Lam Research Corp. (LRCX) Downgraded by Zacks Investment Research
According to Zacks, “Lam Research Corp. is a leading global provider of innovative wafer fabrication equipment and services to the semiconductor industry. The company reported better-than-expected fiscal fourth quarter 2016 results with revenues and earnings surpassing our estimates. The results were driven by strong success in the areas of device architecture, process flow and advanced packaging technology inflections. The KLA acquisition is expected to expand its market and customer base, generating cash and creating value. The company has been improving on WFE market share significantly since 2013 and expects to continue making gains, going forward. At the same time, the persistent decline in the PC market, which is still the most important consumer of DRAMs, the competitive climate and currency effects remain concerns. The Brexit impact cannot be ignored either.”
A number of other analysts have also recently issued reports on LRCX. B. Riley reiterated a buy rating and set a $106.00 target price on shares of Lam Research Corp. in a report on Tuesday, August 2nd. DA Davidson reiterated a buy rating and set a $110.00 target price on shares of Lam Research Corp. in a report on Monday, August 15th. RBC Capital Markets reiterated an outperform rating and set a $105.00 target price (up previously from $95.00) on shares of Lam Research Corp. in a report on Thursday, July 28th. Needham & Company LLC reiterated a buy rating and set a $105.00 target price (up previously from $95.00) on shares of Lam Research Corp. in a report on Thursday, July 28th. Finally, Pacific Crest boosted their target price on Lam Research Corp. from $96.00 to $101.00 and gave the stock an overweight rating in a report on Thursday, July 28th. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $101.38.
Shares of Lam Research Corp. (NASDAQ:LRCX) opened at 99.47 on Friday. The firm has a market cap of $15.94 billion, a PE ratio of 19.06 and a beta of 1.47. The company has a 50-day moving average of $94.78 and a 200 day moving average of $86.77. Lam Research Corp. has a one year low of $63.10 and a one year high of $102.44.
Lam Research Corp. (NASDAQ:LRCX) last issued its earnings results on Wednesday, July 27th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.16. Lam Research Corp. had a return on equity of 18.95% and a net margin of 15.53%. The business earned $1.55 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the business earned $1.50 EPS. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, equities research analysts expect that Lam Research Corp. will post $7.02 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 28th. Investors of record on Wednesday, September 14th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.21%. The ex-dividend date was Monday, September 12th. Lam Research Corp.’s dividend payout ratio is currently 22.99%.
In related news, insider Richard A. Gottscho sold 47,540 shares of the company’s stock in a transaction that occurred on Thursday, October 6th. The stock was sold at an average price of $98.85, for a total transaction of $4,699,329.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.46% of the company’s stock.
Several large investors have recently bought and sold shares of LRCX. Legal & General Group Plc raised its stake in Lam Research Corp. by 0.5% in the first quarter. Legal & General Group Plc now owns 689,290 shares of the company’s stock valued at $56,933,000 after buying an additional 3,333 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Lam Research Corp. during the second quarter worth approximately $30,739,000. Geode Capital Management LLC increased its position in shares of Lam Research Corp. by 3.0% in the first quarter. Geode Capital Management LLC now owns 1,345,517 shares of the company’s stock worth $110,924,000 after buying an additional 39,093 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of Lam Research Corp. by 1.3% in the second quarter. New York State Teachers Retirement System now owns 321,182 shares of the company’s stock worth $26,999,000 after buying an additional 4,166 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of Lam Research Corp. by 116.7% in the first quarter. Panagora Asset Management Inc. now owns 338,934 shares of the company’s stock worth $27,996,000 after buying an additional 182,531 shares during the last quarter.
About Lam Research Corp.
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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