Jennison Associates LLC Cuts Stock Holdings in Lam Research Corporation (NASDAQ:LRCX)

Jennison Associates LLC trimmed its position in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 3.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 844,771 shares of the semiconductor company's stock after selling 31,396 shares during the period. Jennison Associates LLC owned 0.07% of Lam Research worth $61,415,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Commerzbank Aktiengesellschaft FI boosted its position in shares of Lam Research by 16.2% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 12,035 shares of the semiconductor company's stock worth $875,000 after purchasing an additional 1,678 shares in the last quarter. Forum Financial Management LP lifted its position in Lam Research by 9.4% in the 1st quarter. Forum Financial Management LP now owns 5,928 shares of the semiconductor company's stock valued at $431,000 after acquiring an additional 511 shares in the last quarter. Montrusco Bolton Investments Inc. bought a new position in Lam Research in the 1st quarter valued at about $122,357,000. Graypoint LLC lifted its position in Lam Research by 10.4% in the 1st quarter. Graypoint LLC now owns 10,851 shares of the semiconductor company's stock valued at $789,000 after acquiring an additional 1,022 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC lifted its position in shares of Lam Research by 5.6% during the 1st quarter. Legacy Capital Wealth Partners LLC now owns 6,513 shares of the semiconductor company's stock worth $473,000 after buying an additional 346 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

LRCX has been the subject of a number of recent analyst reports. UBS Group boosted their price target on shares of Lam Research from $95.00 to $120.00 and gave the company a "buy" rating in a research report on Monday. TD Securities reduced their price target 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. Needham & Company LLC reduced their price target on shares of Lam Research from $96.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Evercore ISI boosted their price target 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. Finally, TD Cowen dropped their price objective on shares of Lam Research from $110.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Seven equities 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's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $100.57.

Lam Research Stock Down 4.0%

LRCX traded down $4.05 during midday trading on Tuesday, reaching $97.69. The company's stock had a trading volume of 14,150,832 shares, compared to its average volume of 12,285,382. The firm has a market capitalization of $124.96 billion, a price-to-earnings ratio of 27.23, a PEG ratio of 1.44 and a beta of 1.68. The company has a current ratio of 2.45, a quick ratio of 1.64 and a debt-to-equity ratio of 0.39. Lam Research Corporation has a 1 year low of $56.32 and a 1 year high of $102.59. The stock's 50-day moving average is $91.10 and its 200-day moving average is $80.94.

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

Lam Research Announces Dividend

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

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.