First American Trust FSB Raises Stake in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• First American Trust FSB increased its stake in Lam Research Corporation by 42.0%, owning 43,647 shares valued at approximately $3.17 million.
• Lam Research reported a 33.6% revenue increase year-over-year with earnings per share of $1.33, exceeding analysts' estimates.
• Several Wall Street analysts have raised their target prices for Lam Research, with a consensus rating of "Moderate Buy" and an average price target of $107.09.

First American Trust FSB increased its holdings in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 42.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,647 shares of the semiconductor company's stock after purchasing an additional 12,905 shares during the quarter. First American Trust FSB's holdings in Lam Research were worth $3,173,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC grew its holdings in Lam Research by 1,032.4% in the fourth quarter. Brighton Jones LLC now owns 14,189 shares of the semiconductor company's stock worth $1,025,000 after purchasing an additional 12,936 shares during the period. Renaissance Technologies LLC grew its stake in Lam Research by 198.6% during the fourth quarter. Renaissance Technologies LLC now owns 88,260 shares of the semiconductor company's stock valued at $6,375,000 after acquiring an additional 58,703 shares in the last quarter. Bessemer Group Inc. lifted its position in Lam Research by 18.4% during the fourth quarter. Bessemer Group Inc. now owns 86,609 shares of the semiconductor company's stock valued at $6,256,000 after purchasing an additional 13,452 shares during the last quarter. Scotia Capital Inc. lifted its holdings in shares of Lam Research by 899.4% in the 4th quarter. Scotia Capital Inc. now owns 29,651 shares of the semiconductor company's stock worth $2,142,000 after acquiring an additional 26,684 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in shares of Lam Research by 1,367.4% in the 4th quarter. LSV Asset Management now owns 27,880 shares of the semiconductor company's stock worth $2,014,000 after acquiring an additional 25,980 shares during the last quarter. 84.61% of the stock is owned by institutional investors.

Lam Research Stock Up 3.2%

Lam Research stock traded up $3.28 during mid-day trading on Tuesday, hitting $105.28. The company had a trading volume of 11,882,866 shares, compared to its average volume of 11,956,497. The stock has a market cap of $134.67 billion, a price-to-earnings ratio of 25.31, a PEG ratio of 1.32 and a beta of 1.65. Lam Research Corporation has a 1 year low of $56.32 and a 1 year high of $105.64. The company has a quick ratio of 1.55, a current ratio of 2.21 and a debt-to-equity ratio of 0.38. The business has a fifty day moving average of $95.92 and a 200 day moving average of $83.19.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The semiconductor company reported $1.33 earnings per share for the quarter, beating analysts' consensus estimates of $1.21 by $0.12. The firm had revenue of $5.17 billion for the quarter, compared to analyst estimates of $4.99 billion. Lam Research had a net margin of 29.07% and a return on equity of 58.17%. Lam Research's quarterly revenue was up 33.6% on a year-over-year basis. During the same period last year, the firm posted $1.03 EPS. On average, sell-side analysts expect that Lam Research Corporation will post 3.71 earnings per share for the current fiscal year.

Lam Research Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th were issued a $0.23 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $0.92 annualized dividend and a yield of 0.9%. Lam Research's payout ratio is 22.12%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LRCX. Raymond James Financial raised their target price on shares of Lam Research from $90.00 to $110.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Bank of America decreased their target price on shares of Lam Research from $110.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft set a $70.00 target price on shares of Lam Research and gave the stock a "hold" rating in a report on Thursday, April 24th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $115.00 target price (up previously from $90.00) on shares of Lam Research in a report on Tuesday, June 24th. Finally, TD Cowen upped their price objective on shares of Lam Research from $100.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Seven analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. Based on data from MarketBeat.com, Lam Research presently has a consensus rating of "Moderate Buy" and an average price target of $107.09.

Lam Research Profile

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.