Arizona State Retirement System Invests $27.45 Million in Lam Research Corporation (NASDAQ:LRCX)

Arizona State Retirement System bought a new position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 377,533 shares of the semiconductor company's stock, valued at approximately $27,447,000.

A number of other institutional investors have also modified their holdings of LRCX. One Charles Private Wealth Services LLC increased its holdings in Lam Research by 843.4% during the fourth quarter. One Charles Private Wealth Services LLC now owns 4,000 shares of the semiconductor company's stock valued at $289,000 after buying an additional 3,576 shares during the period. Brighton Jones LLC increased its holdings in Lam Research by 1,032.4% during the fourth quarter. Brighton Jones LLC now owns 14,189 shares of the semiconductor company's stock valued at $1,025,000 after buying an additional 12,936 shares during the period. Proficio Capital Partners LLC increased its holdings in Lam Research by 966.8% during the fourth quarter. Proficio Capital Partners LLC now owns 36,986 shares of the semiconductor company's stock valued at $2,672,000 after buying an additional 33,519 shares during the period. AlphaQuest LLC increased its holdings in Lam Research by 182.0% during the fourth quarter. AlphaQuest LLC now owns 4,354 shares of the semiconductor company's stock valued at $314,000 after buying an additional 2,810 shares during the period. Finally, HighTower Advisors LLC purchased a new position in Lam Research during the fourth quarter valued at approximately $50,560,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Lam Research Price Performance

Shares of NASDAQ:LRCX opened at $101.73 on Friday. The company's fifty day moving average price is $88.50 and its 200 day moving average price is $79.87. Lam Research Corporation has a 12 month low of $56.32 and a 12 month high of $109.34. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.45 and a quick ratio of 1.64. The firm has a market capitalization of $130.12 billion, a P/E ratio of 28.35, a P/E/G ratio of 1.43 and a beta of 1.68.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The semiconductor company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.04. Lam Research had a net margin of 27.18% and a return on equity of 53.21%. The company had revenue of $4.72 billion for the quarter, compared to the consensus estimate of $4.64 billion. During the same period last year, the firm posted $7.79 EPS. Lam Research's revenue for the quarter was up 24.4% on a year-over-year basis. As a group, 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 0.90%. The ex-dividend date was Wednesday, June 18th. Lam Research's payout ratio is currently 25.63%.

Analysts Set New Price Targets

Several research firms have issued reports on LRCX. Morgan Stanley lifted their price target on shares of Lam Research from $82.00 to $87.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Argus raised shares of Lam Research to a "strong-buy" rating in a report on Friday, April 25th. Bank of America cut their price target on shares of Lam Research from $110.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Oppenheimer reaffirmed an "outperform" rating and issued a $110.00 price target (up from $80.00) on shares of Lam Research in a report on Tuesday, June 17th. Finally, TD Securities cut their price target on shares of Lam Research from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Seven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $97.48.

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.

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