AGF Management Ltd. Reduces Stock Holdings in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• AGF Management Ltd. reduced its stake in Lam Research Corporation by 30.5%, selling 535,435 shares, resulting in ownership of 1,221,240 shares valued at approximately $88.8 million.
• Lam Research reported strong earnings with an EPS of $1.33, surpassing analysts’ estimates and achieving a revenue of $5.17 billion for the quarter, reflecting a 33.6% increase year-over-year.
• Institutional investors hold a significant majority (84.61%) of Lam Research's stock, with several firms like Brighton Jones LLC and Renaissance Technologies LLC significantly increasing their holdings in the last quarter.

AGF Management Ltd. lowered its holdings in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 30.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,221,240 shares of the semiconductor company's stock after selling 535,435 shares during the quarter. AGF Management Ltd. owned 0.10% of Lam Research worth $88,784,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of LRCX. Meridian Wealth Management LLC raised its stake in shares of Lam Research by 1.4% during the 1st quarter. Meridian Wealth Management LLC now owns 9,732 shares of the semiconductor company's stock worth $707,000 after buying an additional 130 shares in the last quarter. GW&K Investment Management LLC boosted its holdings in shares of Lam Research by 10.1% during the first quarter. GW&K Investment Management LLC now owns 1,534 shares of the semiconductor company's stock worth $112,000 after purchasing an additional 141 shares during the last quarter. Citizens National Bank Trust Department boosted its holdings in shares of Lam Research by 34.0% during the first quarter. Citizens National Bank Trust Department now owns 603 shares of the semiconductor company's stock worth $44,000 after purchasing an additional 153 shares during the last quarter. Cassaday & Co Wealth Management LLC boosted its holdings in shares of Lam Research by 2.1% during the first quarter. Cassaday & Co Wealth Management LLC now owns 7,823 shares of the semiconductor company's stock worth $569,000 after purchasing an additional 163 shares during the last quarter. Finally, SteelPeak Wealth LLC grew its position in Lam Research by 0.4% during the first quarter. SteelPeak Wealth LLC now owns 42,064 shares of the semiconductor company's stock valued at $3,068,000 after acquiring an additional 178 shares during the period. Hedge funds and other institutional investors own 84.61% of the company's stock.

Lam Research Stock Performance

Shares of LRCX stock traded up $0.64 during trading hours on Thursday, reaching $107.38. The company had a trading volume of 10,710,878 shares, compared to its average volume of 11,344,454. The business has a fifty day moving average price of $97.24 and a 200-day moving average price of $83.73. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.55 and a current ratio of 2.21. The firm has a market cap of $135.90 billion, a PE ratio of 25.81, a price-to-earnings-growth ratio of 1.38 and a beta of 1.65. Lam Research Corporation has a one year low of $56.32 and a one year high of $108.02.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its earnings results on Wednesday, July 30th. The semiconductor company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The firm had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $4.99 billion. Lam Research had a net margin of 29.07% and a return on equity of 58.17%. The company's quarterly revenue was up 33.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.03 earnings per share. Sell-side analysts predict that Lam Research Corporation will post 3.71 earnings per share for the current fiscal year.

Lam Research Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th were paid a $0.23 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $0.92 dividend on an annualized basis and a yield of 0.9%. Lam Research's dividend payout ratio (DPR) is currently 22.12%.

Wall Street Analyst Weigh In

A number of brokerages have commented on LRCX. Erste Group Bank assumed coverage on Lam Research in a research note on Thursday. They set a "buy" rating on the stock. The Goldman Sachs Group started coverage on Lam Research in a report on Thursday, July 10th. They issued a "buy" rating and a $115.00 price objective for the company. Barclays set a $83.00 target price on Lam Research and gave the company an "equal weight" rating in a report on Monday, July 28th. Wall Street Zen raised Lam Research from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Finally, Wells Fargo & Company set a $98.00 price objective on Lam Research and gave the company an "equal weight" rating in a research report on Thursday, July 31st. Seven research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $107.09.

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.