Morgan Stanley Trims Lam Research (NASDAQ:LRCX) Target Price to $774.00

Lam Research (NASDAQ:LRCX) had its price objective reduced by Morgan Stanley from $929.00 to $774.00 in a report issued on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

A number of other brokerages have also issued reports on LRCX. Wells Fargo & Company reduced their target price on Lam Research from $1,100.00 to $1,000.00 and set an equal weight rating for the company in a research note on Thursday, August 1st. Deutsche Bank Aktiengesellschaft decreased their target price on Lam Research from $1,100.00 to $950.00 and set a buy rating for the company in a report on Thursday, August 1st. TD Cowen increased 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. Raymond James lifted their price objective on shares of Lam Research from $950.00 to $1,060.00 and gave the company an outperform rating in a research note on Friday, June 7th. Finally, Citigroup lowered their price target on shares of Lam Research from $990.00 to $893.00 and set a buy rating on the stock in a report on Monday. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Lam Research has an average rating of Moderate Buy and a consensus target price of $1,013.37.

Lam Research Stock Up 4.4 %

Lam Research stock opened at $789.07 on Tuesday. The business has a fifty day moving average price of $842.35 and a 200-day moving average price of $927.21. Lam Research has a 1-year low of $574.42 and a 1-year high of $1,130.00. The stock has a market capitalization of $103.16 billion, a price-to-earnings ratio of 29.02, a PEG ratio of 1.48 and a beta of 1.48. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00.

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

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.58 by $0.56. The firm had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $3.82 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.98 earnings per share. Equities research analysts forecast that Lam Research will post 35.2 EPS for the current fiscal year.

Lam Research Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be issued a $2.30 dividend. This represents a $9.20 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Tuesday, September 17th. This is an increase from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s payout ratio is currently 33.84%.

Insider Buying and Selling at Lam Research

In other Lam Research news, CEO Timothy Archer sold 9,650 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $1,070.39, for a total transaction of $10,329,263.50. Following 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 document filed with the SEC, which is available through this link. In related news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $1,062.26, for a total transaction of $687,282.22. Following the completion of the transaction, the chief accounting officer now directly owns 4,914 shares of the company’s stock, valued at approximately $5,219,945.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy Archer sold 9,650 shares of the company’s 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 sale, 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. Insiders sold a total of 16,326 shares of company stock valued at $17,383,715 in the last three months. 0.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fortitude Family Office LLC lifted its position in shares of Lam Research by 16.7% during the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company’s stock worth $67,000 after purchasing an additional 9 shares during the last quarter. Thomasville National Bank lifted its holdings in Lam Research by 1.5% during the 2nd quarter. Thomasville National Bank now owns 812 shares of the semiconductor company’s stock worth $865,000 after buying an additional 12 shares during the last quarter. Ignite Planners LLC boosted its position in shares of Lam Research by 2.8% during the 2nd quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock worth $484,000 after acquiring an additional 12 shares in the last quarter. U.S. Capital Wealth Advisors LLC increased its holdings in shares of Lam Research by 3.7% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock valued at $357,000 after acquiring an additional 12 shares during the last quarter. Finally, RFP Financial Group LLC raised its position in shares of Lam Research by 52.2% during the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 12 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.