Lam Research (NASDAQ:LRCX) Shares Up 1.4% on Analyst Upgrade

Key Points

• Lam Research Corporation shares rose 1.4% following an upgrade from Wall Street Zen from a "hold" to a "buy" rating, with the stock last trading at $97.68.
• Analysts' sentiments vary; Cantor Fitzgerald reiterated a buy rating with a new price target of $115, while Summit Insights downgraded the stock from buy to hold.
• The company reported strong quarterly earnings with $1.33 EPS, exceeding estimates, alongside a revenue of $5.17 billion, marking a 33.6% year-on-year increase.

Lam Research Corporation (NASDAQ:LRCX - Get Free Report)'s share price shot up 1.4% on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The company traded as high as $98.33 and last traded at $97.68. 2,143,404 shares traded hands during trading, a decline of 82% from the average session volume of 11,956,087 shares. The stock had previously closed at $96.37.

Other analysts have also recently issued reports about the company. Cantor Fitzgerald reiterated an "overweight" rating and set a $115.00 price target (up from $90.00) on shares of Lam Research in a research report on Tuesday, June 24th. Summit Insights cut Lam Research from a "buy" rating to a "hold" rating in a research report on Thursday. TD Cowen increased their price target on Lam Research from $100.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday. B. Riley reiterated a "buy" rating and set a $115.00 price target (up from $95.00) on shares of Lam Research in a research report on Wednesday, June 18th. Finally, Citigroup increased their price target on Lam Research from $108.00 to $113.00 and gave the stock a "buy" rating in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $107.09.

Hedge Funds Weigh In On Lam Research

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LRCX. Smallwood Wealth Investment Management LLC bought a new stake in shares of Lam Research during the 1st quarter worth $26,000. IMG Wealth Management Inc. bought a new stake in shares of Lam Research during the 2nd quarter worth $26,000. West Paces Advisors Inc. bought a new stake in shares of Lam Research during the 4th quarter worth $27,000. Mpwm Advisory Solutions LLC bought a new stake in shares of Lam Research during the 4th quarter worth $27,000. Finally, Park Square Financial Group LLC bought a new stake in shares of Lam Research during the 4th quarter worth $31,000. 84.61% of the stock is owned by institutional investors.

Lam Research Trading Up 1.4%

The firm has a market capitalization of $125.01 billion, a P/E ratio of 23.46, a price-to-earnings-growth ratio of 1.29 and a beta of 1.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.55 and a current ratio of 2.21. The firm has a 50 day moving average price of $93.96 and a two-hundred day moving average price of $82.44.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The semiconductor company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. The business had revenue of $5.17 billion during the quarter, compared to analyst estimates of $4.99 billion. Lam Research had a return on equity of 58.17% and a net margin of 29.07%. The company's revenue was up 33.6% compared to the same quarter last year. During the same period last year, the company posted $1.03 EPS. On average, equities research analysts expect that Lam Research Corporation will post 3.71 EPS for the current fiscal year.

Lam Research Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Wednesday, June 18th. Lam Research's dividend payout ratio (DPR) is currently 22.12%.

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.

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