Wells Fargo & Company Boosts Lam Research (NASDAQ:LRCX) Price Target to $95.00

Lam Research (NASDAQ:LRCX - Free Report) had its price target increased by Wells Fargo & Company from $75.00 to $95.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the semiconductor company's stock.

Several other research firms also recently issued reports on LRCX. TD Securities dropped their price objective on Lam Research from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Citigroup restated a "buy" rating and set a $108.00 price objective (up from $87.00) on shares of Lam Research in a report on Monday. Cantor Fitzgerald restated an "overweight" rating and set a $115.00 price objective (up from $90.00) on shares of Lam Research in a report on Tuesday, June 24th. TD Cowen dropped their price objective on Lam Research from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Finally, Stifel Nicolaus dropped their price objective on Lam Research from $100.00 to $92.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Seven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $96.05.

Lam Research Trading Up 1.7%

NASDAQ LRCX traded up $1.69 during trading hours on Tuesday, hitting $99.83. 9,567,260 shares of the company's stock were exchanged, compared to its average volume of 12,342,244. The business's 50 day moving average is $86.23 and its 200-day moving average is $79.21. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.64 and a current ratio of 2.45. Lam Research has a 12-month low of $56.32 and a 12-month high of $113.00. The firm has a market capitalization of $127.69 billion, a P/E ratio of 27.82, a price-to-earnings-growth ratio of 1.39 and a beta of 1.68.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The semiconductor company reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.04. Lam Research had a return on equity of 53.21% and a net margin of 27.18%. The company had revenue of $4.72 billion for the quarter, compared to the consensus estimate of $4.64 billion. During the same period last year, the business posted $7.79 EPS. The company's quarterly revenue was up 24.4% compared to the same quarter last year. As a group, analysts anticipate that Lam Research will post 3.71 EPS for the current fiscal year.

Lam Research Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend is Wednesday, June 18th. Lam Research's dividend payout ratio (DPR) is presently 25.63%.

Hedge Funds Weigh In On Lam Research

A number of hedge funds have recently modified their holdings of LRCX. Vanguard Group Inc. raised its position in Lam Research by 6.9% during the first quarter. Vanguard Group Inc. now owns 129,152,102 shares of the semiconductor company's stock valued at $9,389,358,000 after buying an additional 8,364,375 shares during the period. FMR LLC grew its position in Lam Research by 1,032.6% during the fourth quarter. FMR LLC now owns 40,031,194 shares of the semiconductor company's stock valued at $2,891,453,000 after purchasing an additional 36,496,689 shares in the last quarter. Ameriprise Financial Inc. grew its position in Lam Research by 950.5% during the fourth quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company's stock valued at $2,495,128,000 after purchasing an additional 31,255,726 shares in the last quarter. Geode Capital Management LLC grew its position in Lam Research by 907.1% during the fourth quarter. Geode Capital Management LLC now owns 31,428,010 shares of the semiconductor company's stock valued at $2,265,610,000 after purchasing an additional 28,307,499 shares in the last quarter. Finally, Norges Bank purchased a new position in Lam Research during the fourth quarter valued at approximately $1,661,672,000. 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.