Lam Research Corporation $LRCX Stock: Greenup Street Wealth Management LLC Raises Stake

Key Points

• Greenup Street Wealth Management increased its Lam Research stake by 504.2% in the third quarter, acquiring 9,579 additional shares and bringing its holdings to 11,479 shares valued at approximately $3.77 million.
• Institutional investors own 84.61% of LRCX, while analysts maintain a “Moderate Buy” consensus with an average price target of $360.23; ratings include 26 Buys and six Holds.
• Lam Research exceeded quarterly expectations with $2.20 EPS and $8.22 billion in revenue, up 54.4% year over year, and increased its quarterly dividend to $0.33 per share.

Greenup Street Wealth Management LLC raised its holdings in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 504.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,479 shares of the semiconductor company's stock after buying an additional 9,579 shares during the quarter. Greenup Street Wealth Management LLC's holdings in Lam Research were worth $3,771,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. William Mack & Associates Inc. acquired a new stake in shares of Lam Research during the 3rd quarter worth approximately $25,000. Cedar Mountain Advisors LLC lifted its position in shares of Lam Research by 242.9% during the 1st quarter. Cedar Mountain Advisors LLC now owns 120 shares of the semiconductor company's stock valued at $26,000 after acquiring an additional 85 shares during the period. Paladin Partners LLC acquired a new position in shares of Lam Research during the 2nd quarter valued at $26,000. Quintet Private Bank Europe S.A. lifted its position in shares of Lam Research by 100.0% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 100 shares of the semiconductor company's stock valued at $33,000 after acquiring an additional 50 shares during the period. Finally, Dakota Community Bank & Trust NA bought a new position in Lam Research during the third quarter worth $33,000. 84.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on LRCX. Fundamental Research set a $390.00 target price on shares of Lam Research in a research note on Thursday, October 1st. Wells Fargo & Company reiterated an "overweight" rating and set a $350.00 price objective (down from $450.00) on shares of Lam Research in a report on Thursday, July 30th. Needham & Company LLC dropped their price objective on shares of Lam Research from $390.00 to $290.00 and set a "buy" rating on the stock in a report on Thursday, October 22nd. Zacks Research cut shares of Lam Research from a "strong-buy" rating to a "hold" rating in a research report on Thursday, October 22nd. Finally, HSBC restated a "hold" rating and issued a $333.00 target price on shares of Lam Research in a research note on Monday, July 27th. Twenty-six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $360.23.

Lam Research Price Performance

Shares of NASDAQ:LRCX opened at $239.11 on Friday. Lam Research Corporation has a twelve month low of $135.50 and a twelve month high of $438.50. The stock's 50 day moving average is $294.47 and its 200-day moving average is $283.78. 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 firm has a market capitalization of $298.69 billion, a price-to-earnings ratio of 35.63, a PEG ratio of 0.94 and a beta of 1.85.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The semiconductor company reported $2.20 earnings per share (EPS) for the quarter, beating 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 last year, the firm posted $1.26 EPS. Lam Research's revenue was up 54.4% compared to the same quarter last year. Sell-side analysts forecast that Lam Research Corporation will post 9.59 EPS for the current fiscal year.

Lam Research Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 23rd were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.6%. This is a positive change from Lam Research's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Wednesday, September 23rd. Lam Research's payout ratio is 19.67%.

Insiders Place Their Bets

In other news, insider Ava Harter sold 5,000 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $12,843,056.52. The trade was a 10.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bethany Mayer sold 9,557 shares of the business's stock in a transaction dated 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 sale, the director directly owned 20,995 shares of the company's stock, valued at approximately $6,607,966.30. The trade was a 31.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.31% of the stock is currently owned by company 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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