Wells Fargo & Company Cuts Lam Research (NASDAQ:LRCX) Price Target to $85.00

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

Other research analysts have also issued research reports about the company. Needham & Company LLC reissued a “buy” rating and set a $100.00 price objective on shares of Lam Research in a report on Thursday. Cantor Fitzgerald decreased their target price on Lam Research from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, September 30th. UBS Group decreased their target price on Lam Research from $125.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, September 12th. Mizuho decreased their target price on Lam Research from $105.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Lam Research from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $97.03.

Lam Research Price Performance

NASDAQ LRCX opened at $77.68 on Thursday. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $10.16 billion, a PE ratio of 2.86, a price-to-earnings-growth ratio of 1.89 and a beta of 1.47. Lam Research has a 12-month low of $57.44 and a 12-month high of $113.00. The company has a 50 day moving average price of $79.21 and a two-hundred day moving average price of $89.66.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.05. The business had revenue of $4.17 billion during the quarter, compared to analyst estimates of $4.06 billion. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. Lam Research’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.85 EPS. As a group, equities analysts predict that Lam Research will post 3.23 earnings per share for the current fiscal year.

Lam Research Cuts Dividend

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

Insider Activity at Lam Research

In related news, CAO Christina Correia sold 647 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total value of $528,928.97. Following the completion of the transaction, the chief accounting officer now directly owns 4,267 shares in the company, valued at approximately $3,488,315.17. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Fortitude Family Office LLC raised its stake in Lam Research by 16.7% during the second quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company’s stock worth $67,000 after acquiring an additional 9 shares in the last quarter. Thomasville National Bank raised its stake in Lam Research by 1.5% during the second quarter. Thomasville National Bank now owns 812 shares of the semiconductor company’s stock worth $865,000 after acquiring an additional 12 shares in the last quarter. Ignite Planners LLC raised its stake in Lam Research by 2.8% during the second quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock worth $484,000 after acquiring an additional 12 shares in the last quarter. U.S. Capital Wealth Advisors LLC raised its stake in Lam Research by 3.7% during the second quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock worth $357,000 after acquiring an additional 12 shares in the last quarter. Finally, RFP Financial Group LLC raised its stake in Lam Research by 52.2% during the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 12 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.