Lam Research Corporation (NASDAQ:LRCX) Shares Sold by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp reduced its holdings in Lam Research Corporation (NASDAQ:LRCX) by 7.1%, ending the first quarter with 96,653 shares valued at approximately $7.03 million.
• A number of hedge funds significantly increased their positions in Lam Research, with Ameriprise Financial Inc. growing its holdings by 950.5% to own over 34 million shares, emphasizing the growing interest in this semiconductor stock.
• Lam Research reported higher than expected earnings with a quarterly EPS of $1.33, exceeding estimates, and a revenue increase of 33.6% year-over-year, indicating strong business performance.

King Luther Capital Management Corp decreased its holdings in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 96,653 shares of the semiconductor company's stock after selling 7,417 shares during the quarter. King Luther Capital Management Corp's holdings in Lam Research were worth $7,027,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ameriprise Financial Inc. raised its position in shares of Lam Research by 950.5% during the 4th quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company's stock worth $2,495,128,000 after buying an additional 31,255,726 shares in the last quarter. Northern Trust Corp raised its position in Lam Research by 1,067.0% in the fourth quarter. Northern Trust Corp now owns 15,869,244 shares of the semiconductor company's stock worth $1,146,235,000 after acquiring an additional 14,509,407 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Lam Research by 6,383.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,574,691 shares of the semiconductor company's stock valued at $980,500,000 after acquiring an additional 13,365,317 shares during the last quarter. Janus Henderson Group PLC acquired a new position in shares of Lam Research in the 4th quarter worth approximately $792,161,000. Finally, Vanguard Group Inc. raised its holdings in shares of Lam Research by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 129,152,102 shares of the semiconductor company's stock worth $9,389,358,000 after purchasing an additional 8,364,375 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Lam Research Stock Performance

NASDAQ:LRCX traded up $0.08 during midday trading on Thursday, reaching $106.82. The stock had a trading volume of 5,229,891 shares, compared to its average volume of 11,912,712. The stock has a market cap of $135.19 billion, a P/E ratio of 25.69, a P/E/G ratio of 1.36 and a beta of 1.65. The company has a quick ratio of 1.55, a current ratio of 2.21 and a debt-to-equity ratio of 0.38. Lam Research Corporation has a 12-month low of $56.32 and a 12-month high of $107.84. The firm has a fifty day simple moving average of $96.79 and a two-hundred day simple moving average of $83.51.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The semiconductor company reported $1.33 earnings per share for the quarter, beating analysts' consensus estimates of $1.21 by $0.12. The business had revenue of $5.17 billion during the quarter, compared to analysts' expectations of $4.99 billion. Lam Research had a return on equity of 58.17% and a net margin of 29.07%. The business's revenue for the quarter was up 33.6% on a year-over-year basis. During the same quarter last year, the business posted $1.03 earnings per share. On average, equities analysts expect that Lam Research Corporation will post 3.71 EPS for the current year.

Lam Research Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 18th were paid 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 0.9%. Lam Research's dividend payout ratio is presently 22.12%.

Analyst Ratings Changes

Several equities research analysts have recently commented on LRCX shares. UBS Group upped their target price on Lam Research from $95.00 to $120.00 and gave the company a "buy" rating in a report on Monday, July 21st. Bank of America decreased their target price on shares of Lam Research from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Barclays set a $83.00 target price on shares of Lam Research and gave the stock an "equal weight" rating in a research report on Monday, July 28th. Oppenheimer raised their target price on shares of Lam Research from $110.00 to $120.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $115.00 price objective (up from $90.00) on shares of Lam Research in a research note on Tuesday, June 24th. Seven investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $107.09.

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.