Trading Report: The Morgan Stanley Reaffirms Overweight Rating for Lam Research Corp. (LRCX)

The Morgan Stanley Reaffirms Overweight Rating for Lam Research Corp. (LRCX)

Morgan Stanley reiterated their overweight rating on shares of Lam Research Corp. (NASDAQ:LRCX) in a report published on Saturday morning. They currently have a $105.00 target price on the stock.

A number of other equities analysts have also commented on the company. Credit Suisse Group AG reaffirmed a buy rating and issued a $100.00 price target on shares of Lam Research Corp. in a report on Thursday. Needham & Company LLC raised their price target on Lam Research Corp. to $115.00 in a report on Thursday. JPMorgan Chase & Co. reaffirmed a buy rating on shares of Lam Research Corp. in a report on Thursday. Citigroup Inc. reaffirmed a buy rating and issued a $108.00 price target on shares of Lam Research Corp. in a report on Thursday. Finally, Zacks Investment Research raised Lam Research Corp. from a hold rating to a buy rating and set a $102.00 price target for the company in a report on Tuesday, September 27th. Two equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Lam Research Corp. has a consensus rating of Buy and an average target price of $100.59.

Shares of Lam Research Corp. (NASDAQ:LRCX) opened at 100.35 on Friday. The firm has a 50 day moving average price of $93.65 and a 200-day moving average price of $85.82. The company has a market cap of $16.08 billion, a price-to-earnings ratio of 19.22 and a beta of 1.47. Lam Research Corp. has a 52-week low of $63.10 and a 52-week high of $100.89.

Lam Research Corp. (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.80 EPS for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.16. Lam Research Corp. had a return on equity of 18.95% and a net margin of 15.53%. The firm earned $1.55 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the company earned $1.50 earnings per share. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. Equities research analysts anticipate that Lam Research Corp. will post $7.02 earnings per share for the current year.

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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc increased its position in Lam Research Corp. by 0.5% in the first quarter. Legal & General Group Plc now owns 689,290 shares of the company’s stock valued at $56,933,000 after buying an additional 3,333 shares in the last quarter. Bank of Montreal Can bought a new position in Lam Research Corp. during the second quarter valued at approximately $30,739,000. Geode Capital Management LLC increased its position in Lam Research Corp. by 3.0% in the first quarter. Geode Capital Management LLC now owns 1,345,517 shares of the company’s stock valued at $110,924,000 after buying an additional 39,093 shares in the last quarter. New York State Teachers Retirement System increased its position in Lam Research Corp. by 1.3% in the second quarter. New York State Teachers Retirement System now owns 321,182 shares of the company’s stock valued at $26,999,000 after buying an additional 4,166 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its position in Lam Research Corp. by 116.7% in the first quarter. Panagora Asset Management Inc. now owns 338,934 shares of the company’s stock valued at $27,996,000 after buying an additional 182,531 shares in the last quarter.

About Lam Research Corp.

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