Lam Research (NASDAQ:LRCX) Shares Up 3.8%

Lam Research Co. (NASDAQ:LRCX)’s share price shot up 3.8% on Monday . The stock traded as high as $930.57 and last traded at $928.91. 182,308 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 1,018,029 shares. The stock had previously closed at $894.64.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on LRCX. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Lam Research in a research report on Thursday, April 11th. They issued a “hold” rating and a $1,000.00 target price for the company. B. Riley raised their target price on shares of Lam Research from $1,130.00 to $1,325.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. TD Cowen raised their price target on shares of Lam Research from $975.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Barclays raised their target price on shares of Lam Research from $865.00 to $900.00 and gave the company an “equal weight” rating in a report on Wednesday, June 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $1,030.00 target price on shares of Lam Research in a report on Thursday, April 25th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,007.85.

Lam Research Price Performance

The business has a 50 day moving average of $1,010.61 and a 200 day moving average of $944.08. The company has a market cap of $117.93 billion, a PE ratio of 32.90, a price-to-earnings-growth ratio of 2.58 and a beta of 1.48. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.82 and a quick ratio of 1.84.

Lam Research’s stock is set to split on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly issued shares will be issued to shareholders after the market closes on Wednesday, October 2nd.

Lam Research Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Tuesday, June 18th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Tuesday, June 18th. This represents a $8.00 annualized dividend and a dividend yield of 0.89%. Lam Research’s payout ratio is presently 29.42%.

Lam Research declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 21st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 8.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Timothy Archer sold 9,650 shares of Lam Research stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total value of $10,329,263.50. Following the completion of the sale, the chief executive officer now directly owns 84,639 shares in the company, valued at approximately $90,596,739.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Lam Research news, insider George M. Schisler sold 400 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $908.21, for a total transaction of $363,284.00. Following the completion of the sale, the insider now directly owns 5,661 shares in the company, valued at approximately $5,141,376.81. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Timothy Archer sold 9,650 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $1,070.39, for a total value of $10,329,263.50. Following the sale, the chief executive officer now owns 84,639 shares of the company’s stock, valued at $90,596,739.21. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,726 shares of company stock worth $17,746,999. 0.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lam Research

A number of large investors have recently made changes to their positions in LRCX. DSM Capital Partners LLC purchased a new position in shares of Lam Research during the 4th quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. purchased a new position in Lam Research in the 2nd quarter worth approximately $32,000. Partnership Wealth Management LLC purchased a new position in Lam Research in the 4th quarter worth approximately $33,000. RFP Financial Group LLC lifted its holdings in Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 12 shares in the last quarter. Finally, Rakuten Securities Inc. purchased a new position in Lam Research in the 4th quarter worth approximately $38,000. 84.61% of the stock is currently owned by institutional investors.

About Lam Research

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.