Bessemer Group Inc. Reduces Position in Lam Research Corporation (NASDAQ:LRCX)

Bessemer Group Inc. trimmed its position in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 60.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,042 shares of the semiconductor company's stock after selling 52,567 shares during the quarter. Bessemer Group Inc.'s holdings in Lam Research were worth $2,475,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. One Charles Private Wealth Services LLC raised its stake in shares of 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 worth $289,000 after acquiring an additional 3,576 shares in the last quarter. Brighton Jones LLC raised its stake in shares of Lam Research by 1,032.4% during the fourth quarter. Brighton Jones LLC now owns 14,189 shares of the semiconductor company's stock worth $1,025,000 after acquiring an additional 12,936 shares in the last quarter. Simmons Bank raised its stake in shares of Lam Research by 839.7% during the fourth quarter. Simmons Bank now owns 3,740 shares of the semiconductor company's stock worth $270,000 after acquiring an additional 3,342 shares in the last quarter. Nwam LLC purchased a new position in shares of Lam Research during the fourth quarter worth approximately $523,000. Finally, New York Life Investment Management LLC raised its stake in shares of Lam Research by 891.2% during the fourth quarter. New York Life Investment Management LLC now owns 192,400 shares of the semiconductor company's stock worth $13,897,000 after acquiring an additional 172,989 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Evercore ISI lifted their price target on shares of Lam Research from $95.00 to $99.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Cantor Fitzgerald restated an "overweight" rating and issued a $115.00 target price (up previously from $90.00) on shares of Lam Research in a report on Tuesday. Jefferies Financial Group raised their target price on shares of Lam Research from $95.00 to $100.00 and gave the stock a "buy" rating in a report on Friday, March 28th. Oppenheimer restated an "outperform" rating and issued a $110.00 target price (up previously from $80.00) on shares of Lam Research in a report on Tuesday, June 17th. Finally, TD Cowen cut their target price 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 research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Lam Research currently has an average rating of "Moderate Buy" and a consensus target price of $93.97.

Lam Research Stock Performance

NASDAQ:LRCX opened at $97.20 on Friday. The stock has a market cap of $124.33 billion, a P/E ratio of 27.09, a price-to-earnings-growth ratio of 1.36 and a beta of 1.65. The firm's fifty day simple moving average is $82.59 and its 200 day simple moving average is $78.22. Lam Research Corporation has a twelve month low of $56.32 and a twelve month high of $113.00. The company has a quick ratio of 1.64, a current ratio of 2.45 and a debt-to-equity ratio of 0.39.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its 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 net margin of 27.18% and a return on equity of 53.21%. The firm had revenue of $4.72 billion for the quarter, compared to analysts' expectations of $4.64 billion. During the same quarter in the previous year, the business posted $7.79 EPS. The company's quarterly revenue was up 24.4% on a year-over-year basis. As a group, research analysts predict that Lam Research Corporation will post 3.71 EPS for the current year.

Lam Research Announces Dividend

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