Lam Research (NASDAQ:LRCX) Updates Q2 Earnings Guidance

Lam Research (NASDAQ:LRCX) updated its second quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.77-0.97 for the period, compared to the consensus EPS estimate of $0.84. The company issued revenue guidance of $4.0-4.6 billion, compared to the consensus revenue estimate of $4.24 billion.

Lam Research Price Performance

NASDAQ:LRCX traded down $0.14 during trading hours on Wednesday, hitting $72.86. 18,910,973 shares of the stock traded hands, compared to its average volume of 11,209,402. The company has a market cap of $9.53 billion, a price-to-earnings ratio of 2.65, a price-to-earnings-growth ratio of 1.75 and a beta of 1.47. Lam Research has a 1 year low of $57.44 and a 1 year high of $113.00. The stock has a 50 day moving average price of $79.82 and a 200 day moving average price of $90.11. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.05. The company had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The firm’s revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.60 EPS. Sell-side analysts forecast that Lam Research will post 3.52 EPS for the current fiscal year.

Lam Research Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, September 17th. This represents a $0.92 annualized dividend and a yield of 1.26%. Lam Research’s dividend payout ratio (DPR) is currently 3.38%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Morgan Stanley lowered their price target on Lam Research from $81.00 to $77.00 in a research report on Wednesday. Citigroup decreased their price target on Lam Research from $99.00 to $89.30 and set a “buy” rating for the company in a research note on Monday, September 16th. Mizuho cut their price objective on Lam Research from $105.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Needham & Company LLC reissued a “buy” rating and set a $113.00 target price on shares of Lam Research in a research note on Thursday, August 1st. Finally, B. Riley cut their price target on shares of Lam Research from $132.50 to $105.00 and set a “buy” rating on the stock in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $139.82.

Insider Activity at Lam Research

In other news, CAO Christina Correia sold 647 shares of the company’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 sale, the chief accounting officer now directly owns 4,267 shares of the company’s stock, valued at $3,488,315.17. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is owned by insiders.

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.