Lam Research Corporation (LRCX) PT Raised to $225.00 at Royal Bank Of Canada
Lam Research Corporation (NASDAQ:LRCX) had its price objective increased by equities researchers at Royal Bank Of Canada from $210.00 to $225.00 in a note issued to investors on Wednesday. The firm presently has an “outperform” rating on the semiconductor company’s stock. Royal Bank Of Canada’s price objective points to a potential upside of 6.90% from the company’s previous close.
Other research analysts have also recently issued reports about the stock. B. Riley reissued a “buy” rating and issued a $220.00 price objective on shares of Lam Research Corporation in a research note on Tuesday, August 1st. Cowen and Company reissued an “outperform” rating and issued a $185.00 price objective (up from $150.00) on shares of Lam Research Corporation in a research note on Thursday, July 27th. Argus started coverage on shares of Lam Research Corporation in a research note on Tuesday, September 12th. They issued a “buy” rating and a $196.00 price objective on the stock. ValuEngine raised shares of Lam Research Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 3rd. Finally, DA Davidson reaffirmed a “buy” rating on shares of Lam Research Corporation in a research note on Wednesday, October 18th. Five investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $212.89.
Shares of Lam Research Corporation (NASDAQ LRCX) traded down $2.75 on Wednesday, hitting $210.47. 1,959,971 shares of the stock traded hands, compared to its average volume of 2,081,047. Lam Research Corporation has a 12 month low of $97.79 and a 12 month high of $217.00. The company has a market capitalization of $34,530.00, a PE ratio of 17.97, a PEG ratio of 0.97 and a beta of 1.63. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.31 and a quick ratio of 2.83.
Lam Research Corporation (NASDAQ:LRCX) last announced its earnings results on Tuesday, October 17th. The semiconductor company reported $3.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.27 by $0.19. Lam Research Corporation had a net margin of 22.85% and a return on equity of 30.19%. The company had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same period last year, the firm earned $1.81 earnings per share. The business’s revenue for the quarter was up 51.8% on a year-over-year basis. sell-side analysts forecast that Lam Research Corporation will post 14.45 EPS for the current year.
Lam Research Corporation announced that its board has authorized a stock repurchase plan on Tuesday, November 14th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, COO Timothy Archer sold 8,691 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $171.76, for a total transaction of $1,492,766.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen G. Newberry sold 750 shares of the business’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $175.00, for a total transaction of $131,250.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,419 shares of company stock valued at $9,079,367. Insiders own 0.41% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Central Asset Investments & Management Holdings HK Ltd grew its position in Lam Research Corporation by 300.3% in the 3rd quarter. Central Asset Investments & Management Holdings HK Ltd now owns 11,340 shares of the semiconductor company’s stock worth $2,098,000 after purchasing an additional 8,507 shares in the last quarter. Moors & Cabot Inc. bought a new stake in Lam Research Corporation in the 3rd quarter worth about $425,000. Cetera Investment Advisers bought a new stake in Lam Research Corporation in the 3rd quarter worth about $622,000. IFM Investors Pty Ltd bought a new stake in Lam Research Corporation in the 3rd quarter worth about $832,000. Finally, Sterling Capital Management LLC bought a new stake in Lam Research Corporation in the 3rd quarter worth about $1,559,000. 93.05% of the stock is owned by institutional investors and hedge funds.
About Lam Research Corporation
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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