Artemis Investment Management LLP Purchases 182,287 Shares of Lam Research Corporation (NASDAQ:LRCX)

Artemis Investment Management LLP grew its holdings in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 122.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 331,594 shares of the semiconductor company's stock after acquiring an additional 182,287 shares during the quarter. Artemis Investment Management LLP's holdings in Lam Research were worth $24,107,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Huntington National Bank grew its position in Lam Research by 944.0% during the fourth quarter. Huntington National Bank now owns 294,762 shares of the semiconductor company's stock worth $21,291,000 after buying an additional 266,527 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Lam Research by 781.9% during the 4th quarter. Cerity Partners LLC now owns 331,170 shares of the semiconductor company's stock valued at $23,920,000 after acquiring an additional 293,619 shares during the period. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Lam Research during the 4th quarter worth $6,296,000. Pitcairn Co. bought a new position in shares of Lam Research in the fourth quarter worth $1,013,000. Finally, First Citizens Bank & Trust Co. increased its position in shares of Lam Research by 47.8% in the first quarter. First Citizens Bank & Trust Co. now owns 121,902 shares of the semiconductor company's stock worth $8,862,000 after purchasing an additional 39,414 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

LRCX has been the topic of a number of analyst reports. Bank of America reduced their price objective on shares of Lam Research from $110.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Needham & Company LLC lowered their price objective on shares of Lam Research from $96.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Argus raised Lam Research to a "strong-buy" rating in a report on Friday, April 25th. Oppenheimer reissued an "outperform" rating and set a $110.00 price target (up previously from $80.00) on shares of Lam Research in a report on Tuesday, June 17th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $115.00 price objective (up from $90.00) on shares of Lam Research in a research report on Tuesday. Seven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Lam Research currently has a consensus rating of "Moderate Buy" and an average target price of $93.97.

Lam Research Trading Up 0.9%

Shares of LRCX stock opened at $96.84 on Friday. Lam Research Corporation has a 1-year low of $56.32 and a 1-year high of $113.00. The company has a current ratio of 2.45, a quick ratio of 1.64 and a debt-to-equity ratio of 0.39. The stock has a market cap of $123.87 billion, a price-to-earnings ratio of 26.99, a PEG ratio of 1.35 and a beta of 1.65. The stock has a 50-day moving average of $81.92 and a 200-day moving average of $78.07.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The semiconductor company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.04. The company had revenue of $4.72 billion during the quarter, compared to analysts' expectations of $4.64 billion. Lam Research had a net margin of 27.18% and a return on equity of 53.21%. Lam Research's revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period in the prior year, the company posted $7.79 earnings per share. On average, equities research analysts forecast that Lam Research Corporation will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.95%. Lam Research's payout ratio is presently 25.63%.

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.

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