Lam Research (NASDAQ:LRCX) was upgraded by stock analysts at Nomura from a “neutral” rating to a “buy” rating in a research note issued to investors on Thursday, December 7th, Marketbeat reports. The brokerage presently has a $215.00 target price on the semiconductor company’s stock, up from their prior target price of $103.01. Nomura’s price target would suggest a potential upside of 13.59% from the stock’s previous close.
Several other research firms also recently weighed in on LRCX. KeyCorp reiterated a “buy” rating and set a $225.00 target price on shares of Lam Research in a research report on Sunday, November 19th. B. Riley reissued a “buy” rating and set a $250.00 price target on shares of Lam Research in a report on Tuesday, November 14th. Royal Bank of Canada raised their price target on Lam Research from $210.00 to $225.00 and gave the company an “outperform” rating in a report on Wednesday, November 15th. Deutsche Bank raised their price target on Lam Research to $230.00 and gave the company a “buy” rating in a report on Wednesday, November 15th. Finally, Needham & Company LLC raised their price target on Lam Research from $220.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, October 19th. Four equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Lam Research has a consensus rating of “Buy” and a consensus target price of $212.99.
Lam Research (NASDAQ:LRCX) traded up $5.21 during mid-day trading on Thursday, hitting $189.28. The stock had a trading volume of 2,037,307 shares, compared to its average volume of 3,030,000. The stock has a market cap of $30,650.00, a P/E ratio of 17.29, a P/E/G ratio of 0.84 and a beta of 1.57. Lam Research has a 52-week low of $105.30 and a 52-week high of $219.70. The company has a current ratio of 3.31, a quick ratio of 2.83 and a debt-to-equity ratio of 0.24.
Lam Research (NASDAQ:LRCX) last released its quarterly earnings results on Tuesday, October 17th. The semiconductor company reported $3.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.27 by $0.19. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.46 billion. Lam Research had a return on equity of 30.19% and a net margin of 22.85%. The company’s revenue for the quarter was up 51.8% on a year-over-year basis. During the same period last year, the business posted $1.81 EPS. sell-side analysts expect that Lam Research will post 14.74 earnings per share for the current year.
Lam Research declared that its Board of Directors has initiated a stock buyback plan on Tuesday, November 14th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In related news, insider Martin B. Anstice sold 21,955 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $211.16, for a total value of $4,636,017.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen G. Newberry sold 750 shares of the business’s stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $190.00, for a total value of $142,500.00. The disclosure for this sale can be found here. Insiders have sold 32,769 shares of company stock valued at $6,904,451 in the last 90 days. Company insiders own 0.41% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC lifted its holdings in Lam Research by 23,238.8% during the second quarter. Janus Henderson Group PLC now owns 4,742,669 shares of the semiconductor company’s stock worth $670,756,000 after buying an additional 4,722,348 shares during the period. Old Mutual Global Investors UK Ltd. lifted its holdings in Lam Research by 1,696.5% during the second quarter. Old Mutual Global Investors UK Ltd. now owns 878,960 shares of the semiconductor company’s stock worth $124,311,000 after buying an additional 830,034 shares during the period. Schroder Investment Management Group lifted its holdings in Lam Research by 3,248.5% during the third quarter. Schroder Investment Management Group now owns 703,625 shares of the semiconductor company’s stock worth $127,933,000 after buying an additional 682,612 shares during the period. Nordea Investment Management AB lifted its holdings in Lam Research by 66.0% during the third quarter. Nordea Investment Management AB now owns 1,575,269 shares of the semiconductor company’s stock worth $291,488,000 after buying an additional 626,034 shares during the period. Finally, GQG Partners LLC purchased a new stake in Lam Research during the second quarter worth $87,726,000. Hedge funds and other institutional investors own 93.37% of the company’s stock.
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Lam Research Company Profile
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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