Lam Research (NASDAQ:LRCX) Shares Down 0.6% – What’s Next?

Lam Research Co. (NASDAQ:LRCX) fell 0.6% during trading on Tuesday . The stock traded as low as $71.43 and last traded at $72.43. 3,326,978 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 11,122,728 shares. The stock had previously closed at $72.84.

Wall Street Analyst Weigh In

Several brokerages recently commented on LRCX. TD Cowen boosted their price target on shares of Lam Research from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Needham & Company LLC reissued a “buy” rating and issued a $100.00 price target on shares of Lam Research in a report on Thursday. Wells Fargo & Company dropped their target price on shares of Lam Research from $1,000.00 to $880.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Mizuho dropped their target price on shares of Lam Research from $105.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Finally, B. Riley dropped their target price on shares of Lam Research from $132.50 to $105.00 and set a “buy” rating for the company in a report on Wednesday. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $139.13.

Lam Research Price Performance

The firm has a market cap of $9.53 billion, a price-to-earnings ratio of 2.68, a PEG ratio of 1.75 and a beta of 1.47. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52. The company’s 50-day moving average price is $79.60 and its 200-day moving average price is $89.94.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.05. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The business had revenue of $4.17 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same quarter in the prior year, the company earned $6.85 earnings per share. The business’s quarterly revenue was up 19.7% on a year-over-year basis. On average, equities research analysts forecast that Lam Research Co. will post 3.52 EPS for the current year.

Lam Research Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, September 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.26%. Lam Research’s payout ratio is 3.38%.

Insider Buying and Selling

In related news, CAO Christina Correia sold 647 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total transaction of $528,928.97. Following the sale, the chief accounting officer now directly owns 4,267 shares in the company, valued at approximately $3,488,315.17. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Lam Research

Several hedge funds have recently added to or reduced their stakes in LRCX. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Lam Research during the second quarter worth approximately $32,000. RFP Financial Group LLC lifted its holdings in shares of Lam Research by 52.2% during the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 12 shares during the period. Hobbs Group Advisors LLC acquired a new stake in shares of Lam Research during the second quarter worth $40,000. Country Trust Bank purchased a new stake in shares of Lam Research in the second quarter valued at about $43,000. Finally, MFA Wealth Advisors LLC acquired a new position in shares of Lam Research during the second quarter worth about $45,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Lam Research Company Profile

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.