Lam Research (LRCX) Upgraded to “Buy” by Citigroup

Citigroup upgraded shares of Lam Research (NASDAQ:LRCX) from a neutral rating to a buy rating in a report released on Monday, Marketbeat reports. The brokerage currently has $200.00 price target on the semiconductor company’s stock, down from their prior price target of $234.88.

LRCX has been the subject of several other reports. Stifel Nicolaus increased their price target on shares of Lam Research from $235.00 to $260.00 and gave the company a buy rating in a research report on Thursday, January 25th. ValuEngine raised shares of Lam Research from a hold rating to a buy rating in a research report on Friday, February 2nd. Morgan Stanley increased their price target on shares of Lam Research from $229.00 to $238.00 and gave the company an overweight rating in a research report on Thursday, January 25th. JPMorgan Chase increased their price target on shares of Lam Research from $230.00 to $260.00 and gave the company an overweight rating in a research report on Thursday, January 25th. Finally, Credit Suisse Group increased their price target on shares of Lam Research from $275.00 to $278.00 and gave the company an outperform rating in a research report on Wednesday, April 18th. Two analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company. Lam Research currently has an average rating of Buy and a consensus target price of $257.06.

NASDAQ:LRCX opened at $203.33 on Monday. Lam Research has a 1-year low of $202.00 and a 1-year high of $208.20. The stock has a market capitalization of $33.17 billion, a P/E ratio of 20.37, a price-to-earnings-growth ratio of 0.65 and a beta of 1.41. The company has a quick ratio of 2.21, a current ratio of 2.64 and a debt-to-equity ratio of 0.26.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Tuesday, April 17th. The semiconductor company reported $4.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.38 by $0.41. Lam Research had a net margin of 18.32% and a return on equity of 41.13%. The company had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.85 billion. During the same period in the prior year, the firm earned $3.10 earnings per share. The firm’s revenue for the quarter was up 34.3% compared to the same quarter last year. analysts predict that Lam Research will post 17.54 earnings per share for the current fiscal year.

Lam Research declared that its board has initiated a stock buyback plan on Tuesday, March 6th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 27th. Stockholders of record on Wednesday, June 6th will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.16%. This is an increase from Lam Research’s previous quarterly dividend of $0.50. Lam Research’s dividend payout ratio is 20.04%.

In other news, SVP Sarah A. O’dowd sold 1,835 shares of the company’s stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $212.64, for a total transaction of $390,194.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Martin B. Anstice sold 11,200 shares of the company’s stock in a transaction dated Wednesday, March 21st. The shares were sold at an average price of $225.00, for a total transaction of $2,520,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,148 shares of company stock worth $16,952,340. Corporate insiders own 0.41% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Harvest Fund Management Co. Ltd acquired a new position in Lam Research in the 1st quarter worth approximately $116,000. Psagot Investment House Ltd. increased its holdings in Lam Research by 200.0% in the 1st quarter. Psagot Investment House Ltd. now owns 600 shares of the semiconductor company’s stock worth $122,000 after buying an additional 400 shares during the period. Field & Main Bank increased its holdings in Lam Research by 127.3% in the 1st quarter. Field & Main Bank now owns 625 shares of the semiconductor company’s stock worth $127,000 after buying an additional 350 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in Lam Research by 144.1% in 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 period. Finally, Focused Wealth Management Inc acquired a new position in Lam Research in the 4th quarter worth approximately $140,000. Hedge funds and other institutional investors own 89.55% of the company’s stock.

About Lam Research

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers thin film deposition products, including SABRE electrochemical deposition products for copper damascene manufacturing; ALTUS systems to deposit conformal atomic layer films for tungsten metallization applications; VECTOR plasma-enhanced chemical vapor deposition (CVD) and atomic layer deposition systems to deposit oxides, nitrides, and carbides for hardmasks, multiple patterning films, anti-reflective layers, multi-layer stack films, and diffusion barriers; and Striker atomic layer deposition systems that deliver conformal dielectric films for spacer-based patterning and liner applications in various advanced memory and logic structures.

Analyst Recommendations for Lam Research (NASDAQ:LRCX)

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