Lam Research Corporation (NASDAQ:LRCX) Shares Sold by Convergence Investment Partners LLC

Convergence Investment Partners LLC lowered its position in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 14.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,422 shares of the semiconductor company's stock after selling 3,456 shares during the quarter. Convergence Investment Partners LLC's holdings in Lam Research were worth $1,485,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC lifted 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 worth $1,025,000 after buying an additional 12,936 shares during the period. TD Private Client Wealth LLC lifted its holdings in Lam Research by 111.0% during the fourth quarter. TD Private Client Wealth LLC now owns 5,542 shares of the semiconductor company's stock worth $400,000 after buying an additional 2,915 shares during the period. American Century Companies Inc. lifted its holdings in shares of Lam Research by 1,093.5% during the 4th quarter. American Century Companies Inc. now owns 1,306,829 shares of the semiconductor company's stock valued at $94,392,000 after purchasing an additional 1,197,337 shares during the last quarter. LPL Financial LLC lifted its holdings in shares of Lam Research by 981.7% during the 4th quarter. LPL Financial LLC now owns 1,104,427 shares of the semiconductor company's stock valued at $79,773,000 after purchasing an additional 1,002,327 shares during the last quarter. Finally, Congress Wealth Management LLC DE lifted its holdings in shares of Lam Research by 1,079.6% during the 4th quarter. Congress Wealth Management LLC DE now owns 10,675 shares of the semiconductor company's stock valued at $771,000 after purchasing an additional 9,770 shares during the last quarter. Institutional investors own 84.61% of the company's stock.

Analysts Set New Price Targets

LRCX has been the subject of several analyst reports. Evercore ISI increased their price objective on Lam Research from $95.00 to $99.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Oppenheimer reiterated an "outperform" rating and set a $110.00 price objective (up previously from $80.00) on shares of Lam Research in a report on Tuesday, June 17th. Barclays decreased their price objective on Lam Research from $75.00 to $70.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. Bank of America decreased their price objective on Lam Research from $110.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $115.00 price objective (up previously from $90.00) on shares of Lam Research in a report on Tuesday, June 24th. Seven 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 stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $100.57.

Lam Research Trading Down 0.8%

NASDAQ LRCX traded down $0.82 on Friday, reaching $96.96. The stock had a trading volume of 8,912,086 shares, compared to its average volume of 11,940,298. The firm has a market capitalization 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. 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 Corporation has a 12-month low of $56.32 and a 12-month high of $102.59. The stock has a fifty day moving average price of $92.24 and a two-hundred day moving average price of $81.49.

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

Lam Research Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th were paid a $0.23 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $0.92 annualized dividend and a dividend yield of 0.95%. Lam Research's dividend payout ratio (DPR) 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.