Lam Research Corporation $LRCX Stock: Bank Julius Baer & Co. Ltd Zurich Reduces Holdings

Key Points

• Bank Julius Baer reduced its Lam Research stake by 23.5% in the third quarter, selling 507,816 shares and retaining 1.65 million shares valued at approximately $540.7 million. Institutional investors collectively own 84.61% of LRCX.
• Analyst sentiment remains positive, with 26 Buy ratings and six Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $360.23. Recent targets range from $339 to $400, though Zacks downgraded the stock to Hold.
• Lam Research reported quarterly EPS of $2.20 and revenue of $8.22 billion, exceeding estimates, while revenue rose 54.4% year over year. The company also increased its quarterly dividend to $0.33 per share, equivalent to a 0.6% annual yield.

Bank Julius Baer & Co. Ltd Zurich reduced its stake in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 23.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,650,876 shares of the semiconductor company's stock after selling 507,816 shares during the period. Lam Research makes up approximately 1.4% of Bank Julius Baer & Co. Ltd Zurich's holdings, making the stock its 15th biggest holding. Bank Julius Baer & Co. Ltd Zurich owned 0.13% of Lam Research worth $540,734,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of LRCX. Polaris Financial Partners bought a new position in shares of Lam Research during the 3rd quarter worth approximately $4,814,000. Bank of America Corp DE raised its holdings in shares of Lam Research by 5.5% in the second 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 purchasing an additional 584,489 shares during the last quarter. Rokos Capital Management LLP raised its holdings in shares of Lam Research by 42.0% in the first quarter. Rokos Capital Management LLP now owns 259,921 shares of the semiconductor company's stock valued at $55,532,000 after purchasing an additional 76,840 shares during the last quarter. Aware Super Pty Ltd as trustee of Aware Super bought a new stake in shares of Lam Research in the first quarter worth $59,973,000. Finally, Meeder Asset Management Inc. lifted its position in shares of Lam Research by 50.7% in the first quarter. Meeder Asset Management Inc. now owns 37,383 shares of the semiconductor company's stock worth $7,987,000 after purchasing an additional 12,574 shares in the last quarter. Institutional investors own 84.61% of the company's stock.

Wall Street Analyst Weigh In

LRCX has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $375.00 target price on shares of Lam Research in a research report on Monday, October 19th. TD Cowen reiterated a "buy" rating and issued a $400.00 price target (up from $340.00) on shares of Lam Research in a research note on Thursday, July 9th. UBS Group reissued a "buy" rating and set a $400.00 price target (down from $425.00) on shares of Lam Research in a research report on Thursday, October 22nd. Zacks Research downgraded shares of Lam Research from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 22nd. Finally, Morgan Stanley set a $339.00 price objective on shares of Lam Research and gave the stock an "overweight" rating in a research note on Thursday, October 22nd. Twenty-six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, Lam Research currently has a consensus rating of "Moderate Buy" and an average target price of $360.23.

Insider Activity at Lam Research

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

Lam Research Price Performance

Shares of LRCX opened at $239.11 on Monday. The firm has a market capitalization of $298.69 billion, a PE ratio of 35.63, a PEG ratio of 0.89 and a beta of 1.97. The company's 50-day moving average is $294.47 and its 200-day moving average is $283.78. Lam Research Corporation has a fifty-two week low of $135.50 and a fifty-two week high of $438.50. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.48 and a quick ratio of 1.86.

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

Lam Research Increases Dividend

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

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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