Traders Buy Lam Research Corporation (LRCX) on Weakness
Traders purchased shares of Lam Research Corporation (NASDAQ:LRCX) on weakness during trading on Wednesday. $145.56 million flowed into the stock on the tick-up and $111.09 million flowed out of the stock on the tick-down, for a money net flow of $34.47 million into the stock. Of all stocks tracked, Lam Research Corporation had the 16th highest net in-flow for the day. Lam Research Corporation traded down ($0.78) for the day and closed at $207.86
A number of equities research analysts have recently issued reports on LRCX shares. Credit Suisse Group reiterated a “buy” rating on shares of Lam Research Corporation in a research note on Tuesday, August 29th. DA Davidson reiterated a “buy” rating and issued a $175.00 target price on shares of Lam Research Corporation in a research note on Wednesday, July 26th. Argus started coverage on Lam Research Corporation in a research note on Tuesday, September 12th. They issued a “buy” rating and a $196.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $200.00 target price on shares of Lam Research Corporation in a research note on Friday, September 1st. Finally, KeyCorp reiterated an “outperform” rating and issued a $202.00 target price on shares of Lam Research Corporation in a research note on Saturday, September 16th. Five investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Lam Research Corporation has an average rating of “Buy” and an average target price of $212.89.
The company has a market cap of $33,730.00, a PE ratio of 18.02, a P/E/G ratio of 0.98 and a beta of 1.63. The company has a quick ratio of 2.83, a current ratio of 3.31 and a debt-to-equity ratio of 0.24.
Lam Research Corporation (NASDAQ:LRCX) last issued 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. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.46 billion. Lam Research Corporation had a return on equity of 30.19% and a net margin of 22.85%. Lam Research Corporation’s revenue was up 51.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.81 earnings per share. sell-side analysts predict that Lam Research Corporation will post 14.45 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Wednesday, December 6th will be given a dividend of $0.50 per share. This is a boost from Lam Research Corporation’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $2.00 dividend on an annualized basis and a yield of 0.96%. Lam Research Corporation’s dividend payout ratio (DPR) is presently 16.44%.
Lam Research Corporation announced that its board has initiated a share repurchase plan on Tuesday, November 14th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
In related news, COO Timothy Archer sold 15,638 shares of Lam Research Corporation stock in a transaction on Monday, September 18th. The stock was sold at an average price of $175.65, for a total transaction of $2,746,814.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen G. Newberry sold 750 shares of Lam Research Corporation stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $195.09, for a total value of $146,317.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,419 shares of company stock valued at $7,167,497. Insiders own 0.41% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of LRCX. Meeder Asset Management Inc. bought a new position in Lam Research Corporation during the second quarter valued at about $700,000. Oregon Public Employees Retirement Fund increased its stake in shares of Lam Research Corporation by 29.0% in the second quarter. Oregon Public Employees Retirement Fund now owns 84,062 shares of the semiconductor company’s stock worth $11,889,000 after purchasing an additional 18,900 shares during the period. Ardevora Asset Management LLP bought a new position in shares of Lam Research Corporation in the second quarter worth about $26,900,000. Main Street Research LLC increased its stake in shares of Lam Research Corporation by 3.6% in the second quarter. Main Street Research LLC now owns 97,974 shares of the semiconductor company’s stock worth $13,856,000 after purchasing an additional 3,367 shares during the period. Finally, Aperio Group LLC increased its stake in shares of Lam Research Corporation by 17.8% in the second quarter. Aperio Group LLC now owns 77,380 shares of the semiconductor company’s stock worth $10,944,000 after purchasing an additional 11,706 shares during the period. Institutional investors own 93.05% of the company’s stock.
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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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