Costello Asset Management INC Invests $358,000 in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Costello Asset Management INC has invested approximately $358,000 in Lam Research Corporation by acquiring 4,927 shares during the first quarter.
• Multiple large investors, including Ameriprise Financial Inc. and Invesco Ltd., significantly increased their stakes in Lam Research in the fourth quarter, with Ameriprise boosting its holdings by 950.5%.
• Analysts have upgraded their ratings and price targets for Lam Research, with recent targets reaching as high as $125.00, while the stock maintains an average rating of "Moderate Buy."

Costello Asset Management INC purchased a new position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 4,927 shares of the semiconductor company's stock, valued at approximately $358,000.

Several other large investors have also added to or reduced their stakes in the business. Ameriprise Financial Inc. lifted its position in Lam Research by 950.5% during the fourth quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company's stock valued at $2,495,128,000 after buying an additional 31,255,726 shares during the period. Invesco Ltd. grew its stake in Lam Research by 909.5% in the fourth quarter. Invesco Ltd. now owns 16,858,135 shares of the semiconductor company's stock valued at $1,217,663,000 after purchasing an additional 15,188,173 shares during the last quarter. Northern Trust Corp boosted its stake in Lam Research by 1,067.0% in the 4th quarter. Northern Trust Corp now owns 15,869,244 shares of the semiconductor company's stock worth $1,146,235,000 after purchasing an additional 14,509,407 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Lam Research by 6,383.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,574,691 shares of the semiconductor company's stock valued at $980,500,000 after purchasing an additional 13,365,317 shares during the last quarter. Finally, Janus Henderson Group PLC purchased a new position in Lam Research during the fourth quarter worth approximately $792,161,000. Institutional investors own 84.61% of the company's stock.

Lam Research Trading Down 0.8%

Lam Research stock traded down $0.74 during trading on Wednesday, reaching $95.94. The company had a trading volume of 10,616,047 shares, compared to its average volume of 11,143,481. The stock's 50 day moving average price is $94.56 and its two-hundred day moving average price is $82.67. The firm has a market capitalization of $122.72 billion, a price-to-earnings ratio of 23.06, a PEG ratio of 1.27 and a beta of 1.65. Lam Research Corporation has a 12-month low of $56.32 and a 12-month high of $102.59. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.55 and a current ratio of 2.21.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The semiconductor company reported $1.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.21 by $0.12. The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $4.99 billion. Lam Research had a return on equity of 58.17% and a net margin of 29.07%. The firm's quarterly revenue was up 33.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.03 EPS. As a group, equities analysts expect that Lam Research Corporation will post 3.71 earnings per share for the current fiscal year.

Lam Research Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have commented on LRCX shares. Wall Street Zen upgraded Lam Research from a "hold" rating to a "buy" rating in a research report on Saturday. Cantor Fitzgerald reissued 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, June 24th. TD Securities cut their target price on shares of Lam Research from $110.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company set a $98.00 price target on shares of Lam Research and gave the company an "equal weight" rating in a report on Thursday, July 31st. Finally, Argus raised their price objective on shares of Lam Research from $105.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Seven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $107.09.

About Lam Research

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.