Lam Research (LRCX) Shares Gap Up to $186.11

Lam Research Co. (NASDAQ:LRCX) gapped up before the market opened on Wednesday . The stock had previously closed at $181.32, but opened at $186.11. Lam Research shares last traded at $188.83, with a volume of 3290599 shares.

Several brokerages have recently commented on LRCX. Argus began coverage on shares of Lam Research in a research report on Tuesday, September 12th. They set a “buy” rating and a $196.00 price target for the company. DA Davidson reiterated a “buy” rating on shares of Lam Research in a research report on Wednesday, October 18th. Stifel Nicolaus lifted their price target on shares of Lam Research from $215.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, October 18th. Royal Bank of Canada lifted their price target on shares of Lam Research from $185.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 18th. Finally, Vetr cut shares of Lam Research from a “buy” rating to a “hold” rating and set a $196.77 price target for the company. in a research report on Monday, October 16th. Four investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $212.99.

The company has a quick ratio of 2.83, a current ratio of 3.31 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $30,060.00, a PE ratio of 16.26, a P/E/G ratio of 0.86 and a beta of 1.57.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Tuesday, October 17th. The semiconductor company reported $3.46 EPS for the quarter, topping the Zacks’ consensus estimate of $3.27 by $0.19. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.46 billion. Lam Research had a net margin of 22.85% and a return on equity of 30.19%. The firm’s revenue for the quarter was up 51.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.81 earnings per share. analysts forecast that Lam Research Co. will post 14.74 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Wednesday, December 6th will be given a dividend of $0.50 per share. This is a positive change from Lam Research’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 1.08%. The ex-dividend date is Tuesday, December 5th. Lam Research’s dividend payout ratio is 18.26%.

Lam Research announced that its board has initiated a stock buyback program on Tuesday, November 14th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.

In related news, Director Stephen G. Newberry sold 750 shares of the company’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $180.00, for a total value of $135,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Timothy Archer sold 11,590 shares of the company’s stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $181.76, for a total transaction of $2,106,598.40. The disclosure for this sale can be found here. Insiders have sold 45,859 shares of company stock worth $9,284,799 over the last ninety days. Insiders own 0.41% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in LRCX. Vantage Financial Partners Ltd. Inc. bought a new stake in Lam Research during the second quarter worth about $254,000. Krilogy Financial LLC lifted its position in Lam Research by 91.6% during the third quarter. Krilogy Financial LLC now owns 550 shares of the semiconductor company’s stock worth $102,000 after purchasing an additional 263 shares during the period. Bollard Group LLC bought a new stake in Lam Research during the third quarter worth about $130,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Lam Research during the third quarter worth about $134,000. Finally, Odey Holdings AG lifted its position in Lam Research by 9.9% during the second quarter. Odey Holdings AG now owns 810 shares of the semiconductor company’s stock worth $115,000 after purchasing an additional 73 shares during the period. Institutional investors and hedge funds own 93.37% of the company’s stock.

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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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