Lam Research (LRCX) Lifted to “Buy” at Instinet
Lam Research (NASDAQ:LRCX) was upgraded by equities researchers at Instinet from a “neutral” rating to a “buy” rating in a note issued to investors on Thursday.
Other equities research analysts also recently issued reports about the company. Morgan Stanley reiterated an “overweight” rating and issued a $176.00 price target on shares of Lam Research in a report on Monday, August 14th. Vetr cut Lam Research from a “buy” rating to a “hold” rating and set a $196.77 price objective on the stock. in a research note on Monday, October 16th. DA Davidson reaffirmed a “buy” rating and set a $215.00 target price on shares of Lam Research in a research report on Thursday, October 12th. Citigroup increased their target price on Lam Research from $175.00 to $200.00 and gave the company a “neutral” rating in a research report on Wednesday, October 18th. Finally, KeyCorp reissued a “buy” rating and issued a $225.00 price objective (up previously from $202.00) on shares of Lam Research in a research report on Wednesday, October 18th. Four analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Lam Research has an average rating of “Buy” and an average target price of $212.89.
Shares of Lam Research (NASDAQ:LRCX) opened at $184.23 on Thursday. Lam Research has a fifty-two week low of $102.69 and a fifty-two 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. The stock has a market capitalization of $29,236.15, a PE ratio of 15.55, a price-to-earnings-growth ratio of 0.82 and a beta of 1.57.
Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Tuesday, October 17th. The semiconductor company reported $3.46 earnings per share for the quarter, topping analysts’ consensus estimates of $3.27 by $0.19. Lam Research had a return on equity of 30.19% and a net margin of 22.85%. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the prior year, the company posted $1.81 earnings per share. The business’s quarterly revenue was up 51.8% compared to the same quarter last year. equities research analysts expect that Lam Research will post 14.74 EPS for the current fiscal year.
Lam Research declared that its board has authorized a share buyback plan on Tuesday, November 14th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
In other Lam Research news, insider Martin B. Anstice sold 21,955 shares of Lam Research stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $211.16, for a total transaction of $4,636,017.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Patrick J. Lord sold 264 shares of Lam Research stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $216.08, for a total value of $57,045.12. The disclosure for this sale can be found here. Insiders have sold a total of 71,688 shares of company stock valued at $13,783,130 in the last quarter. Company insiders own 0.41% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its stake in shares of Lam Research by 23,238.8% in the 2nd quarter. Janus Henderson Group PLC now owns 4,742,669 shares of the semiconductor company’s stock valued at $670,756,000 after purchasing an additional 4,722,348 shares in the last quarter. Old Mutual Global Investors UK Ltd. increased its stake in shares of Lam Research by 1,696.5% in the 2nd quarter. Old Mutual Global Investors UK Ltd. now owns 878,960 shares of the semiconductor company’s stock valued at $124,311,000 after purchasing an additional 830,034 shares in the last quarter. Schroder Investment Management Group increased its stake in shares of Lam Research by 3,248.5% in the 3rd quarter. Schroder Investment Management Group now owns 703,625 shares of the semiconductor company’s stock valued at $127,933,000 after purchasing an additional 682,612 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Lam Research by 66.0% in the 3rd quarter. Nordea Investment Management AB now owns 1,575,269 shares of the semiconductor company’s stock valued at $291,488,000 after purchasing an additional 626,034 shares in the last quarter. Finally, GQG Partners LLC purchased a new position in shares of Lam Research in the 2nd quarter valued at about $87,726,000. Institutional investors and hedge funds own 93.80% of the company’s stock.
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About Lam Research
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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