Lam Research (LRCX) Shares Gap Up After Dividend Announcement
Lam Research Co. (NASDAQ:LRCX)’s share price gapped up before the market opened on Friday after the company announced a dividend. The stock had previously closed at $158.64, but opened at $162.23. Lam Research shares last traded at $165.87, with a volume of 5930986 shares changing hands.
The newly announced dividend which will be paid on Wednesday, March 28th. Investors of record on Wednesday, March 7th will be given a $0.50 dividend. The ex-dividend date is Tuesday, March 6th. This represents a $2.00 dividend on an annualized basis and a yield of 1.21%. Lam Research’s dividend payout ratio (DPR) is 22.03%.
LRCX has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective (up from $200.00) on shares of Lam Research in a research report on Friday, October 13th. KeyCorp reiterated a “buy” rating and issued a $225.00 price objective on shares of Lam Research in a research report on Sunday, November 19th. BidaskClub lowered shares of Lam Research from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. B. Riley reiterated a “buy” rating and issued a $250.00 price objective on shares of Lam Research in a research report on Tuesday, November 14th. Finally, Vetr lowered shares of Lam Research from a “buy” rating to a “hold” rating and set a $218.49 price objective on the stock. in a research report on Tuesday, January 23rd. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $232.41.
Lam Research (NASDAQ:LRCX) last issued its earnings results on Wednesday, January 24th. The semiconductor company reported $4.34 EPS for the quarter, topping the consensus estimate of $3.68 by $0.66. The company had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.57 billion. Lam Research had a net margin of 17.60% and a return on equity of 36.08%. The business’s revenue was up 37.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.24 EPS. research analysts forecast that Lam Research Co. will post 16.74 earnings per share for the current fiscal year.
Lam Research declared that its board has initiated a stock repurchase program 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 programs are often a sign that the company’s leadership believes its stock is undervalued.
In other news, insider Martin B. Anstice sold 21,955 shares of Lam Research stock in a transaction on 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Seshasayee Varadarajan sold 25,453 shares of Lam Research stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $215.00, for a total value of $5,472,395.00. The disclosure for this sale can be found here. Insiders have sold a total of 56,722 shares of company stock valued at $12,088,028 in the last ninety days. Corporate insiders own 0.41% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Krilogy Financial LLC raised its stake in shares of Lam Research by 91.6% during the 3rd quarter. Krilogy Financial LLC now owns 550 shares of the semiconductor company’s stock worth $102,000 after buying an additional 263 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Lam Research by 144.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 664 shares of the semiconductor company’s stock worth $122,000 after buying an additional 392 shares during the last quarter. Bollard Group LLC acquired a new position in shares of Lam Research during the 3rd quarter worth $130,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Lam Research during the 3rd quarter worth $134,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in shares of Lam Research during the 3rd quarter worth $185,000. 92.92% of the stock is owned by institutional investors and hedge funds.
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Lam Research Company Profile
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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