TSX runs higher on rate cut expectations
FREMONT, California - Lam Research Corporation (NASDAQ:LRCX), a semiconductor equipment manufacturer with a market capitalization of $106.1 billion, has announced amendments to its bylaws that now allow shareholders with a minimum 20% stake held continuously for at least one year to call special meetings, according to a recent 8-K filing with the Securities and Exchange Commission (SEC). The changes, effective as of Monday, were adopted to ensure shareholders receive sufficient information and to avoid redundant meetings.
The semiconductor company, headquartered in Fremont, California, stated that the new bylaw provisions include specific disclosure and procedural requirements for shareholders wishing to call a special meeting. These measures are intended to provide adequate, timely, and accurate information in connection with such meetings.
The board-approved amendments aim to prevent the unnecessary use of company resources by avoiding the holding of special meetings in close proximity to annual or other stockholder meetings where similar items were considered.
The full details of the amended and restated bylaws are included as Exhibit 3.1 in the SEC filing, which is publicly available for review. Lam Research emphasized that the changes are part of its commitment to maintaining good corporate governance practices.
This announcement follows the company’s recently reported financial results and comes amid a period of increased focus on shareholder rights and corporate governance within the broader technology industry.
Lam Research, a leading provider of wafer fabrication equipment and services to the semiconductor industry, is incorporated in Delaware and has been operating under the fiscal year ending June 29. With 24 analysts recently revising earnings estimates upward and maintaining strong return on equity of 53%, the company continues to demonstrate market leadership. The company’s common stock is listed on the Nasdaq Global Select Market under the trading symbol LRCX.
The information contained in this article is based on the company’s SEC filing.
In other recent news, Lam Research has reported financial results for the third fiscal quarter that exceeded expectations, with revenue and earnings per share (EPS) surpassing consensus estimates by 2% and 3%, respectively. The company has also provided an optimistic guidance for the fourth fiscal quarter, projecting revenue and EPS to be 9% and 23% higher than previous estimates. Analysts from Stifel, Cantor Fitzgerald, TD Cowen, KeyBanc, and JPMorgan have weighed in on the company’s performance and future outlook. Stifel maintained a Buy rating with a $92 price target, highlighting Lam Research’s strong performance in the Foundry sector and its anticipated revenue growth driven by NAND technology. Cantor Fitzgerald reiterated an Overweight rating with a $90 target, noting the company’s flexible manufacturing capabilities and projected revenue of $18.7 billion for CY25. Meanwhile, TD Cowen adjusted its price target to $100, citing growth catalysts in NAND Wafer Fabrication Equipment and the Foundry segment. KeyBanc maintained an Overweight rating with a $105 target, emphasizing Lam Research’s strategic focus on advanced technologies like Gate All Around and Backside Power Delivery. Lastly, JPMorgan lowered its price target to $95, while maintaining an Overweight rating, acknowledging potential challenges from trade dynamics but expressing confidence in Lam Research’s robust market positioning. These developments reflect a consensus among analysts on the company’s potential for continued growth and market leadership.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.