Lam Research (NASDAQ:LRCX) Price Target Cut to $893.00 by Analysts at Citigroup

Lam Research (NASDAQ:LRCX) had its price objective decreased by Citigroup from $990.00 to $893.00 in a report issued on Monday morning, Benzinga reports. Citigroup currently has a buy rating on the semiconductor company’s stock.

A number of other research analysts have also issued reports on the company. Raymond James lifted their target price on Lam Research from $950.00 to $1,060.00 and gave the company an outperform rating in a report on Friday, June 7th. Barclays boosted their price objective on Lam Research from $865.00 to $900.00 and gave the stock an equal weight rating in a research report on Wednesday, June 5th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Lam Research from $1,100.00 to $950.00 and set a buy rating on the stock in a report on Thursday, August 1st. TD Cowen boosted their price target on shares of Lam Research from $1,000.00 to $1,050.00 and gave the stock a buy rating in a report on Thursday, August 1st. Finally, Cantor Fitzgerald reissued a neutral rating and issued a $1,200.00 price objective on shares of Lam Research in a research report on Thursday, August 1st. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Lam Research has an average rating of Moderate Buy and an average price target of $1,013.37.

Lam Research Price Performance

LRCX stock opened at $789.07 on Monday. The business’s fifty day moving average price is $842.35 and its 200 day moving average price is $927.21. Lam Research has a 12-month low of $574.42 and a 12-month high of $1,130.00. The company has a market capitalization of $103.16 billion, a PE ratio of 29.02, a P/E/G ratio of 1.48 and a beta of 1.48. The company has a current ratio of 2.97, a quick ratio of 2.00 and a debt-to-equity ratio of 0.52.

Lam Research shares are set to split on the morning of Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be distributed to shareholders after the closing bell on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share for the quarter, beating analysts’ consensus estimates of $7.58 by $0.56. The firm had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.98 earnings per share. On average, sell-side analysts anticipate that Lam Research will post 35.2 EPS for the current year.

Lam Research Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th will be given a dividend of $2.30 per share. This is a positive change from Lam Research’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $9.20 annualized dividend and a yield of 1.17%. Lam Research’s payout ratio is 33.84%.

Insider Activity

In other news, CEO Timothy Archer sold 9,650 shares of Lam Research stock in a transaction on 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 transaction, the chief executive officer now directly owns 84,639 shares of the company’s stock, valued at approximately $90,596,739.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Christina Correia sold 647 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $1,062.26, for a total transaction of $687,282.22. Following the completion of the sale, the chief accounting officer now owns 4,914 shares in the company, valued at $5,219,945.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 completion of the transaction, the chief executive officer now owns 84,639 shares in the company, valued at approximately $90,596,739.21. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,326 shares of company stock valued at $17,383,715. 0.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of LRCX. DSM Capital Partners LLC acquired a new stake in shares of Lam Research during the fourth quarter worth $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Lam Research in the second quarter valued at about $32,000. RFP Financial Group LLC increased its stake 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 acquiring an additional 12 shares during the period. Raleigh Capital Management Inc. raised its holdings in Lam Research by 78.6% during the fourth quarter. Raleigh Capital Management Inc. now owns 50 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 22 shares in the last quarter. Finally, Hobbs Group Advisors LLC acquired a new stake in Lam Research in the second quarter valued at about $40,000. 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.