directly owns 4,914 shares of the company’s stock, valued at $5,219,945.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Timothy Archer sold 9,650 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $90,596,739.21. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $1,062.26, for a total value of $687,282.22. Following the transaction, the chief accounting officer now owns 4,914 shares of the company’s stock, valued at approximately $5,219,945.64. The disclosure for this sale can be found here. Insiders have sold a total of 16,326 shares of company stock worth $17,383,715 in the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Institutional Trading of Lam Research

A number of hedge funds have recently made changes to their positions in LRCX. DSM Capital Partners LLC acquired a new stake in Lam Research during the 4th quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Lam Research during the 2nd quarter worth about $32,000. RFP Financial Group LLC boosted its holdings in shares of 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. Raleigh Capital Management Inc. grew its stake in Lam Research by 78.6% in the 4th quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company’s stock valued at $39,000 after buying an additional 22 shares during the last quarter. Finally, Hobbs Group Advisors LLC bought a new position in Lam Research in the 2nd quarter valued at about $40,000. 84.61% of the stock is owned by institutional investors and hedge funds.

Lam Research Company Profile

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.