Drive Wealth Management LLC Buys Shares of 2,920 Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Drive Wealth Management LLC has acquired a new stake in Lam Research Corporation, purchasing 2,920 shares valued at approximately $213,000 in the first quarter.
• Lam Research reported a quarterly earnings per share (EPS) of $1.04, exceeding analyst expectations of $1.00, with a revenue increase of 24.4% from the previous year.
• The stock has been rated as a "Moderate Buy" by analysts, with a consensus target price of $100.57 and significant interest from institutional investors, owning 84.61% of the company's stock.

Drive Wealth Management LLC bought a new stake in Lam Research Corporation (NASDAQ:LRCX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,920 shares of the semiconductor company's stock, valued at approximately $213,000.

Other institutional investors have also recently made changes to their positions in the company. Smallwood Wealth Investment Management LLC acquired a new position in shares of Lam Research during the 1st quarter worth $26,000. West Paces Advisors Inc. acquired a new position in shares of Lam Research during the 4th quarter worth $27,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Lam Research during the 4th quarter worth $27,000. Park Square Financial Group LLC acquired a new position in shares of Lam Research during the 4th quarter worth $31,000. Finally, Putney Financial Group LLC acquired a new position in Lam Research in the 4th quarter worth about $36,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Lam Research Trading Up 0.9%

Shares of NASDAQ LRCX traded up $0.86 during midday trading on Wednesday, reaching $99.80. The company had a trading volume of 3,393,137 shares, compared to its average volume of 11,818,210. Lam Research Corporation has a one year low of $56.32 and a one year high of $102.59. The stock has a market cap of $127.65 billion, a PE ratio of 27.77, a price-to-earnings-growth ratio of 1.39 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. The firm's fifty day moving average price is $93.08 and its 200-day moving average price is $81.97.

Lam Research Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th were issued a dividend of $0.23 per share. The ex-dividend date was Wednesday, June 18th. This represents a $0.92 dividend on an annualized basis and a yield of 0.92%. Lam Research's dividend payout ratio is presently 25.63%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on LRCX shares. Evercore ISI upped their price target on Lam Research from $95.00 to $99.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. UBS Group increased their price target on Lam Research from $95.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Citigroup reissued a "buy" rating and issued a $108.00 target price (up from $87.00) on shares of Lam Research in a research report on Monday, July 7th. TD Securities decreased their target price on Lam Research from $110.00 to $100.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Finally, KeyCorp lifted their price target on Lam Research from $105.00 to $115.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Seven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $102.05.

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.