Lam Research (NASDAQ:LRCX) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Lam Research (NASDAQ:LRCX) in a report published on Thursday morning, Benzinga reports. Needham & Company LLC currently has a $1,130.00 price target on the semiconductor company’s stock.

A number of other analysts have also issued reports on the company. StockNews.com lowered Lam Research from a buy rating to a hold rating in a report on Friday, July 26th. Raymond James boosted their target price on shares of Lam Research from $950.00 to $1,060.00 and gave the stock an outperform rating in a research report on Friday, June 7th. Susquehanna reduced their price target on shares of Lam Research from $880.00 to $850.00 and set a neutral rating for the company in a report on Thursday, April 25th. Cantor Fitzgerald boosted their price objective on shares of Lam Research from $1,100.00 to $1,200.00 and gave the stock a neutral rating in a report on Tuesday, July 16th. Finally, Stifel Nicolaus increased their target price on shares of Lam Research from $950.00 to $1,050.00 and gave the company a buy rating in a research note on Tuesday, April 16th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $1,007.85.

Lam Research Stock Performance

Shares of NASDAQ LRCX traded down $63.74 during trading hours on Thursday, hitting $766.59. 1,501,691 shares of the stock were exchanged, compared to its average volume of 1,047,746. Lam Research has a one year low of $574.42 and a one year high of $1,130.00. The company’s 50 day moving average is $1,003.99 and its 200 day moving average is $944.71. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.82 and a quick ratio of 1.84. The firm has a market capitalization of $100.22 billion, a P/E ratio of 30.54, a P/E/G ratio of 2.66 and a beta of 1.49.

Lam Research shares are set to split on the morning of Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly minted shares will be distributed to shareholders after the market closes on Wednesday, October 2nd.

Lam Research declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 21st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 8.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Lam Research Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Tuesday, June 18th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend was Tuesday, June 18th. Lam Research’s payout ratio is presently 29.42%.

Insiders Place Their Bets

In other Lam Research news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $1,062.26, for a total value of $687,282.22. Following the completion of the transaction, the chief accounting officer now directly owns 4,914 shares of the company’s stock, valued at $5,219,945.64. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction on Monday, July 1st. The stock was sold at an average price of $1,062.26, for a total value of $687,282.22. Following the completion of the sale, the chief accounting officer now directly owns 4,914 shares of the company’s stock, valued at approximately $5,219,945.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy Archer sold 9,650 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $1,070.39, for a total value of $10,329,263.50. Following the transaction, the chief executive officer now directly owns 84,639 shares in the company, valued at approximately $90,596,739.21. The disclosure for this sale can be found here. Insiders have sold a total of 16,326 shares of company stock valued at $17,383,715 in the last 90 days. 0.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lam Research

A number of institutional investors and hedge funds have recently modified their holdings of LRCX. Parsons Capital Management Inc. RI acquired a new position in shares of Lam Research in the 4th quarter valued at $311,000. Trust Point Inc. bought a new position in Lam Research during the fourth quarter worth about $450,000. Clear Creek Financial Management LLC grew its position in shares of Lam Research by 6.2% during the 4th quarter. Clear Creek Financial Management LLC now owns 1,425 shares of the semiconductor company’s stock worth $1,116,000 after buying an additional 83 shares during the period. Breakwater Capital Group bought a new stake in shares of Lam Research in the 4th quarter valued at about $218,000. Finally, Arizona State Retirement System raised its position in shares of Lam Research by 4.0% in the 4th quarter. Arizona State Retirement System now owns 39,536 shares of the semiconductor company’s stock valued at $30,967,000 after acquiring an additional 1,511 shares during the period. 84.61% of the stock is owned by institutional investors.

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.