Lam Research (NASDAQ:LRCX) Price Target Lowered to $83.00 at Wells Fargo & Company

Lam Research (NASDAQ:LRCX) had its price objective cut by Wells Fargo & Company from $85.00 to $83.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

Several other brokerages have also issued reports on LRCX. Stifel Nicolaus reiterated a “buy” rating and issued a $100.00 target price (down from $105.00) on shares of Lam Research in a research report on Thursday, October 24th. B. Riley cut their price objective on Lam Research from $132.50 to $105.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. BNP Paribas raised Lam Research to a “hold” rating in a report on Thursday, October 24th. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 target price on shares of Lam Research in a research note on Thursday, October 24th. Finally, UBS Group decreased their price target on shares of Lam Research from $125.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. Eight research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Lam Research has a consensus rating of “Moderate Buy” and an average price target of $97.24.

Lam Research Stock Performance

NASDAQ:LRCX opened at $76.59 on Friday. The stock has a market cap of $98.55 billion, a P/E ratio of 24.75, a PEG ratio of 1.24 and a beta of 1.46. The company has a quick ratio of 1.74, a current ratio of 2.53 and a debt-to-equity ratio of 0.53. The business’s 50-day moving average price is $76.26 and its two-hundred day moving average price is $86.05. Lam Research has a twelve month low of $68.87 and a twelve month high of $113.00.

Lam Research (NASDAQ:LRCX) last announced its earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.05. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The business had revenue of $4.17 billion for the quarter, compared to the consensus estimate of $4.06 billion. During the same period last year, the firm posted $6.85 earnings per share. Lam Research’s quarterly revenue was up 19.7% on a year-over-year basis. As a group, equities analysts predict that Lam Research will post 3.52 EPS for the current fiscal year.

Lam Research Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Wednesday, December 11th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date is Wednesday, December 11th. Lam Research’s payout ratio is 29.74%.

Insider Activity

In other Lam Research news, CAO Christina Correia sold 647 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total transaction of $528,928.97. Following the transaction, the chief accounting officer now owns 4,267 shares in the company, valued at approximately $3,488,315.17. This represents a 13.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Lam Research

Several hedge funds have recently made changes to their positions in the company. U.S. Capital Wealth Advisors LLC raised its holdings in Lam Research by 3.7% in the second quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock worth $357,000 after purchasing an additional 12 shares in the last quarter. Ignite Planners LLC increased its stake in shares of Lam Research by 2.8% in the 2nd quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock worth $484,000 after acquiring an additional 12 shares in the last quarter. RFP Financial Group LLC lifted 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 valued at $37,000 after acquiring an additional 12 shares during the period. Rosenberg Matthew Hamilton boosted its stake in Lam Research by 24.0% during the second quarter. Rosenberg Matthew Hamilton now owns 62 shares of the semiconductor company’s stock worth $66,000 after acquiring an additional 12 shares in the last quarter. Finally, TRUE Private Wealth Advisors grew its holdings in Lam Research by 3.4% in the second quarter. TRUE Private Wealth Advisors now owns 390 shares of the semiconductor company’s stock worth $415,000 after purchasing an additional 13 shares during the period. 84.61% of the stock is currently owned by institutional investors.

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.