Lam Research (NASDAQ:LRCX) Price Target Cut to $880.00 by Analysts at Wells Fargo & Company

Lam Research (NASDAQ:LRCX) had its price target trimmed by Wells Fargo & Company from $1,000.00 to $880.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an equal weight rating on the semiconductor company’s stock.

A number of other equities research analysts also recently weighed in on LRCX. Morgan Stanley dropped their price objective on Lam Research from $92.90 to $77.40 and set an equal weight rating on the stock in a research report on Tuesday, September 17th. Citigroup lowered their price target on shares of Lam Research from $99.00 to $89.30 and set a buy rating on the stock in a report on Monday, September 16th. Needham & Company LLC reiterated a buy rating and set a $113.00 price objective on shares of Lam Research in a research note on Thursday, August 1st. B. Riley raised their target price on shares of Lam Research from $113.00 to $132.50 and gave the company a buy rating in a research note on Thursday, June 20th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Lam Research from $110.00 to $95.00 and set a buy rating on the stock in a report on Thursday, August 1st. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $141.28.

Lam Research Trading Up 0.5 %

NASDAQ LRCX opened at $81.54 on Thursday. Lam Research has a one year low of $57.44 and a one year high of $113.00. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. The company has a market capitalization of $10.66 billion, a price-to-earnings ratio of 3.00, a price-to-earnings-growth ratio of 1.51 and a beta of 1.47. The company’s 50-day simple moving average is $95.29 and its two-hundred day simple moving average is $96.75.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.05. The company had revenue of $3.87 billion for the quarter, compared to analyst estimates of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. Lam Research’s revenue was up 20.7% compared to the same quarter last year. During the same period last year, the company posted $0.60 earnings per share. Equities analysts forecast that Lam Research will post 35.2 EPS for the current fiscal 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 given a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, September 17th. This represents a $0.92 dividend on an annualized basis and a yield of 1.13%. Lam Research’s dividend payout ratio is currently 33.84%.

Insider Transactions at Lam Research

In other news, SVP Neil J. Fernandes sold 16,200 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $105.70, for a total value of $1,712,323.80. Following the sale, the senior vice president now owns 52,370 shares in the company, valued at $5,535,456.63. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total value of $528,928.97. Following the completion of the sale, the chief accounting officer now owns 4,267 shares of the company’s stock, valued at approximately $3,488,315.17. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Neil J. Fernandes sold 16,200 shares of the business’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $105.70, for a total transaction of $1,712,323.80. Following the sale, the senior vice president now directly owns 52,370 shares of the company’s stock, valued at $5,535,456.63. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Lam Research

Several hedge funds and other institutional investors have recently made changes to their positions in LRCX. CIBC Private Wealth Group LLC grew its holdings in shares of Lam Research by 1.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,960 shares of the semiconductor company’s stock worth $3,101,000 after buying an additional 55 shares in the last quarter. Morningstar Investment Services LLC purchased a new stake in Lam Research during the 4th quarter valued at about $419,000. Angeles Wealth Management LLC raised its holdings in Lam Research by 4.5% in the 4th quarter. Angeles Wealth Management LLC now owns 514 shares of the semiconductor company’s stock valued at $403,000 after acquiring an additional 22 shares during the last quarter. Vinva Investment Management Ltd lifted its stake in Lam Research by 25.3% in the 4th quarter. Vinva Investment Management Ltd now owns 4,913 shares of the semiconductor company’s stock worth $3,880,000 after purchasing an additional 991 shares in the last quarter. Finally, Prudential PLC lifted its stake in Lam Research by 2.7% in the 4th quarter. Prudential PLC now owns 8,837 shares of the semiconductor company’s stock worth $6,922,000 after purchasing an additional 231 shares in the last quarter. Hedge funds and other institutional investors own 84.61% 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. 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.