Commonwealth Equity Services LLC Sells 40,852 Shares of Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Commonwealth Equity Services LLC reduced its stake in Lam Research by 8.4%, selling 40,852 shares and holding 446,583 shares worth approximately $32.47 million at the end of the last quarter.
• Recent analyst reports have raised target prices for Lam Research, with Needham & Company increasing its target from $110 to $115, and Raymond James from $90 to $110.
• Lam Research reported a 33.6% year-over-year revenue increase of $5.17 billion for the last quarter and an earnings per share (EPS) of $1.33, surpassing estimates.

Commonwealth Equity Services LLC reduced its holdings in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 8.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 446,583 shares of the semiconductor company's stock after selling 40,852 shares during the period. Commonwealth Equity Services LLC's holdings in Lam Research were worth $32,467,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Smallwood Wealth Investment Management LLC purchased a new position in Lam Research during the first quarter worth approximately $26,000. West Paces Advisors Inc. purchased a new position in Lam Research in the fourth quarter worth approximately $27,000. Mpwm Advisory Solutions LLC purchased a new position in Lam Research in the fourth quarter worth approximately $27,000. Park Square Financial Group LLC purchased a new position in shares of Lam Research during the fourth quarter worth $31,000. Finally, Putney Financial Group LLC purchased a new position in shares of Lam Research during the fourth quarter worth $36,000. 84.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on LRCX shares. Stifel Nicolaus lifted their target price on Lam Research from $92.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Argus upped their price objective on Lam Research from $105.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, August 1st. KeyCorp upped their price objective on Lam Research from $105.00 to $115.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Raymond James Financial boosted their target price on Lam Research from $90.00 to $110.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Finally, Morgan Stanley boosted their target price on Lam Research from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Seven investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.09.

Lam Research Stock Performance

Shares of NASDAQ LRCX traded down $0.74 during midday trading on Wednesday, hitting $95.94. 10,616,047 shares of the company's stock were exchanged, compared to its average volume of 11,143,481. Lam Research Corporation has a twelve month low of $56.32 and a twelve month high of $102.59. The firm has a market cap of $122.72 billion, a P/E ratio of 23.06, a PEG ratio of 1.27 and a beta of 1.65. The stock's 50 day moving average price is $94.56 and its 200-day moving average price is $82.67. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.21 and a quick ratio of 1.55.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its earnings results on Wednesday, July 30th. The semiconductor company reported $1.33 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter in the previous year, the company earned $1.03 earnings per share. The firm's quarterly revenue was up 33.6% compared to the same quarter last year. Equities research analysts anticipate that Lam Research Corporation will post 3.71 EPS for the current year.

Lam Research Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 18th were issued a $0.23 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.0%. Lam Research's dividend payout ratio is currently 22.12%.

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.