Kurv Investment Management LLC Acquires 7,408 Shares of Lam Research Corporation $LRCX

Key Points

• Kurv Investment Management acquired 7,408 Lam Research shares worth approximately $2.43 million, making LRCX about 1.2% of its portfolio. Institutional investors collectively own 84.61% of the stock.
• Lam Research exceeded quarterly expectations, reporting $2.20 earnings per share and $8.22 billion in revenue, with revenue up 54.4% year over year. The company also raised its quarterly dividend to $0.33 per share.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $360.23, although ratings range from “Buy” to “Hold.”

Kurv Investment Management LLC acquired a new position in Lam Research Corporation (NASDAQ:LRCX - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 7,408 shares of the semiconductor company's stock, valued at approximately $2,434,000. Lam Research accounts for approximately 1.2% of Kurv Investment Management LLC's investment portfolio, making the stock its 28th biggest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Greenup Street Wealth Management LLC lifted its stake in Lam Research by 504.2% in the third quarter. Greenup Street Wealth Management LLC now owns 11,479 shares of the semiconductor company's stock valued at $3,771,000 after buying an additional 9,579 shares in the last quarter. Whelan Financial boosted its holdings in shares of Lam Research by 7.9% in the third quarter. Whelan Financial now owns 3,103 shares of the semiconductor company's stock valued at $1,019,000 after buying an additional 226 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Lam Research by 486.1% in the third quarter. International Assets Investment Management LLC now owns 40,000 shares of the semiconductor company's stock valued at $13,140,000 after buying an additional 33,175 shares during the period. Payden & Rygel bought a new stake in shares of Lam Research during the third quarter worth $158,000. Finally, Lebenthal Global Advisors LLC increased its position in shares of Lam Research by 12.5% during the third quarter. Lebenthal Global Advisors LLC now owns 4,759 shares of the semiconductor company's stock worth $1,563,000 after acquiring an additional 530 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Lam Research Stock Performance

NASDAQ LRCX opened at $239.11 on Friday. The company has a quick ratio of 1.86, a current ratio of 2.48 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $298.69 billion, a P/E ratio of 35.63, a P/E/G ratio of 0.94 and a beta of 1.85. Lam Research Corporation has a 12-month low of $135.50 and a 12-month high of $438.50. The firm has a 50-day moving average price of $294.47 and a two-hundred day moving average price of $283.78.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its earnings results on Wednesday, October 21st. The semiconductor company reported $2.20 earnings per share for the quarter, beating analysts' consensus estimates of $2.18 by $0.02. Lam Research had a return on equity of 72.15% and a net margin of 32.34%. The firm had revenue of $8.22 billion for the quarter, compared to the consensus estimate of $8.14 billion. During the same quarter last year, the business posted $1.26 EPS. The company's revenue was up 54.4% compared to the same quarter last year. Analysts anticipate that Lam Research Corporation will post 9.59 earnings per share for the current year.

Lam Research Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 23rd were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, September 23rd. This is a boost from Lam Research's previous quarterly dividend of $0.26. Lam Research's dividend payout ratio (DPR) is presently 19.67%.

Analysts Set New Price Targets

LRCX has been the topic of a number of research reports. UBS Group restated a "buy" rating and issued a $400.00 price target (down from $425.00) on shares of Lam Research in a report on Thursday, October 22nd. Zacks Research cut Lam Research from a "strong-buy" rating to a "hold" rating in a research report on Thursday, October 22nd. Morgan Stanley set a $339.00 price objective on Lam Research and gave the stock an "overweight" rating in a report on Thursday, October 22nd. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $375.00 target price on shares of Lam Research in a research report on Monday, October 19th. Finally, Evercore set a $315.00 target price on Lam Research in a research note on Tuesday, October 20th. Twenty-six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $360.23.

Insider Activity

In other news, insider Ava Harter sold 5,000 shares of the stock in a transaction on Monday, August 31st. The shares were sold at an average price of $302.46, for a total transaction of $1,512,300.00. Following the completion of the sale, the insider directly owned 42,462 shares in the company, valued at $12,843,056.52. This represents a 10.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bethany Mayer sold 9,557 shares of the stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $314.74, for a total transaction of $3,007,970.18. Following the completion of the sale, the director owned 20,995 shares of the company's stock, valued at approximately $6,607,966.30. This represents a 31.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.31% of the stock is currently owned by insiders.

About Lam Research

Lam Research Corporation NASDAQ: LRCX is a semiconductor equipment company that develops and manufactures systems used to fabricate integrated circuits. Its technologies support key stages of wafer processing, helping semiconductor manufacturers create the increasingly complex structures found in memory, logic and other types of chips.

The company's product portfolio includes etch systems, which selectively remove materials from wafers; deposition systems, which apply thin films; and cleaning solutions used to remove contaminants and residue during manufacturing.

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