Gilliland Jeter Wealth Management LLC Takes $1.92 Million Position in Lam Research Corporation (NASDAQ:LRCX)

Gilliland Jeter Wealth Management LLC purchased a new position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 26,355 shares of the semiconductor company's stock, valued at approximately $1,916,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Huntington National Bank grew its position in shares of Lam Research by 944.0% during the fourth quarter. Huntington National Bank now owns 294,762 shares of the semiconductor company's stock worth $21,291,000 after buying an additional 266,527 shares in the last quarter. Cerity Partners LLC grew its holdings in Lam Research by 781.9% during the 4th quarter. Cerity Partners LLC now owns 331,170 shares of the semiconductor company's stock worth $23,920,000 after acquiring an additional 293,619 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Lam Research in the 4th quarter valued at approximately $6,296,000. Pitcairn Co. acquired a new stake in shares of Lam Research in the 4th quarter valued at $1,013,000. Finally, First Citizens Bank & Trust Co. lifted its position in shares of Lam Research by 47.8% during the 1st quarter. First Citizens Bank & Trust Co. now owns 121,902 shares of the semiconductor company's stock worth $8,862,000 after purchasing an additional 39,414 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on LRCX. TD Securities dropped their target price on Lam Research from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Morgan Stanley increased 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, July 1st. Jefferies Financial Group boosted their target price on Lam Research from $95.00 to $100.00 and gave the stock a "buy" rating in a research note on Friday, March 28th. Barclays lowered their price target on Lam Research from $75.00 to $70.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. Finally, B. Riley reissued a "buy" rating and set a $115.00 price objective (up previously from $95.00) on shares of Lam Research in a report on Wednesday, June 18th. Seven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $95.10.

Lam Research Stock Performance

LRCX stock traded down $0.67 during trading on Monday, hitting $98.14. The company had a trading volume of 7,238,322 shares, compared to its average volume of 12,353,324. The firm has a 50-day moving average price of $85.70 and a 200-day moving average price of $79.03. 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 has a market cap of $125.53 billion, a PE ratio of 27.35, a price-to-earnings-growth ratio of 1.39 and a beta of 1.68. Lam Research Corporation has a 1-year low of $56.32 and a 1-year high of $113.00.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its earnings results 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. Lam Research had a return on equity of 53.21% and a net margin of 27.18%. The business had revenue of $4.72 billion for the quarter, compared to analyst estimates of $4.64 billion. During the same quarter in the previous year, the company posted $7.79 earnings per share. The company's revenue for the quarter was up 24.4% compared to the same quarter last year. On average, analysts expect that Lam Research Corporation will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 18th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend is Wednesday, June 18th. Lam Research's payout ratio is 25.63%.

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.