Wells Fargo & Company Cuts Lam Research (NASDAQ:LRCX) Price Target to $85.00

Lam Research (NASDAQ:LRCX) had its price target reduced by Wells Fargo & Company from $88.00 to $85.00 in a report issued on Thursday, Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

A number of other research firms have also weighed in on LRCX. StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft reduced their price target on Lam Research from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Cantor Fitzgerald dropped their price objective on Lam Research from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, September 30th. Mizuho cut their target price on Lam Research from $105.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. Finally, TD Cowen upped their target price on shares of Lam Research from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $97.03.

Lam Research Stock Performance

NASDAQ:LRCX opened at $77.68 on Thursday. Lam Research has a 1 year low of $57.44 and a 1 year high of $113.00. 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 business has a fifty day simple moving average of $79.21 and a two-hundred day simple moving average of $89.71. The company has a market capitalization of $100.68 billion, a P/E ratio of 26.79, a P/E/G ratio of 1.89 and a beta of 1.47.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.81 by $0.05. The business had revenue of $4.17 billion for the quarter, compared to the consensus estimate of $4.06 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The company’s revenue was up 19.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.85 earnings per share. On average, analysts expect that Lam Research will post 3.23 earnings per share for the current year.

Lam Research Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend was Tuesday, September 17th. Lam Research’s payout ratio is currently 31.72%.

Insider Transactions at Lam Research

In related news, CAO Christina Correia sold 647 shares of the stock in a transaction on Tuesday, October 1st. The shares were 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 of the company’s stock, valued at approximately $3,488,315.17. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Lam Research

A number of large investors have recently bought and sold shares of LRCX. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Lam Research in the second 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 valued at $37,000 after buying an additional 12 shares during the period. Hobbs Group Advisors LLC bought a new stake in Lam Research in the 2nd quarter worth $40,000. Country Trust Bank bought a new stake in Lam Research in the 2nd quarter worth $43,000. Finally, MFA Wealth Advisors LLC purchased a new position in shares of Lam Research in the second quarter valued at about $45,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.