Lam Research Co. (NASDAQ:LRCX) shares fell 5.7% during trading on Friday following insider selling activity. The stock traded as low as $202.56 and last traded at $202.63. 5,220,510 shares changed hands during trading, an increase of 34% from the average session volume of 3,891,632 shares. The stock had previously closed at $214.82.
Specifically, SVP Sarah A. O’dowd sold 1,835 shares of the firm’s stock in a transaction that occurred on Thursday, March 8th. The stock was sold at an average price of $212.64, for a total value of $390,194.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Martin B. Anstice sold 11,200 shares of the firm’s stock in a transaction that occurred on Wednesday, March 21st. The shares were sold at an average price of $225.00, for a total value of $2,520,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 61,819 shares of company stock worth $13,310,107. Company insiders own 0.41% of the company’s stock.
Several research firms have recently weighed in on LRCX. Vetr upgraded Lam Research from a “buy” rating to a “strong-buy” rating and set a $250.51 target price on the stock in a research report on Thursday, March 15th. BidaskClub upgraded Lam Research from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, January 10th. Bank of America began coverage on Lam Research in a research report on Wednesday. They issued a “buy” rating and a $305.00 target price on the stock. KeyCorp reaffirmed an “outperform” rating and issued a $276.00 price target (up previously from $261.00) on shares of Lam Research in a report on Tuesday, March 6th. Finally, Deutsche Bank increased their price target on Lam Research to $250.00 and gave the company a “buy” rating in a report on Wednesday, March 7th. Twenty-five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $243.69.
Lam Research (NASDAQ:LRCX) last posted its earnings results on Wednesday, January 24th. The semiconductor company reported $4.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.68 by $0.66. The company had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.57 billion. Lam Research had a return on equity of 36.08% and a net margin of 17.60%. The firm’s quarterly revenue was up 37.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.24 earnings per share. sell-side analysts predict that Lam Research Co. will post 16.74 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 28th. Shareholders of record on Wednesday, March 7th will be paid a dividend of $0.50 per share. The ex-dividend date is Tuesday, March 6th. This represents a $2.00 annualized dividend and a yield of 0.99%. Lam Research’s dividend payout ratio (DPR) is 22.05%.
Lam Research announced that its board has initiated a stock repurchase program on Tuesday, March 6th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the semiconductor company to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of hedge funds have recently bought and sold shares of LRCX. Schroder Investment Management Group increased its stake in Lam Research by 3,248.5% during the third quarter. Schroder Investment Management Group now owns 703,625 shares of the semiconductor company’s stock worth $127,933,000 after acquiring an additional 682,612 shares during the last quarter. Nordea Investment Management AB increased its stake in Lam Research by 66.0% during the third quarter. Nordea Investment Management AB now owns 1,575,269 shares of the semiconductor company’s stock worth $291,488,000 after acquiring an additional 626,034 shares during the last quarter. KBC Group NV increased its stake in Lam Research by 732.8% during the fourth quarter. KBC Group NV now owns 316,776 shares of the semiconductor company’s stock worth $58,309,000 after acquiring an additional 278,737 shares during the last quarter. Graticule Asia Macro Advisors LLC acquired a new stake in Lam Research during the third quarter worth $51,400,000. Finally, Janus Henderson Group PLC increased its stake in Lam Research by 5.7% during the third quarter. Janus Henderson Group PLC now owns 5,014,215 shares of the semiconductor company’s stock worth $927,828,000 after acquiring an additional 271,546 shares during the last quarter. 90.03% of the stock is owned by institutional investors.
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About Lam Research
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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