Lam Research (LRCX) Releases Quarterly Earnings Results, Beats Estimates By $0.32 EPS

Lam Research (NASDAQ:LRCX) released its quarterly earnings results on Wednesday. The semiconductor company reported $3.70 earnings per share for the quarter, topping the consensus estimate of $3.38 by $0.32, Bloomberg Earnings reports. Lam Research had a net margin of 26.69% and a return on equity of 48.08%. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the prior year, the firm earned $4.79 EPS. The company’s revenue for the quarter was down 15.7% on a year-over-year basis. Lam Research updated its Q4 2019 guidance to $3.20-3.60 EPS and its Q4 guidance to $3.20-3.60 EPS.

Shares of NASDAQ LRCX traded up $0.66 during midday trading on Wednesday, reaching $195.44. 2,305,486 shares of the stock were exchanged, compared to its average volume of 2,440,312. The company has a market capitalization of $29.72 billion, a P/E ratio of 10.94, a P/E/G ratio of 1.17 and a beta of 1.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.39 and a quick ratio of 2.61. Lam Research has a twelve month low of $122.64 and a twelve month high of $209.92.

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Stockholders of record on Wednesday, March 20th were issued a dividend of $1.10 per share. The ex-dividend date was Tuesday, March 19th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.25%. Lam Research’s dividend payout ratio is currently 24.62%.

In other news, Director Abhijit Y. Talwalkar sold 3,988 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $195.00, for a total transaction of $777,660.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick J. Lord sold 9,177 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $185.00, for a total transaction of $1,697,745.00. The disclosure for this sale can be found here. Insiders have sold a total of 25,476 shares of company stock valued at $4,654,783 in the last 90 days. Insiders own 0.44% of the company’s stock.

Lam Research announced that its Board of Directors has initiated a share buyback program on Wednesday, January 23rd that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 23% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

A number of analysts have commented on the stock. Royal Bank of Canada increased their price objective on shares of Lam Research to $220.00 and gave the company an “outperform” rating in a report on Tuesday. Zacks Investment Research upgraded shares of Lam Research from a “sell” rating to a “hold” rating in a report on Wednesday, April 17th. Needham & Company LLC increased their price objective on shares of Lam Research from $180.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday. B. Riley upgraded shares of Lam Research from a “neutral” rating to a “buy” rating and increased their price objective for the company from $170.00 to $235.00 in a report on Monday. Finally, Mizuho reiterated a “buy” rating and issued a $180.00 price objective on shares of Lam Research in a report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $221.28.

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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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Earnings History for Lam Research (NASDAQ:LRCX)

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