DAVENPORT & Co LLC Boosts Holdings in Lam Research Corporation (NASDAQ:LRCX)

DAVENPORT & Co LLC lifted its position in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 34.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,043 shares of the semiconductor company's stock after purchasing an additional 7,891 shares during the quarter. DAVENPORT & Co LLC's holdings in Lam Research were worth $2,257,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Fairway Wealth LLC lifted its position in Lam Research by 900.0% in the fourth quarter. Fairway Wealth LLC now owns 340 shares of the semiconductor company's stock valued at $25,000 after buying an additional 306 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new position in shares of Lam Research during the 1st quarter worth approximately $26,000. West Paces Advisors Inc. acquired a new stake in Lam Research in the 4th quarter valued at approximately $27,000. Mpwm Advisory Solutions LLC purchased a new stake in Lam Research in the fourth quarter valued at approximately $27,000. Finally, Bell Investment Advisors Inc boosted its position in shares of Lam Research by 836.6% during the fourth quarter. Bell Investment Advisors Inc now owns 384 shares of the semiconductor company's stock worth $28,000 after buying an additional 343 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Lam Research from $82.00 to $87.00 and gave the company an "equal weight" rating in a report on Tuesday. Cantor Fitzgerald reissued an "overweight" rating and issued a $115.00 price objective (up previously from $90.00) on shares of Lam Research in a research note on Tuesday, June 24th. B. Riley reaffirmed a "buy" rating and set a $115.00 target price (up from $95.00) on shares of Lam Research in a research note on Wednesday, June 18th. Bank of America reduced their target price on shares of Lam Research from $110.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Finally, Argus upgraded shares of Lam Research to a "strong-buy" rating in a research note on Friday, April 25th. Seven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $94.20.

Lam Research Price Performance

NASDAQ LRCX traded down $0.17 during mid-day trading on Friday, hitting $98.66. The stock had a trading volume of 5,028,931 shares, compared to its average volume of 12,346,776. The company has a 50 day simple moving average of $85.70 and a 200 day simple moving average of $78.95. The company has a market cap of $126.20 billion, a price-to-earnings ratio of 27.50, a P/E/G ratio of 1.39 and a beta of 1.68. Lam Research Corporation has a 52-week low of $56.32 and a 52-week 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 issued its quarterly earnings data on Wednesday, April 23rd. The semiconductor company reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.04. The firm had revenue of $4.72 billion for the quarter, compared to analysts' expectations of $4.64 billion. Lam Research had a net margin of 27.18% and a return on equity of 53.21%. The firm's revenue was up 24.4% on a year-over-year basis. During the same period in the prior year, the company earned $7.79 EPS. Equities analysts forecast that Lam Research Corporation will post 3.71 EPS for the current fiscal year.

Lam Research Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 0.93%. The ex-dividend date is Wednesday, June 18th. Lam Research's payout ratio is 25.63%.

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.