Kovitz Investment Group Partners LLC Boosts Holdings in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Kovitz Investment Group Partners LLC increased its stake in Lam Research Corporation by 70.1% in Q1, owning over 2.37 million shares valued at approximately $172.9 million.
• Lam Research has received mixed analyst ratings, with 20 analysts recommending a "buy" and a current average price target of $107.09.
• The company recently reported a quarterly earnings beat with an EPS of $1.33 and plans to distribute a quarterly dividend with an annual yield of 0.9%.

Kovitz Investment Group Partners LLC boosted its holdings in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 70.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,378,223 shares of the semiconductor company's stock after buying an additional 979,708 shares during the quarter. Lam Research makes up approximately 0.9% of Kovitz Investment Group Partners LLC's investment portfolio, making the stock its 27th biggest holding. Kovitz Investment Group Partners LLC owned about 0.19% of Lam Research worth $172,897,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Pinnacle Financial Partners Inc purchased a new position in Lam Research in the first quarter worth $201,000. B. Riley Wealth Advisors Inc. purchased a new position in Lam Research in the fourth quarter worth $6,296,000. China Universal Asset Management Co. Ltd. grew its holdings in Lam Research by 27.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 49,505 shares of the semiconductor company's stock worth $3,607,000 after purchasing an additional 10,565 shares during the last quarter. First Citizens Bank & Trust Co. grew its holdings in Lam Research by 47.8% in the first 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. Finally, Global X Japan Co. Ltd. purchased a new position in Lam Research in the first quarter worth $3,152,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Lam Research Price Performance

LRCX stock traded up $0.64 during mid-day trading on Thursday, reaching $107.38. The company's stock had a trading volume of 10,710,878 shares, compared to its average volume of 11,344,454. The stock has a market cap of $135.90 billion, a PE ratio of 25.81, a P/E/G ratio of 1.38 and a beta of 1.65. The company has a current ratio of 2.21, a quick ratio of 1.55 and a debt-to-equity ratio of 0.38. Lam Research Corporation has a fifty-two week low of $56.32 and a fifty-two week high of $108.02. The company's 50 day moving average is $97.24 and its two-hundred day moving average is $83.73.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The semiconductor company reported $1.33 EPS for the quarter, beating analysts' consensus estimates of $1.21 by $0.12. The company had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $4.99 billion. Lam Research had a net margin of 29.07% and a return on equity of 58.17%. Lam Research's quarterly revenue was up 33.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 EPS. Equities research analysts expect that Lam Research Corporation will post 3.71 EPS for the current year.

Lam Research Dividend Announcement

The company 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 22.12%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Needham & Company LLC lifted their price target on shares of Lam Research from $110.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Summit Insights lowered shares of Lam Research from a "buy" rating to a "hold" rating in a report on Thursday, July 31st. Wells Fargo & Company set a $98.00 price objective on shares of Lam Research and gave the company an "equal weight" rating in a report on Thursday, July 31st. Cantor Fitzgerald reissued an "overweight" rating and set a $115.00 price objective (up from $90.00) on shares of Lam Research in a report on Tuesday, June 24th. Finally, TD Securities dropped their price objective on shares of Lam Research from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the company presently 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.