Wells Fargo & Company Cuts Lam Research (NASDAQ:LRCX) Price Target to $880.00

Lam Research (NASDAQ:LRCX) had its price target reduced by Wells Fargo & Company from $1,000.00 to $880.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

Other equities research analysts have also issued research reports about the company. Barclays increased their price target on Lam Research from $86.50 to $90.00 and gave the stock an equal weight rating in a research note on Wednesday, June 5th. Morgan Stanley cut their target price on Lam Research from $92.90 to $77.40 and set an equal weight rating for the company in a research report on Tuesday, September 17th. Needham & Company LLC reissued a buy rating and issued a $113.00 price target on shares of Lam Research in a report on Thursday, August 1st. Mizuho cut their price objective on shares of Lam Research from $105.00 to $95.00 and set an outperform rating for the company in a report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Lam Research from $110.00 to $95.00 and set a buy rating on the stock in a research report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $141.28.

Lam Research Stock Up 0.5 %

NASDAQ LRCX opened at $81.54 on Thursday. Lam Research has a 52 week low of $57.44 and a 52 week high of $113.00. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $10.66 billion, a P/E ratio of 3.00, a price-to-earnings-growth ratio of 1.51 and a beta of 1.47. The stock’s 50-day moving average price is $95.29 and its 200-day moving average price is $96.75.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, July 31st. The semiconductor company reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.05. The company had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The firm’s revenue was up 20.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.60 EPS. On average, equities research analysts predict that Lam Research will post 35.2 earnings per share for the current year.

Lam Research Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend was Tuesday, September 17th. Lam Research’s dividend payout ratio is currently 33.84%.

Insider Activity at Lam Research

In other Lam Research news, SVP Neil J. Fernandes sold 16,200 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $105.70, for a total transaction of $1,712,323.80. Following the transaction, the senior vice president now owns 52,370 shares in the company, valued at $5,535,456.63. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Lam Research news, SVP Neil J. Fernandes sold 16,200 shares of the firm’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $105.70, for a total value of $1,712,323.80. Following the completion of the sale, the senior vice president now owns 52,370 shares of the company’s stock, valued at $5,535,456.63. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Christina Correia sold 647 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total value of $528,928.97. Following the transaction, the chief accounting officer now directly owns 4,267 shares in the company, valued at approximately $3,488,315.17. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by insiders.

Institutional Trading of Lam Research

Several institutional investors and hedge funds have recently made changes to their positions in LRCX. Handelsbanken Fonder AB grew its holdings in shares of Lam Research by 1.4% in the third quarter. Handelsbanken Fonder AB now owns 55,776 shares of the semiconductor company’s stock worth $45,518,000 after purchasing an additional 765 shares during the last quarter. Wright Investors Service Inc. boosted its position in Lam Research by 36.9% in the 3rd quarter. Wright Investors Service Inc. now owns 1,906 shares of the semiconductor company’s stock valued at $1,555,000 after buying an additional 514 shares during the period. Eldred Rock Partners LLC grew its stake in Lam Research by 4.3% in the 3rd quarter. Eldred Rock Partners LLC now owns 15,370 shares of the semiconductor company’s stock worth $12,579,000 after acquiring an additional 630 shares in the last quarter. Apella Capital LLC increased its position in shares of Lam Research by 938.9% during the third quarter. Apella Capital LLC now owns 3,283 shares of the semiconductor company’s stock worth $2,679,000 after acquiring an additional 2,967 shares during the period. Finally, Czech National Bank raised its stake in shares of Lam Research by 6.6% during the third quarter. Czech National Bank now owns 26,559 shares of the semiconductor company’s stock valued at $21,674,000 after acquiring an additional 1,645 shares in the last quarter. 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.