Covington Investment Advisors Inc. increased its holdings in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 5.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 171,345 shares of the semiconductor company's stock after buying an additional 9,540 shares during the quarter. Lam Research accounts for about 1.9% of Covington Investment Advisors Inc.'s portfolio, making the stock its 18th largest position. Covington Investment Advisors Inc.'s holdings in Lam Research were worth $12,457,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Pinnacle Financial Partners Inc purchased a new stake in shares of Lam Research in the first quarter worth about $201,000. B. Riley Wealth Advisors Inc. purchased a new position in Lam Research during the fourth quarter valued at approximately $6,296,000. China Universal Asset Management Co. Ltd. boosted its position in Lam Research by 27.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 49,505 shares of the semiconductor company's stock worth $3,607,000 after purchasing an additional 10,565 shares in the last quarter. First Citizens Bank & Trust Co. grew its stake in shares of Lam Research by 47.8% during the 1st quarter. First Citizens Bank & Trust Co. now owns 121,902 shares of the semiconductor company's stock worth $8,862,000 after purchasing an additional 39,414 shares during the period. Finally, Global X Japan Co. Ltd. acquired a new stake in shares of Lam Research during the 1st quarter worth approximately $3,152,000. Hedge funds and other institutional investors own 84.61% of the company's stock.
Analysts Set New Price Targets
Several analysts recently commented on LRCX shares. Morgan Stanley raised their price target on shares of Lam Research from $87.00 to $94.00 and gave the company an "equal weight" rating in a research report on Thursday, July 31st. Argus raised their target price on Lam Research from $105.00 to $120.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Mizuho upped their price target on Lam Research from $115.00 to $120.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. TD Cowen raised their price objective on Lam Research from $100.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Finally, KeyCorp upped their target price on Lam Research from $105.00 to $115.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Seven research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, Lam Research currently has an average rating of "Moderate Buy" and a consensus target price of $107.09.
View Our Latest Research Report on LRCX
Lam Research Price Performance
Shares of NASDAQ:LRCX traded up $0.25 during midday trading on Monday, hitting $102.00. The company had a trading volume of 8,633,919 shares, compared to its average volume of 11,957,262. Lam Research Corporation has a twelve month low of $56.32 and a twelve month high of $104.15. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.21 and a quick ratio of 1.55. The stock has a market cap of $130.47 billion, a price-to-earnings ratio of 24.52, a price-to-earnings-growth ratio of 1.32 and a beta of 1.65. The business's 50-day simple moving average is $95.53 and its 200-day simple moving average is $83.04.
Lam Research (NASDAQ:LRCX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The semiconductor company reported $1.33 earnings per share 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 company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same period in the prior year, the business posted $1.03 earnings per share. The firm's revenue for the quarter was up 33.6% compared to the same quarter last year. On average, research analysts predict that Lam Research Corporation will post 3.71 earnings per share for the current year.
Lam Research Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Investors 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 yield of 0.9%. Lam Research's dividend payout ratio (DPR) is 22.12%.
Lam Research Company Profile
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Free Report)
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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