Lam Research Corp. (NASDAQ:LRCX) was the target of a significant drop in short interest in September. As of September 30th, there was short interest totalling 22,745,724 shares, a drop of 10.3% from the September 15th total of 25,347,838 shares. Based on an average trading volume of 2,064,044 shares, the days-to-cover ratio is currently 11.0 days. Approximately 14.3% of the company’s stock are sold short.
A number of equities research analysts recently commented on the company. Royal Bank Of Canada decreased their target price on Lam Research Corp. from $105.00 to $95.00 and set an “outperform” rating for the company in a report on Thursday, July 28th. B. Riley reaffirmed a “buy” rating and set a $106.00 target price on shares of Lam Research Corp. in a report on Thursday, July 28th. Nomura downgraded Lam Research Corp. from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $95.00 to $85.00 in a report on Thursday, August 11th. Citigroup Inc. decreased their target price on Lam Research Corp. from $105.00 to $102.00 and set a “buy” rating for the company in a report on Friday, August 12th. Finally, Stifel Nicolaus lifted their target price on Lam Research Corp. from $93.00 to $102.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Lam Research Corp. presently has an average rating of “Buy” and an average price target of $101.38.
Lam Research Corp. (NASDAQ:LRCX) opened at 97.73 on Friday. The firm has a market cap of $15.66 billion, a PE ratio of 18.72 and a beta of 1.47. The company has a 50 day moving average price of $94.37 and a 200 day moving average price of $86.34. Lam Research Corp. has a 1-year low of $63.10 and a 1-year high of $102.44.
Lam Research Corp. (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.16. Lam Research Corp. had a net margin of 15.53% and a return on equity of 18.95%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the business posted $1.50 earnings per share. Lam Research Corp.’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, equities research analysts forecast that Lam Research Corp. will post $7.02 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 28th. Stockholders of record on Wednesday, September 14th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend was Monday, September 12th. Lam Research Corp.’s dividend payout ratio (DPR) is presently 22.99%.
In related news, insider Richard A. Gottscho sold 47,540 shares of Lam Research Corp. stock in a transaction dated Thursday, October 6th. The stock was sold at an average price of $98.85, for a total transaction of $4,699,329.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of the company. Quadrant Capital Group LLC increased its position in Lam Research Corp. 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 during the period. MSI Financial Services Inc increased its position in Lam Research Corp. 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 during the period. Mizuho Asset Management Co. Ltd. increased its position in Lam Research Corp. by 92.9% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,060 shares of the company’s stock worth $173,000 after buying an additional 992 shares during the period. Signature Estate & Investment Advisors LLC bought a new position in Lam Research Corp. during the second quarter worth $177,000. Finally, Johnson Financial Group Inc. increased its position in Lam Research Corp. by 6,044.7% in the second quarter. Johnson Financial Group Inc. now owns 2,335 shares of the company’s stock worth $196,000 after buying an additional 2,297 shares during the period.
Lam Research Corp. Company Profile
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.
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