Lam Research Corp. (NASDAQ:LRCX) posted its quarterly earnings results on Wednesday. The company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.03. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Lam Research Corp. had a net margin of 15.53% and a return on equity of 18.95%. Lam Research Corp.’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.82 earnings per share.
Shares of Lam Research Corp. (NASDAQ:LRCX) traded up 0.25% during midday trading on Wednesday, hitting $99.72. 4,259,247 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $94.78 and its 200-day moving average is $86.77. The stock has a market cap of $15.98 billion, a PE ratio of 19.10 and a beta of 1.47. Lam Research Corp. has a 1-year low of $63.10 and a 1-year high of $102.44.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 28th. Shareholders of record on Wednesday, September 14th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Monday, September 12th. Lam Research Corp.’s dividend payout ratio is presently 22.99%.
In related news, insider Richard A. Gottscho sold 47,540 shares of the firm’s stock in a transaction that occurred on Thursday, October 6th. The shares were sold at an average price of $98.85, for a total value of $4,699,329.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.46% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Johnson Financial Group Inc. boosted its stake 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 valued at $196,000 after buying an additional 2,297 shares in the last quarter. WFG Advisors LP boosted its stake in Lam Research Corp. by 925.2% in the second quarter. WFG Advisors LP now owns 2,768 shares of the company’s stock valued at $233,000 after buying an additional 2,498 shares in the last quarter. Advisor Group Inc. bought a new stake in Lam Research Corp. during the second quarter valued at about $241,000. Bank of Nova Scotia boosted its stake in Lam Research Corp. by 7.1% in the second quarter. Bank of Nova Scotia now owns 3,173 shares of the company’s stock valued at $267,000 after buying an additional 210 shares in the last quarter. Finally, Cleararc Capital Inc. boosted its stake in Lam Research Corp. by 0.8% in the second quarter. Cleararc Capital Inc. now owns 3,892 shares of the company’s stock valued at $327,000 after buying an additional 32 shares in the last quarter.
A number of research firms recently weighed in on LRCX. Needham & Company LLC restated a “buy” rating and set a $115.00 price target on shares of Lam Research Corp. in a research report on Monday. Zacks Investment Research lowered shares of Lam Research Corp. from a “buy” rating to a “hold” rating in a research report on Friday, October 14th. RBC Capital Markets restated an “outperform” rating and set a $105.00 price target on shares of Lam Research Corp. in a research report on Sunday, October 9th. Morgan Stanley reiterated an “overweight” rating and issued a $105.00 target price on shares of Lam Research Corp. in a report on Saturday, October 8th. Finally, Credit Suisse Group AG reiterated a “buy” rating and issued a $100.00 target price on shares of Lam Research Corp. in a report on Thursday, October 6th. Three analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $101.38.
About Lam Research Corp.
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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