Lam Research Corporation (NASDAQ:LRCX) was the recipient of a large decrease in short interest during the month of May. As of May 31st, there was short interest totalling 9,542,402 shares, a decrease of 28.2% from the May 15th total of 13,283,267 shares. Based on an average daily trading volume, of 2,233,967 shares, the days-to-cover ratio is currently 4.3 days. Approximately 5.9% of the shares of the stock are short sold.
In other Lam Research Corporation news, insider Patrick J. Lord sold 2,770 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $155.35, for a total transaction of $430,319.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Timothy Archer sold 4,223 shares of the stock in a transaction on Thursday, March 23rd. The shares were sold at an average price of $125.25, for a total value of $528,930.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,982 shares of company stock worth $5,357,071. 0.46% of the stock is owned by insiders.
Large investors have recently modified their holdings of the company. Quadrant Capital Group LLC boosted its stake in shares of Lam Research Corporation by 0.3% in the first quarter. Quadrant Capital Group LLC now owns 1,332 shares of the semiconductor company’s stock worth $168,000 after buying an additional 4 shares in the last quarter. Keel Point LLC boosted its stake in shares of Lam Research Corporation by 0.4% in the first quarter. Keel Point LLC now owns 2,303 shares of the semiconductor company’s stock worth $296,000 after buying an additional 9 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of Lam Research Corporation by 2.7% in the first quarter. IFP Advisors Inc now owns 850 shares of the semiconductor company’s stock worth $109,000 after buying an additional 22 shares in the last quarter. Cleararc Capital Inc. boosted its stake in shares of Lam Research Corporation by 0.6% in the first quarter. Cleararc Capital Inc. now owns 3,998 shares of the semiconductor company’s stock worth $513,000 after buying an additional 25 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its stake in shares of Lam Research Corporation by 0.7% in the first quarter. Ameritas Investment Partners Inc. now owns 6,759 shares of the semiconductor company’s stock worth $868,000 after buying an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 99.34% of the company’s stock.
A number of equities research analysts have commented on the company. B. Riley reiterated a “buy” rating and set a $175.00 target price on shares of Lam Research Corporation in a report on Monday, April 24th. Needham & Company LLC increased their target price on Lam Research Corporation from $165.00 to $175.00 and gave the company a “buy” rating in a report on Friday. BidaskClub cut Lam Research Corporation from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Bank of America Corporation restated a “buy” rating and set a $195.00 price objective (up previously from $165.00) on shares of Lam Research Corporation in a report on Sunday, June 11th. Finally, Pacific Crest restated an “overweight” rating and set a $180.00 price objective (up previously from $163.00) on shares of Lam Research Corporation in a report on Saturday, April 22nd. Two analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Lam Research Corporation has an average rating of “Buy” and an average price target of $148.88.
Lam Research Corporation (NASDAQ LRCX) opened at 148.21 on Friday. Lam Research Corporation has a one year low of $79.15 and a one year high of $167.05. The company has a 50-day moving average price of $153.05 and a 200-day moving average price of $126.60. The firm has a market cap of $23.91 billion, a PE ratio of 18.83 and a beta of 1.39.
Lam Research Corporation (NASDAQ:LRCX) last issued its quarterly earnings data on Tuesday, April 18th. The semiconductor company reported $2.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.55 by $0.25. The firm had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Lam Research Corporation had a net margin of 19.82% and a return on equity of 23.84%. Lam Research Corporation’s revenue for the quarter was up 63.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.18 earnings per share. Equities analysts predict that Lam Research Corporation will post $9.88 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 28th. Investors of record on Wednesday, June 7th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Monday, June 5th. Lam Research Corporation’s dividend payout ratio is presently 22.96%.
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Lam Research Corporation Company Profile
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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