AlphaCore Capital LLC Acquires 3,409 Shares of Lam Research Corporation (NASDAQ:LRCX)

Key Points

• AlphaCore Capital LLC increased its stake in Lam Research Corporation by 118.8%, acquiring an additional 3,409 shares during the first quarter, bringing its total holdings to 6,279 shares valued at $458,000.
• Multiple analysts have revised their price targets for Lam Research, with Oppenheimer raising its target from $110.00 to $120.00 and Cantor Fitzgerald increasing its target to $115.00.
• Lam Research reported a 33.6% year-on-year increase in quarterly revenue, reaching $5.17 billion, and surpassed earnings expectations with an EPS of $1.33.

AlphaCore Capital LLC raised its position in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 118.8% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 6,279 shares of the semiconductor company's stock after buying an additional 3,409 shares during the period. AlphaCore Capital LLC's holdings in Lam Research were worth $458,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of LRCX. Ameriprise Financial Inc. boosted its position in shares of Lam Research by 950.5% in the 4th quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company's stock worth $2,495,128,000 after purchasing an additional 31,255,726 shares during the last quarter. Northern Trust Corp lifted its holdings in Lam Research by 1,067.0% during the fourth quarter. Northern Trust Corp now owns 15,869,244 shares of the semiconductor company's stock worth $1,146,235,000 after acquiring an additional 14,509,407 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Lam Research by 6,383.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,574,691 shares of the semiconductor company's stock worth $980,500,000 after acquiring an additional 13,365,317 shares in the last quarter. Janus Henderson Group PLC bought a new position in Lam Research during the fourth quarter worth about $792,161,000. Finally, Vanguard Group Inc. lifted its holdings in Lam Research by 6.9% during the first quarter. Vanguard Group Inc. now owns 129,152,102 shares of the semiconductor company's stock worth $9,389,358,000 after acquiring an additional 8,364,375 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Lam Research Trading Up 3.2%

LRCX traded up $3.28 during midday trading on Tuesday, hitting $105.28. 11,846,538 shares of the company were exchanged, compared to its average volume of 11,956,416. The firm has a market capitalization of $134.67 billion, a P/E ratio of 25.31, a P/E/G ratio of 1.32 and a beta of 1.65. Lam Research Corporation has a 1-year low of $56.32 and a 1-year high of $105.64. The firm's 50 day moving average price is $95.92 and its 200-day moving average price is $83.19. The company has a quick ratio of 1.55, a current ratio of 2.21 and a debt-to-equity ratio of 0.38.

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

Lam Research Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on LRCX shares. Wall Street Zen upgraded Lam Research from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. B. Riley reiterated a "buy" rating and set a $115.00 target price (up from $95.00) on shares of Lam Research in a report on Wednesday, June 18th. Deutsche Bank Aktiengesellschaft set a $70.00 target price on Lam Research and gave the stock a "hold" rating in a report on Thursday, April 24th. Oppenheimer lifted their target price on Lam Research from $110.00 to $120.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $115.00 target price (up from $90.00) on shares of Lam Research in a report on Tuesday, June 24th. Seven investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $107.09.

Lam Research Profile

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.