Lam Research Corporation $LRCX Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Increases Holdings

Key Points

• Virginia Retirement Systems increased its Lam Research stake by 5.5% in the third quarter, bringing its holdings to 414,574 shares valued at approximately $136.2 million. Institutional investors and hedge funds collectively own 84.61% of LRCX.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating from 32 analysts and an average price target of $360.23. Recent targets ranged from $333 to $420.
• Lam Research exceeded quarterly earnings and revenue expectations, reporting $2.20 in EPS and $8.22 billion in revenue, while year-over-year revenue rose 54.4%. The company also raised its quarterly dividend to $0.33 per share.

VIRGINIA RETIREMENT SYSTEMS ET Al increased its position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 5.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 414,574 shares of the semiconductor company's stock after buying an additional 21,700 shares during the quarter. Lam Research comprises approximately 0.8% of VIRGINIA RETIREMENT SYSTEMS ET Al's portfolio, making the stock its 16th largest position. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Lam Research were worth $136,192,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in LRCX. Paladin Partners LLC purchased a new position in Lam Research in the second quarter worth approximately $26,000. William Mack & Associates Inc. purchased a new stake in Lam Research in the third quarter valued at $25,000. Dakota Community Bank & Trust NA purchased a new stake in Lam Research in the third quarter valued at $33,000. Quintet Private Bank Europe S.A. raised its position in Lam Research by 100.0% in the third quarter. Quintet Private Bank Europe S.A. now owns 100 shares of the semiconductor company's stock valued at $33,000 after purchasing an additional 50 shares during the period. Finally, Bravera Wealth acquired a new position in shares of Lam Research in the 2nd quarter valued at $46,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ava Harter sold 5,000 shares of the firm'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 transaction of $1,512,300.00. Following the completion of the transaction, the insider directly owned 42,462 shares of the company's stock, valued at approximately $12,843,056.52. The trade was a 10.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.31% of the company's stock.

Analyst Ratings Changes

LRCX has been the subject of a number of research analyst reports. Jefferies Financial Group set a $335.00 price target on Lam Research and gave the stock a "buy" rating in a report on Thursday, July 30th. Berenberg Bank set a $420.00 price objective on shares of Lam Research in a report on Wednesday, September 9th. Wall Street Zen raised shares of Lam Research from a "hold" rating to a "buy" rating in a research report on Saturday, October 24th. HSBC reaffirmed a "hold" rating and issued a $333.00 target price on shares of Lam Research in a research report on Monday, July 27th. Finally, B. Riley Financial increased their target price on shares of Lam Research from $350.00 to $390.00 and gave the stock a "buy" rating in a research note on Thursday, October 1st. Twenty-six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $360.23.

Lam Research Trading Down 6.0%

LRCX opened at $239.11 on Friday. Lam Research Corporation has a 52 week low of $135.50 and a 52 week 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 business has a fifty day simple moving average of $294.47 and a 200-day simple moving average of $283.78. The firm has a market cap 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 (NASDAQ:LRCX - Get Free Report) last posted its quarterly earnings data 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 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 in the previous year, the business earned $1.26 EPS. The company's quarterly revenue was up 54.4% compared to the same quarter last year. On average, equities analysts expect that Lam Research Corporation will post 9.59 earnings per share for the current year.

Lam Research Increases Dividend

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

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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