B. Riley Weighs in on Lam Research Co.’s FY2024 Earnings (NASDAQ:LRCX)

Lam Research Co. (NASDAQ:LRCX) – Equities researchers at B. Riley raised their FY2024 EPS estimates for Lam Research in a research note issued on Wednesday, April 24th. B. Riley analyst C. Ellis now forecasts that the semiconductor company will post earnings of $29.65 per share for the year, up from their prior estimate of $28.90. B. Riley currently has a “Buy” rating and a $1,100.00 target price on the stock. The consensus estimate for Lam Research’s current full-year earnings is $28.96 per share. B. Riley also issued estimates for Lam Research’s Q4 2024 earnings at $7.49 EPS, Q1 2025 earnings at $8.03 EPS, Q2 2025 earnings at $8.75 EPS, Q3 2025 earnings at $8.49 EPS, Q4 2025 earnings at $9.54 EPS, FY2025 earnings at $34.80 EPS, Q3 2026 earnings at $10.95 EPS and FY2026 earnings at $44.57 EPS.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.26 by $0.53. The business had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.72 billion. Lam Research had a net margin of 25.35% and a return on equity of 45.76%. Lam Research’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.99 earnings per share.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. upped their price objective on shares of Lam Research from $900.00 to $950.00 and gave the company an “overweight” rating in a report on Thursday. UBS Group boosted their target price on shares of Lam Research from $1,130.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Thursday. Citigroup boosted their target price on shares of Lam Research from $975.00 to $1,025.00 and gave the stock a “buy” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Lam Research in a research report on Thursday, April 11th. They issued a “hold” rating and a $1,000.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $1,030.00 price objective on shares of Lam Research in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $950.85.

Lam Research Price Performance

LRCX stock opened at $908.00 on Friday. The company’s fifty day simple moving average is $943.68 and its 200 day simple moving average is $807.04. Lam Research has a 12-month low of $493.42 and a 12-month high of $1,007.39. The firm has a market cap of $119.04 billion, a price-to-earnings ratio of 33.15, a PEG ratio of 3.20 and a beta of 1.51. The company has a quick ratio of 2.02, a current ratio of 3.06 and a debt-to-equity ratio of 0.61.

Lam Research Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 3rd. Investors of record on Wednesday, March 13th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 0.88%. The ex-dividend date was Tuesday, March 12th. Lam Research’s dividend payout ratio is currently 29.42%.

Insider Activity at Lam Research

In related news, Director Abhijit Y. Talwalkar sold 882 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $972.03, for a total transaction of $857,330.46. Following the transaction, the director now owns 10,541 shares of the company’s stock, valued at approximately $10,246,168.23. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Lam Research news, Director Abhijit Y. Talwalkar sold 882 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $972.03, for a total value of $857,330.46. Following the sale, the director now owns 10,541 shares of the company’s stock, valued at approximately $10,246,168.23. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Seshasayee Varadarajan sold 5,500 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $922.41, for a total transaction of $5,073,255.00. Following the completion of the sale, the senior vice president now directly owns 22,095 shares in the company, valued at approximately $20,380,648.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,029 shares of company stock valued at $6,559,489. Insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Lam Research

Several institutional investors and hedge funds have recently modified their holdings of LRCX. Orion Capital Management LLC purchased a new stake in shares of Lam Research in the 3rd quarter worth about $25,000. BluePath Capital Management LLC purchased a new stake in shares of Lam Research in the 3rd quarter worth about $28,000. DSM Capital Partners LLC purchased a new stake in shares of Lam Research in the 4th quarter worth about $28,000. OFI Invest Asset Management purchased a new stake in shares of Lam Research in the 3rd quarter worth about $30,000. Finally, Asset Dedication LLC lifted its position in Lam Research by 56.7% during the 3rd quarter. Asset Dedication LLC now owns 47 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 17 shares during the period. 84.61% of the stock is 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. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.