T. Rowe Price Associates, Inc. (I. recently announced the acquisition of new stake in Lam Research Corporation (NASDAQ:LRCX). The institutional investor has increased its shareholding in the Technology company by 82.33% to 3.61 million shares with purchase of 1.63 million shares. This fresh investment now brings its stake to 2.49% valued currently at $1.17 billion. In addition, Geode Capital Management LLC raised its holdings by 72678.0 to 2.57 million shares. And JPMorgan Investment Management, I. has lifted its position by 224.17% or 1.65 million shares – to 2.39 million shares.
With over 2.56 million Lam Research Corporation (LRCX) shares trading Thursday and a closing price of $378.54 on the day, the dollar volume was approximately $969.66 million. The shares have shown a positive weekly performance of 6.69% and its price on 07/30/20 gained nearly 4.91%. Currently, there are 145.30M common shares owned by the public and among those 144.73M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 24 analysts who have offered their price forecasts for LRCX have a consensus price objective of $402.59. The analysts have set the share’s price value over the next 12 months at a high of $450.00 and a low of $255.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Lam Research Corporation stock is 2.00 for the next 12 months. The average price target is -13.11% below its last price level and a downside to the estimated low will see the stock lose -48.45% over that period. But an upside of 15.88% will see the stock hit the forecast high price target while mean target price for the stock is $402.50.
Insiders at the company have transacted a total of 132 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 43 of these insider trades were purchases, accounting for 237,640 shares. Insider sales of the common stock occurred on 89 occasions, with total insider shares sold totaling 333,437 shares.
The top 3 mutual fund holders in Lam Research Corporation are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and Columbia Seligman Communications. Vanguard Total Stock Market Index owns 4.14 million shares of the company’s stock, all valued at over $1.34 billion. The company sold 48295.0 shares recently to bring their total holdings to about 2.85% of the shares outstanding. Vanguard 500 Index Fund bought 49336.0 shares to see its total holdings expand to 3.01 million shares valued at over $974.11 million and representing 2.08% of the shares outstanding. Columbia Seligman Communications bought 12100.0 shares to bring its total holdings to over 1.76 million shares at a value of $569.64 million. Columbia Seligman Communications now owns shares totaling to 1.21% of the shares outstanding.
Shares of Lam Research Corporation (NASDAQ: LRCX) opened at $367.775, up $6.94 from a prior closing price of $360.83. However, the script later closed the day at $378.54, up 4.91%. The company’s stock has a 5-day price change of 6.69% and 48.28% over the past three months. LRCX shares are trading 29.46% year to date (YTD), with the 12-month market performance up to 81.46% higher. It has a 12-month low price of $181.38 and touched a high of $367.56 over the same period. Currently, 2.56 million shares have been traded, compared to an average intraday trading volume of 2.07 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 10.16%, 21.13%, and 33.26% respectively.
Institutional ownership of Lam Research Corporation (NASDAQ: LRCX) shares accounts for 89.60% of the company’s 145.30M shares outstanding. Mutual fund holders own 35.82%, while other institutional holders and individual stakeholders account for 52.38% and 0.97% respectively.
It has a market capitalization of $56.39B and a beta (3y monthly) value of 1.37. The stock’s trailing 12-month PE ratio is 27.23, while the earnings-per-share (ttm) stands at $13.90. The company has a PEG of 1.88 and a Quick Ratio of 3.70 with the debt-to-equity ratio at 1.12. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.58% over the week and 3.14% over the month.
Analysts forecast that Lam Research Corporation (LRCX) will achieve an EPS of $4.14 for the current quarter, $4.05 for the next quarter and $21.67 for 2022. The lowest estimate earnings-per-share for the quarter is $2.87 while analysts give the company a high EPS estimate of $5. Comparatively, EPS for the current quarter was $3.18 a year ago. Earnings per share for the fiscal year are expected to decrease by -16.80%, and 16.70% over the next financial year. EPS should shrink at an annualized rate of 14.52% over the next five years, compared to 30.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 24 brokerage firm advisors rate Lam Research Corporation (LRCX) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 20 Wall Street analysts polled rate the stock as a buy, while 4 of the 24 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the LRCX, a number of firms have released research notes about the stock. Cowen stated their Outperform rating for the stock in a research note on July 30, 2020, with the firm’s price target at $375-$450. B. Riley FBR coverage for the Lam Research Corporation (LRCX) stock in a research note released on July 21, 2020 offered a Buy rating with a price target of $435. Stifel was of a view on June 22, 2020 that the stock is Hold, while Morgan Stanley gave the stock Overweight rating on June 16, 2020, issuing a price target of $334. Barclays on their part issued Overweight rating on May 26, 2020.