Eastern Bank Acquires Shares of 5,380 Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Eastern Bank has acquired a new position in Lam Research Corporation (NASDAQ:LRCX), purchasing 5,380 shares valued at approximately $391,000 in the first quarter.
• Several hedge funds have increased their stakes in Lam Research, with institutional investors owning 84.61% of the company's stock, reflecting growing confidence in the semiconductor firm.
• Analyst ratings for Lam Research are strong, with 19 buy ratings and a consensus target price of $107.09, indicating a positive outlook for the stock's future performance.

Eastern Bank purchased a new stake in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 5,380 shares of the semiconductor company's stock, valued at approximately $391,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Smallwood Wealth Investment Management LLC acquired a new position in Lam Research during the 1st quarter worth $26,000. West Paces Advisors Inc. acquired a new position in Lam Research during the 4th quarter worth $27,000. Mpwm Advisory Solutions LLC acquired a new position in Lam Research during the 4th quarter worth $27,000. Park Square Financial Group LLC acquired a new position in Lam Research during the 4th quarter worth $31,000. Finally, Putney Financial Group LLC acquired a new position in Lam Research during the 4th quarter worth $36,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Oppenheimer upped their price objective on shares of Lam Research from $110.00 to $120.00 and gave the company an "outperform" rating in a research report on Thursday. Argus upped their price objective on shares of Lam Research from $105.00 to $120.00 and gave the company a "buy" rating in a research report on Friday. UBS Group upped their price objective on shares of Lam Research from $95.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Stifel Nicolaus upped their price objective on shares of Lam Research from $92.00 to $110.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $115.00 price objective (up previously from $90.00) on shares of Lam Research in a research report on Tuesday, June 24th. Seven analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $107.09.

Lam Research Stock Performance

LRCX traded up $1.53 during trading on Friday, hitting $96.37. 16,599,413 shares of the company traded hands, compared to its average volume of 9,955,076. The firm has a market cap of $123.27 billion, a P/E ratio of 23.17, a price-to-earnings-growth ratio of 1.33 and a beta of 1.68. The stock's fifty day moving average is $93.96 and its 200 day moving average is $82.38. The company has a quick ratio of 1.64, a current ratio of 2.21 and a debt-to-equity ratio of 0.38. Lam Research Corporation has a one year low of $56.32 and a one year high of $102.59.

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

Lam Research Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th were paid 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%.

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.