Assetmark Inc. Buys 20,928 Shares of Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Assetmark Inc. has increased its stake in Lam Research Corporation by 6.0%, now owning 368,643 shares worth approximately $26.8 million.
• Analysts have set new price targets for Lam Research, with Citigroup raising their target from $87.00 to $108.00, while Morgan Stanley raised it to $87.00.
• Lam Research reported a 24.4% increase in quarterly revenue year-over-year, totaling $4.72 billion, along with an EPS of $1.04, beating estimates.

Assetmark Inc. grew its position in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 6.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 368,643 shares of the semiconductor company's stock after purchasing an additional 20,928 shares during the period. Assetmark Inc.'s holdings in Lam Research were worth $26,800,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Smallwood Wealth Investment Management LLC bought a new stake in Lam Research during the first quarter worth about $26,000. West Paces Advisors Inc. bought a new stake in Lam Research during the fourth quarter worth about $27,000. Mpwm Advisory Solutions LLC bought a new stake in Lam Research during the fourth quarter worth about $27,000. Park Square Financial Group LLC bought a new stake in Lam Research during the fourth quarter worth about $31,000. Finally, Putney Financial Group LLC bought a new stake in Lam Research during the fourth quarter worth about $36,000. Institutional investors own 84.61% of the company's stock.

Analysts Set New Price Targets

LRCX has been the topic of several analyst reports. Mizuho upped their target price on Lam Research from $100.00 to $115.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Citigroup reissued a "buy" rating and set a $108.00 price target (up previously from $87.00) on shares of Lam Research in a research report on Monday, July 7th. UBS Group boosted their price target on Lam Research from $95.00 to $120.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Stifel Nicolaus lowered their price target on Lam Research from $100.00 to $92.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, B. Riley reissued a "buy" rating and set a $115.00 price target (up previously from $95.00) on shares of Lam Research in a research report on Wednesday, June 18th. Seven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $100.57.

Lam Research Price Performance

NASDAQ LRCX traded down $0.82 on Friday, hitting $96.96. 8,912,992 shares of the company's stock were exchanged, compared to its average volume of 8,875,050. The stock has a 50-day moving average of $92.49 and a 200-day moving average of $81.68. The company has a current ratio of 2.45, a quick ratio of 1.64 and a debt-to-equity ratio of 0.39. Lam Research Corporation has a 52 week low of $56.32 and a 52 week high of $102.59. The stock has a market cap of $124.02 billion, a price-to-earnings ratio of 27.02, a P/E/G ratio of 1.37 and a beta of 1.68.

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

Lam Research Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 18th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend was Wednesday, June 18th. Lam Research's payout ratio is 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.