FREMONT, Calif. - Lam Research Corp . (NASDAQ: NASDAQ:LRCX) has announced the appointment of Ava Harter as the new senior vice president and chief legal officer. Harter, whose role became effective today, will report directly to Tim Archer, the President and CEO of Lam Research.
Harter's career encompasses significant legal experience in various industries, including her most recent position as executive vice president and chief legal officer at Whirlpool Corporation (NYSE:WHR). Her responsibilities at Whirlpool included overseeing global legal matters along with security and claims.
Harter's previous roles include General Counsel at Owens Corning (NYSE:OC) and substantial legal positions at General Electric (NYSE:GE) and Dow Chemical (NYSE:DOW). Moreovere, she has served in the legal sector at Jones Day and Thompson Hine and contributed academically as an adjunct professor at the Case Western Reserve University Law School.
Tim Archer, CEO of Lam Research, expressed confidence in Harter's extensive background, stating that her experience in leading large legal organizations and developing legal strategies will be instrumental in supporting Lam's focus on semiconductor innovation, especially in the AI era.
Ava Harter, reflecting on her appointment, emphasized the increasing importance of semiconductors and her commitment to advancing and safeguarding Lam's innovations while serving customers ethically and responsibly.
Harter's academic credentials include a Juris Doctor degree from Northwestern (NASDAQ:NWE) University School of Law, a master's degree in sociology from the University of Nebraska, and a bachelor's degree in political science from Northwestern University.
Lam Research, a Fortune 500 company, is a leading global supplier of wafer fabrication equipment and services to the semiconductor industry, with a reputation for enabling the creation of advanced chips used in various devices.
This announcement is based on a press release statement and serves to inform on the latest developments within Lam Research's executive team.
In other recent news, Lam Research has been the subject of multiple analyst reviews and company developments. Wells Fargo (NYSE:WFC) has maintained its Equal Weight rating on Lam Research, keeping the price target steady at $980.00. On the other hand, Citi reaffirmed its Buy rating on the company, maintaining a price target of $1,025.00. Deutsche Bank (ETR:DBKGn) also maintained its Hold rating on Lam Research with a $1,000.00 price target.
These assessments come in the wake of Lam Research's announcement of a $10 billion share repurchase program and a 10-for-1 stock split. The share repurchase program aligns with the company's strategy of returning 75%-100% of free cash flow to shareholders. The stock split, set to take effect after the market closes on October 2, 2024, is designed to make stock ownership more accessible to employees worldwide.
In another significant development, the U.S. is seeking to widen chip equipment bans on China, impacting companies such as Lam Research. The U.S. is in talks to add 11 more Chinese chipmaking factories to an already restricted list, as part of a broader strategy to control additional chipmaking technology.
InvestingPro Insights
Lam Research Corp. (NASDAQ: LRCX) continues to demonstrate its commitment to growth and stability in the dynamic semiconductor industry with the strategic appointment of Ava Harter as senior vice president and chief legal officer. As Lam Research navigates a competitive market landscape, the company's financial metrics and analysts' expectations provide further context to its position.
With a robust market capitalization of $139.78 billion, Lam Research stands as a substantial player in the sector. The company's Price to Earnings (P/E) ratio, currently at 39.23, reflects a high earnings multiple, which may indicate market optimism about its future growth prospects or a premium for its quality and stability.
Moreover, the company has a Price to Book (P/B) ratio of 17.42 as of the last twelve months leading up to Q3 2024, suggesting that investors are willing to pay a higher share price relative to the company's net asset value. This could be a testament to the strength of Lam Research's underlying business and its leadership position in the industry.
InvestingPro Tips highlight that Lam Research has not only raised its dividend for 10 consecutive years but has maintained these payments for 11 consecutive years, showcasing a reliable return to shareholders. Furthermore, 20 analysts have revised their earnings estimates upwards for the upcoming period, signaling confidence in the company's financial performance going forward.
For those interested in deeper analysis and additional insights, InvestingPro offers more tips on Lam Research, including perspectives on sales trends, net income projections, and the company's debt levels. Utilize coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, granting access to these valuable investment considerations.
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