Lam Research Corporation $LRCX Position Lifted by Summit Global Investments

Key Points

• Summit Global Investments increased its Lam Research stake by 388.4% in the third quarter, holding 7,775 shares valued at approximately $2.55 million. Institutional investors collectively own 84.61% of the company.
• Lam Research exceeded quarterly expectations, reporting $2.20 in EPS versus the $2.18 consensus and $8.22 billion in revenue, up 54.4% year over year.
• The company raised its quarterly dividend from $0.26 to $0.33 per share, while analysts maintained a “Moderate Buy” consensus rating with an average price target of $360.23.

Summit Global Investments raised its stake in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 388.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,775 shares of the semiconductor company's stock after purchasing an additional 6,183 shares during the quarter. Summit Global Investments' holdings in Lam Research were worth $2,554,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Polaris Financial Partners purchased a new position in shares of Lam Research in the 3rd quarter worth about $4,814,000. Bank of America Corp DE raised its holdings in shares of Lam Research by 5.5% during the 2nd quarter. Bank of America Corp DE now owns 11,244,147 shares of the semiconductor company's stock valued at $4,872,426,000 after buying an additional 584,489 shares in the last quarter. Rokos Capital Management LLP raised its holdings in shares of Lam Research by 42.0% during the 1st quarter. Rokos Capital Management LLP now owns 259,921 shares of the semiconductor company's stock valued at $55,532,000 after buying an additional 76,840 shares in the last quarter. Aware Super Pty Ltd as trustee of Aware Super purchased a new position in shares of Lam Research during the 1st quarter valued at about $59,973,000. Finally, Meeder Asset Management Inc. lifted its position in Lam Research by 50.7% in the 1st quarter. Meeder Asset Management Inc. now owns 37,383 shares of the semiconductor company's stock worth $7,987,000 after buying an additional 12,574 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Lam Research Price Performance

Shares of Lam Research stock opened at $239.11 on Friday. The firm has a market cap of $298.69 billion, a PE ratio of 35.63, a price-to-earnings-growth ratio of 0.89 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 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's fifty day simple moving average is $294.47 and its two-hundred day simple moving average is $283.78.

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

Lam Research Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 14th. Investors of record on Wednesday, September 23rd were issued a dividend of $0.33 per share. The ex-dividend date was Wednesday, September 23rd. This represents a $1.32 dividend on an annualized basis and a yield of 0.6%. 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%.

Wall Street Analyst Weigh In

Several analysts have issued reports on LRCX shares. Fundamental Research set a $390.00 target price on Lam Research in a research note on Thursday, October 1st. Jefferies Financial Group set a $335.00 price target on shares of Lam Research and gave the company a "buy" rating in a research report on Thursday, July 30th. Berenberg Bank set a $420.00 price target on shares of Lam Research in a research note on Wednesday, September 9th. Wells Fargo & Company restated an "overweight" rating and issued a $350.00 price objective (down from $450.00) on shares of Lam Research in a report on Thursday, July 30th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $375.00 price objective on shares of Lam Research in a report on Monday, October 19th. Twenty-six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $360.23.

Insider Transactions at Lam Research

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

Lam Research Profile

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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