Envestnet Asset Management Inc. Acquires 246,995 Shares of Lam Research Corporation (NASDAQ:LRCX)

Envestnet Asset Management Inc. boosted its holdings in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,117,325 shares of the semiconductor company's stock after acquiring an additional 246,995 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.24% of Lam Research worth $226,630,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fairway Wealth LLC raised its position in Lam Research by 900.0% during the fourth quarter. Fairway Wealth LLC now owns 340 shares of the semiconductor company's stock valued at $25,000 after acquiring an additional 306 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new position in Lam Research during the first quarter valued at approximately $26,000. West Paces Advisors Inc. bought a new position in Lam Research during the fourth quarter valued at approximately $27,000. Mpwm Advisory Solutions LLC bought a new position in Lam Research during the fourth quarter valued at approximately $27,000. Finally, Avalon Trust Co raised its position in Lam Research by 791.3% during the fourth quarter. Avalon Trust Co now owns 410 shares of the semiconductor company's stock valued at $30,000 after acquiring an additional 364 shares in the last quarter. Institutional investors own 84.61% of the company's stock.

Lam Research Price Performance

Shares of NASDAQ LRCX traded up $1.25 during midday trading on Thursday, reaching $101.06. 6,568,595 shares of the company traded hands, compared to its average volume of 12,362,125. The firm has a market cap of $129.27 billion, a PE ratio of 28.17, a PEG ratio of 1.41 and a beta of 1.68. The stock's 50-day simple moving average is $87.37 and its 200-day simple moving average is $79.49. Lam Research Corporation has a 12 month low of $56.32 and a 12 month high of $113.00. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.64 and a current ratio of 2.45.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The semiconductor company reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.04. The company had revenue of $4.72 billion during the quarter, compared to analysts' expectations of $4.64 billion. Lam Research had a return on equity of 53.21% and a net margin of 27.18%. The business's revenue was up 24.4% on a year-over-year basis. During the same period last year, the business earned $7.79 earnings per share. As a group, equities analysts anticipate that Lam Research Corporation will post 3.71 earnings per share for the current fiscal year.

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 $0.23 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.91%. Lam Research's dividend payout ratio is 25.63%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on LRCX shares. Evercore ISI raised their price objective on shares of Lam Research from $95.00 to $99.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Cantor Fitzgerald reiterated an "overweight" rating and set a $115.00 price target (up previously from $90.00) on shares of Lam Research in a report on Tuesday, June 24th. Jefferies Financial Group increased their price target on Lam Research from $95.00 to $100.00 and gave the company a "buy" rating in a report on Friday, March 28th. Bank of America lowered their price objective on shares of Lam Research from $110.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, TD Securities lowered their price objective on shares of Lam Research from $110.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Seven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $97.48.

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.