Lam Research Corporation (LRCX) to Buyback $2.00 billion in Shares

Lam Research Corporation (NASDAQ:LRCX) declared that its board has authorized a stock repurchase program, which permits the company to repurchase $2.00 billion in outstanding shares on Tuesday, November 14th, EventVestor reports. This repurchase authorization permits the semiconductor company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Shares of Lam Research Corporation (NASDAQ:LRCX) opened at $210.47 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.83 and a current ratio of 3.31. Lam Research Corporation has a 1 year low of $97.79 and a 1 year high of $217.00. The stock has a market cap of $34,530.00, a PE ratio of 17.97, a price-to-earnings-growth ratio of 0.97 and a beta of 1.63.

Lam Research Corporation (NASDAQ:LRCX) last posted its quarterly earnings results on Tuesday, October 17th. The semiconductor company reported $3.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.19. Lam Research Corporation had a net margin of 22.85% and a return on equity of 30.19%. The business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same period in the prior year, the business posted $1.81 earnings per share. The company’s revenue was up 51.8% on a year-over-year basis. equities research analysts anticipate that Lam Research Corporation will post 14.45 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Wednesday, December 6th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.95%. This is an increase from Lam Research Corporation’s previous quarterly dividend of $0.45. The ex-dividend date is Tuesday, December 5th. Lam Research Corporation’s dividend payout ratio is 16.44%.

Several research analysts have recently weighed in on the stock. Deutsche Bank AG upped their price target on shares of Lam Research Corporation to $230.00 and gave the stock a “buy” rating in a report on Wednesday. B. Riley reaffirmed a “buy” rating and issued a $250.00 price target on shares of Lam Research Corporation in a report on Tuesday. Royal Bank Of Canada upped their price target on shares of Lam Research Corporation from $210.00 to $225.00 and gave the stock an “outperform” rating in a report on Wednesday. Argus upped their price target on shares of Lam Research Corporation from $196.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, October 19th. Finally, Berenberg Bank reaffirmed a “buy” rating and issued a $240.00 price target on shares of Lam Research Corporation in a report on Thursday, October 19th. Five investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $212.89.

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In other news, COO Timothy Archer sold 8,691 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $171.76, for a total transaction of $1,492,766.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen G. Newberry sold 750 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $170.00, for a total transaction of $127,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,419 shares of company stock valued at $9,079,367. Insiders own 0.41% of the company’s stock.

About Lam Research Corporation

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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