Lam Research (LRCX) Downgraded by Morgan Stanley to “Equal Weight”

Lam Research (NASDAQ:LRCX) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Friday, The Fly reports.

A number of other analysts have also commented on the company. Credit Suisse Group restated a “buy” rating and issued a $278.00 price target on shares of Lam Research in a report on Monday, January 21st. Royal Bank of Canada upgraded Lam Research from a “sector perform” rating to an “outperform” rating and set a $190.00 price target on the stock in a report on Tuesday, January 29th. Needham & Company LLC initiated coverage on Lam Research in a report on Friday, December 21st. They issued a “buy” rating and a $180.00 price target on the stock. KeyCorp cut their price target on Lam Research from $231.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, January 24th. Finally, B. Riley boosted their price target on Lam Research to $170.00 and gave the company a “neutral” rating in a report on Thursday, January 24th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $216.39.

Shares of Lam Research stock opened at $178.82 on Friday. The stock has a market capitalization of $27.80 billion, a PE ratio of 10.01, a PEG ratio of 1.09 and a beta of 1.50. Lam Research has a one year low of $122.64 and a one year high of $234.88. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.61 and a current ratio of 3.39.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings results on Wednesday, January 23rd. The semiconductor company reported $3.87 EPS for the quarter, beating analysts’ consensus estimates of $3.67 by $0.20. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.50 billion. Lam Research had a return on equity of 48.08% and a net margin of 26.69%. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $4.34 earnings per share. Analysts predict that Lam Research will post 13.9 earnings per share for the current fiscal year.

Lam Research announced that its board has initiated a share repurchase plan on Wednesday, January 23rd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 23% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

In other Lam Research news, Director Christine Heckart sold 2,050 shares of the business’s stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $172.98, for a total transaction of $354,609.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Kevin Jennings sold 1,692 shares of the business’s stock in a transaction that occurred on Wednesday, February 6th. The stock was sold at an average price of $180.00, for a total value of $304,560.00. The disclosure for this sale can be found here. 0.44% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. We Are One Seven LLC acquired a new position in shares of Lam Research in the fourth quarter valued at approximately $26,000. Berman Capital Advisors LLC acquired a new position in shares of Lam Research in the fourth quarter valued at approximately $26,000. Duncker Streett & Co. Inc. grew its position in shares of Lam Research by 100.0% in the fourth quarter. Duncker Streett & Co. Inc. now owns 200 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 100 shares during the last quarter. FTB Advisors Inc. grew its position in shares of Lam Research by 72.0% in the fourth quarter. FTB Advisors Inc. now owns 215 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 90 shares during the last quarter. Finally, Csenge Advisory Group acquired a new position in shares of Lam Research in the third quarter valued at approximately $35,000. 90.71% of the stock is currently owned by hedge funds and other institutional investors.

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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