Trade Report: The Lam Research Corp. (LRCX) Trading 3% Higher on Analyst Upgrade

The Lam Research Corp. (LRCX) Trading 3% Higher  on Analyst Upgrade

Lam Research Corp. (NASDAQ:LRCX)’s share price rose 3% during trading on Thursday after Needham & Company raised their price target on the stock to $115.00. The stock traded as high as $99.75 and last traded at $99.08, with a volume of 6,937,119 shares changing hands. The stock had previously closed at $96.17.

LRCX has been the topic of a number of other reports. Deutsche Bank AG restated a “buy” rating and issued a $105.00 price target (up from $95.00) on shares of Lam Research Corp. in a research note on Thursday, July 28th. Zacks Investment Research upgraded shares of Lam Research Corp. from a “hold” rating to a “buy” rating and set a $104.00 price target on the stock in a research note on Friday, July 29th. B. Riley restated a “buy” rating and issued a $106.00 price target on shares of Lam Research Corp. in a research note on Thursday, July 28th. Stifel Nicolaus raised their price target on shares of Lam Research Corp. from $93.00 to $102.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Finally, Nomura raised their price target on shares of Lam Research Corp. from $85.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, June 23rd. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $100.29.

Several hedge funds have recently added to or reduced their stakes in the stock. Investec Asset Management North America Inc. bought a new stake in Lam Research Corp. during the first quarter valued at $3,677,000. Investec Asset Management LTD bought a new stake in Lam Research Corp. during the first quarter valued at $143,984,000. Blue Rock Advisors LLC bought a new stake in Lam Research Corp. during the first quarter valued at $217,000. Advisor Partners LLC bought a new stake in Lam Research Corp. during the first quarter valued at $217,000. Finally, Bessemer Group Inc. bought a new stake in Lam Research Corp. during the first quarter valued at $1,032,000.

The company has a market capitalization of $16.08 billion, a P/E ratio of 19.22 and a beta of 1.47. The firm’s 50 day moving average is $93.65 and its 200-day moving average is $85.82.

Lam Research Corp. (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.64 by $0.16. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Lam Research Corp. had a net margin of 15.53% and a return on equity of 18.95%. Lam Research Corp.’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.50 earnings per share. Equities research analysts expect that Lam Research Corp. will post $7.02 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 28th. Investors of record on Wednesday, September 14th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend was Monday, September 12th. Lam Research Corp.’s dividend payout ratio (DPR) is 22.99%.

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