Citigroup Cuts Lam Research (NASDAQ:LRCX) Price Target to $893.00

Lam Research (NASDAQ:LRCX) had its price objective decreased by Citigroup from $990.00 to $893.00 in a research note released on Monday, Benzinga reports. Citigroup currently has a buy rating on the semiconductor company’s stock.

A number of other research analysts have also recently commented on the company. Raymond James raised their target price on Lam Research from $950.00 to $1,060.00 and gave the company an outperform rating in a research note on Friday, June 7th. Barclays raised their target price on Lam Research from $865.00 to $900.00 and gave the company an equal weight rating in a research note on Wednesday, June 5th. Needham & Company LLC reiterated a buy rating and set a $1,130.00 price objective on shares of Lam Research in a research note on Thursday, August 1st. UBS Group lowered their price objective on Lam Research from $1,250.00 to $1,150.00 and set a buy rating for the company in a research note on Thursday, September 12th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Lam Research from $1,100.00 to $950.00 and set a buy rating for the company in a research note on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $1,013.37.

Lam Research Price Performance

LRCX opened at $755.87 on Monday. Lam Research has a 1 year low of $574.42 and a 1 year high of $1,130.00. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.97 and a quick ratio of 2.00. The stock’s 50 day simple moving average is $847.76 and its 200 day simple moving average is $928.18. The firm has a market cap of $98.82 billion, a price-to-earnings ratio of 27.80, a PEG ratio of 1.48 and a beta of 1.48.

Lam Research’s stock is going to split before the market opens on 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 released its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share for the quarter, topping the consensus estimate of $7.58 by $0.56. The business had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.82 billion. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The business’s revenue was up 20.7% on a year-over-year basis. During the same quarter last year, the business posted $5.98 EPS. As a group, analysts predict that Lam Research will post 35.2 earnings per share for the current 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. The ex-dividend date of this dividend is Tuesday, September 17th. This represents a $9.20 annualized dividend and a dividend yield of 1.22%. This is a positive change from Lam Research’s previous quarterly dividend of $2.00. Lam Research’s payout ratio is presently 33.84%.

Insider Buying and Selling

In related news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction on Monday, July 1st. The stock was sold at an average price of $1,062.26, for a total value of $687,282.22. Following the completion of the sale, the chief accounting officer now owns 4,914 shares of the company’s stock, valued at $5,219,945.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Lam Research news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction dated 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 sale, the chief accounting officer now owns 4,914 shares of the company’s stock, valued at $5,219,945.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Neil J. Fernandes sold 4,409 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total value of $4,654,845.84. Following the sale, the senior vice president now directly owns 6,857 shares of the company’s stock, valued at approximately $7,239,346.32. The disclosure for this sale can be found here. Insiders sold 16,326 shares of company stock valued at $17,383,715 over the last 90 days. Company insiders own 0.32% of the company’s stock.

Institutional Trading of Lam Research

Several hedge funds have recently bought and sold shares of LRCX. Cypress Capital Group lifted its position in shares of Lam Research by 23.1% in the second quarter. Cypress Capital Group now owns 3,528 shares of the semiconductor company’s stock valued at $3,757,000 after acquiring an additional 661 shares in the last quarter. Meeder Advisory Services Inc. lifted its position in shares of Lam Research by 29.4% in the second quarter. Meeder Advisory Services Inc. now owns 3,022 shares of the semiconductor company’s stock valued at $3,218,000 after acquiring an additional 686 shares in the last quarter. Brookstone Capital Management lifted its position in shares of Lam Research by 142.6% in the second quarter. Brookstone Capital Management now owns 1,601 shares of the semiconductor company’s stock valued at $1,705,000 after acquiring an additional 941 shares in the last quarter. FineMark National Bank & Trust lifted its position in shares of Lam Research by 14.5% in the second quarter. FineMark National Bank & Trust now owns 474 shares of the semiconductor company’s stock valued at $505,000 after acquiring an additional 60 shares in the last quarter. Finally, Foundations Investment Advisors LLC lifted its position in shares of Lam Research by 534.3% in the second quarter. Foundations Investment Advisors LLC now owns 5,569 shares of the semiconductor company’s stock valued at $5,930,000 after acquiring an additional 4,691 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

About Lam Research

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.