UBS Group Boosts Lam Research (NASDAQ:LRCX) Price Target to $420.00

Lam Research (NASDAQ:LRCX) had its target price increased by UBS Group from $385.00 to $420.00 in a report published on Thursday morning, The Fly reports. They currently have a buy rating on the semiconductor company’s stock.

Several other research firms have also recently weighed in on LRCX. Needham & Company LLC decreased their target price on shares of Lam Research from $340.00 to $325.00 and set a buy rating for the company in a research note on Thursday, April 23rd. Susquehanna Bancshares reissued a buy rating and issued a $425.00 price objective (up previously from $330.00) on shares of Lam Research in a research report on Wednesday. Wells Fargo & Co boosted their price objective on shares of Lam Research from $210.00 to $270.00 and gave the stock an equal weight rating in a research note on Thursday, April 23rd. Nomura Securities upgraded shares of Lam Research from a neutral rating to a buy rating and set a $265.00 target price for the company in a research note on Thursday, April 2nd. Finally, Cfra reduced their price target on Lam Research from $310.00 to $290.00 and set a hold rating for the company in a report on Thursday, April 23rd. Six investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Lam Research presently has a consensus rating of Buy and a consensus price target of $370.35.

Shares of Lam Research stock traded down $1.38 during trading hours on Thursday, reaching $377.16. 2,040,329 shares of the company’s stock were exchanged, compared to its average volume of 1,523,933. The stock has a market cap of $54.75 billion, a P/E ratio of 24.93, a P/E/G ratio of 1.72 and a beta of 1.35. The company has a 50 day moving average of $327.42 and a two-hundred day moving average of $289.35. The company has a current ratio of 3.43, a quick ratio of 3.67 and a debt-to-equity ratio of 0.96. Lam Research has a fifty-two week low of $181.38 and a fifty-two week high of $381.48.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, July 29th. The semiconductor company reported $4.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.20 by $0.58. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.68 billion. Lam Research had a return on equity of 49.72% and a net margin of 22.42%. Lam Research’s revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.62 earnings per share. As a group, analysts expect that Lam Research will post 18.13 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 8th. Shareholders of record on Wednesday, June 17th were paid a $1.15 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $4.60 dividend on an annualized basis and a yield of 1.22%.

In related news, EVP Patrick J. Lord sold 10,719 shares of the firm’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $343.00, for a total transaction of $3,676,617.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kevin Jennings sold 12,059 shares of Lam Research stock in a transaction on Friday, July 10th. The stock was sold at an average price of $335.55, for a total transaction of $4,046,397.45. The disclosure for this sale can be found here. In the last three months, insiders sold 33,466 shares of company stock worth $11,250,054. 0.43% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the business. Fisher Asset Management LLC grew its stake in shares of Lam Research by 53,842.4% in the first quarter. Fisher Asset Management LLC now owns 542,121 shares of the semiconductor company’s stock worth $130,109,000 after purchasing an additional 541,116 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of Lam Research by 32.3% in the 1st quarter. Nuveen Asset Management LLC now owns 2,112,376 shares of the semiconductor company’s stock worth $506,970,000 after buying an additional 516,115 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Lam Research by 41.3% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 902,889 shares of the semiconductor company’s stock valued at $216,693,000 after buying an additional 264,117 shares during the period. Sound Shore Management Inc. CT purchased a new position in shares of Lam Research during the first quarter valued at approximately $49,145,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Lam Research by 96.1% during the first quarter. PNC Financial Services Group Inc. now owns 406,358 shares of the semiconductor company’s stock valued at $97,525,000 after acquiring an additional 199,127 shares in the last quarter. Hedge funds and other institutional investors own 85.05% of the company’s stock.

About Lam Research

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition product for copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatment; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition (ALD) products; and VECTOR plasma-enhanced CVD ALD products.

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