Lam Research Corporation (LRCX) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Lam Research Corporation (NASDAQ:LRCX) from a hold rating to a buy rating in a report published on Tuesday morning. Zacks Investment Research currently has $122.00 target price on the stock.

According to Zacks, “Lam Research Corp. is a leading global provider of innovative wafer fabrication equipment and services to the semiconductor industry. Over the last six months, the stock has outperformed the Zacks characterized Semi-Equipment Wafer Fab industry. In the last reported first quarter, the results were driven by strong success in the areas of device architecture, process flow and advanced packaging technology inflections. The company terminated its proposed acquisition of California-based KLA-Tencor, following antitrust objections from the Justice Department. The company has been improving on WFE market share significantly since 2013 and expects to continue making gains, going forward.   At the same time, the persistent decline in the PC market, which is still the most important consumer of DRAMs, the competitive climate and currency effects remain concerns. The Brexit impact cannot be ignored either.”

Several other research firms have also recently weighed in on LRCX. Needham & Company LLC boosted their price objective on shares of Lam Research Corporation from $105.00 to $115.00 and gave the company a buy rating in a report on Thursday, October 6th. Stifel Nicolaus boosted their price objective on shares of Lam Research Corporation from $110.00 to $116.00 and gave the company a buy rating in a report on Monday, November 21st. J P Morgan Chase & Co reissued a buy rating on shares of Lam Research Corporation in a report on Thursday, October 6th. RBC Capital Markets reissued an outperform rating and set a $105.00 price objective on shares of Lam Research Corporation in a report on Sunday, October 9th. Finally, Deutsche Bank AG reissued a buy rating and set a $115.00 price objective on shares of Lam Research Corporation in a report on Thursday, October 20th. Two investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Lam Research Corporation has an average rating of Buy and an average target price of $109.24.

Shares of Lam Research Corporation (NASDAQ:LRCX) traded up 0.30% on Tuesday, reaching $108.80. 899,516 shares of the company’s stock traded hands. Lam Research Corporation has a 52-week low of $63.10 and a 52-week high of $110.35. The firm’s 50-day moving average is $105.83 and its 200-day moving average is $95.81. The stock has a market cap of $17.72 billion, a price-to-earnings ratio of 21.60 and a beta of 1.49.

Lam Research Corporation (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, October 19th. The company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.03. Lam Research Corporation had a net margin of 15.02% and a return on equity of 18.43%. The firm earned $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the company earned $1.82 earnings per share. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. Analysts anticipate that Lam Research Corporation will post $8.35 EPS for the current fiscal year.

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The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 4th. Shareholders of record on Wednesday, December 14th were given a dividend of $0.45 per share. This is an increase from Lam Research Corporation’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Monday, December 12th. This represents a $1.80 dividend on an annualized basis and a yield of 1.66%. Lam Research Corporation’s dividend payout ratio (DPR) is 35.79%.

In other Lam Research Corporation news, COO Timothy Archer sold 5,000 shares of the firm’s stock in a transaction dated Friday, December 23rd. The shares were sold at an average price of $107.42, for a total transaction of $537,100.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Christine Heckart sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, November 29th. The shares were sold at an average price of $107.29, for a total transaction of $214,580.00. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in LRCX. Quadrant Capital Group LLC boosted its stake in Lam Research Corporation by 28.6% in the second quarter. Quadrant Capital Group LLC now owns 1,258 shares of the company’s stock worth $103,000 after buying an additional 280 shares in the last quarter. MSI Financial Services Inc boosted its stake in Lam Research Corporation by 40.2% in the third quarter. MSI Financial Services Inc now owns 1,095 shares of the company’s stock worth $104,000 after buying an additional 314 shares in the last quarter. New York Life Trust Co. boosted its stake in Lam Research Corporation by 95.3% in the third quarter. New York Life Trust Co. now owns 1,170 shares of the company’s stock worth $111,000 after buying an additional 571 shares in the last quarter. Global X Management Co. LLC boosted its stake in Lam Research Corporation by 97.4% in the third quarter. Global X Management Co. LLC now owns 1,344 shares of the company’s stock worth $127,000 after buying an additional 663 shares in the last quarter. Finally, TLP Group LLC purchased a new stake in Lam Research Corporation during the third quarter worth $132,000.

About Lam Research Corporation

Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.

5 Day Chart for NASDAQ:LRCX

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