Elevation Point Wealth Partners LLC Has $3.39 Million Position in Lam Research Co. (NASDAQ:LRCX)

Elevation Point Wealth Partners LLC reduced its holdings in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,621 shares of the semiconductor company's stock after selling 2,941 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Lam Research were worth $3,389,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Fairway Wealth LLC lifted its stake in Lam Research by 900.0% during the fourth quarter. Fairway Wealth LLC now owns 340 shares of the semiconductor company's stock worth $25,000 after purchasing an additional 306 shares during the last quarter. Financial Perspectives Inc raised its holdings in shares of Lam Research by 908.8% during the fourth quarter. Financial Perspectives Inc now owns 343 shares of the semiconductor company's stock worth $25,000 after purchasing an additional 309 shares during the period. West Paces Advisors Inc. bought a new position in shares of Lam Research in the 4th quarter worth about $27,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Lam Research in the 4th quarter valued at about $27,000. Finally, Midwest Capital Advisors LLC bought a new stake in shares of Lam Research in the 4th quarter worth approximately $27,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Lam Research Trading Down 2.3%

LRCX stock traded down $2.14 during mid-day trading on Friday, reaching $89.52. 10,977,636 shares of the stock traded hands, compared to its average volume of 12,281,031. Lam Research Co. has a 52-week low of $56.32 and a 52-week high of $113.00. The stock's fifty day moving average is $77.13 and its 200-day moving average is $76.97. The company has a market cap of $114.51 billion, a P/E ratio of 27.19, a P/E/G ratio of 1.47 and a beta of 1.65. The company has a current ratio of 2.54, a quick ratio of 1.73 and a debt-to-equity ratio of 0.51.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The semiconductor company reported $1.04 EPS for the quarter, beating the consensus estimate of $1.00 by $0.04. Lam Research had a net margin of 26.49% and a return on equity of 51.86%. The business had revenue of $4.72 billion during the quarter, compared to the consensus estimate of $4.64 billion. During the same quarter in the prior year, the firm earned $7.79 EPS. The firm's quarterly revenue was up 24.4% on a year-over-year basis. As a group, sell-side analysts expect that Lam Research Co. will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 18th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.03%. Lam Research's dividend payout ratio is 25.63%.

Wall Street Analyst Weigh In

LRCX has been the topic of a number of recent research reports. Jefferies Financial Group raised their target price on Lam Research from $95.00 to $100.00 and gave the company a "buy" rating in a research note on Friday, March 28th. Oppenheimer cut their price objective on shares of Lam Research from $95.00 to $80.00 and set an "outperform" rating on the stock in a research report on Friday, April 11th. TD Cowen decreased 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 report on Thursday, April 24th. Morgan Stanley lifted their price target on Lam Research from $81.00 to $82.00 and gave the company an "equal weight" rating in a report on Thursday, April 24th. Finally, Bank of America decreased their price objective on Lam Research from $110.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Seven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $90.87.

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.