Lam Research (NASDAQ:LRCX) Price Target Cut to $85.00 by Analysts at Wells Fargo & Company

Lam Research (NASDAQ:LRCX) had its price objective trimmed by Wells Fargo & Company from $88.00 to $85.00 in a research report report published on Thursday, Benzinga reports. The brokerage currently has an equal weight rating on the semiconductor company’s stock.

Other equities research analysts have also recently issued reports about the company. Mizuho decreased their price target on Lam Research from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. Cantor Fitzgerald lowered their price target on Lam Research from $120.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, September 30th. UBS Group reduced their price objective on shares of Lam Research from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, September 12th. Needham & Company LLC restated a “buy” rating and set a $100.00 target price on shares of Lam Research in a research report on Thursday. Finally, StockNews.com downgraded shares of Lam Research from a “buy” rating to a “hold” rating in a report on Friday, October 11th. Six research 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 an average target price of $97.03.

Lam Research Stock Performance

Shares of Lam Research stock traded up $1.61 on Thursday, hitting $78.18. 1,027,833 shares of the company’s stock were exchanged, compared to its average volume of 11,226,133. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. The stock has a market capitalization of $10.22 billion, a PE ratio of 2.82, a PEG 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 company has a 50-day simple moving average of $79.60 and a 200-day simple moving average of $89.94.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.05. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The business had revenue of $4.17 billion during the quarter, compared to analysts’ expectations of $4.06 billion. During the same quarter in the prior year, the business posted $6.85 earnings per share. The business’s quarterly revenue was up 19.7% on a year-over-year basis. As a group, equities analysts anticipate that Lam Research will post 3.52 EPS for the current year.

Lam Research Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend was Tuesday, September 17th. Lam Research’s payout ratio is 3.38%.

Insider Activity

In related news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total transaction of $528,928.97. Following the completion of the transaction, the chief accounting officer now directly owns 4,267 shares of the company’s stock, valued at approximately $3,488,315.17. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Lam Research

A number of institutional investors and hedge funds have recently modified their holdings of LRCX. CarsonAllaria Wealth Management Ltd. purchased a new stake in Lam Research in the second quarter worth $32,000. RFP Financial Group LLC increased its stake in Lam Research by 52.2% in the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after buying an additional 12 shares during the period. Hobbs Group Advisors LLC bought a new stake in Lam Research during the 2nd quarter valued at about $40,000. Country Trust Bank purchased a new stake in Lam Research in the 2nd quarter valued at about $43,000. Finally, MFA Wealth Advisors LLC bought a new position in Lam Research in the 2nd quarter worth about $45,000. 84.61% of the stock is owned by institutional investors.

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.