International Assets Investment Management LLC purchased a new stake in Lam Research Corporation (NASDAQ:LRCX - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 10,780 shares of the semiconductor company's stock, valued at approximately $784,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of LRCX. Huntington National Bank raised its stake in 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 acquiring an additional 266,527 shares in the last quarter. Cerity Partners LLC raised its stake in Lam Research by 781.9% during the fourth 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. acquired a new position in Lam Research during the fourth quarter worth about $6,296,000. Pitcairn Co. acquired a new position in Lam Research during the fourth quarter worth about $1,013,000. Finally, First Citizens Bank & Trust Co. raised its stake in Lam Research by 47.8% during the first quarter. First Citizens Bank & Trust Co. now owns 121,902 shares of the semiconductor company's stock worth $8,862,000 after acquiring an additional 39,414 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.
Analyst Upgrades and Downgrades
Several research analysts have commented on LRCX shares. Barclays lowered their target price on Lam Research from $75.00 to $70.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 22nd. Bank of America lowered their target price on Lam Research from $110.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. TD Securities reduced their price target on Lam Research from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Cantor Fitzgerald restated an "overweight" rating and set a $115.00 price target (up from $90.00) on shares of Lam Research in a report on Tuesday, June 24th. Finally, Stifel Nicolaus reduced their price target on Lam Research from $100.00 to $92.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Seven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $93.97.
Check Out Our Latest Analysis on LRCX
Lam Research Stock Up 0.4%
Shares of LRCX traded up $0.36 during trading hours on Friday, reaching $97.20. The stock had a trading volume of 10,779,709 shares, compared to its average volume of 12,323,784. The company has a current ratio of 2.45, a quick ratio of 1.64 and a debt-to-equity ratio of 0.39. The firm has a 50-day simple moving average of $82.59 and a 200 day simple moving average of $78.24. Lam Research Corporation has a 12 month low of $56.32 and a 12 month high of $113.00. The company has a market capitalization of $124.33 billion, a price-to-earnings ratio of 27.09, a P/E/G ratio of 1.37 and a beta of 1.65.
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 the consensus estimate of $1.00 by $0.04. The company had revenue of $4.72 billion during the quarter, compared to analyst estimates of $4.64 billion. Lam Research had a return on equity of 53.21% and a net margin of 27.18%. Lam Research's quarterly revenue was up 24.4% on a year-over-year basis. During the same period in the prior year, the company posted $7.79 earnings per share. Equities research analysts predict that Lam Research Corporation will post 3.71 earnings per share for the current fiscal year.
Lam Research Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 18th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Wednesday, June 18th. Lam Research's payout ratio is 25.63%.
About Lam Research
(
Free Report)
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.
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