Baker Avenue Asset Management LP Increases Stock Position in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Baker Avenue Asset Management LP increased its stake in Lam Research Corporation by 2.3%, acquiring a total of 209,306 shares valued at approximately $15.2 million.
• Various analysts have recently endorsed Lam Research with a consensus rating of "Moderate Buy" and a target price averaging around $106.05, with TD Cowen setting a high target of $125.00.
• Lam Research reported significant growth in its quarterly earnings, surpassing estimates with an EPS of $1.33 and revenue of $5.17 billion, which reflects a 33.6% increase compared to the same quarter last year.

Baker Avenue Asset Management LP grew its position in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 2.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 209,306 shares of the semiconductor company's stock after buying an additional 4,687 shares during the period. Baker Avenue Asset Management LP's holdings in Lam Research were worth $15,217,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Moors & Cabot Inc. lifted its stake in Lam Research by 6.2% during the 1st quarter. Moors & Cabot Inc. now owns 28,342 shares of the semiconductor company's stock valued at $2,060,000 after acquiring an additional 1,659 shares during the period. US Bancorp DE lifted its stake in Lam Research by 0.4% during the 1st quarter. US Bancorp DE now owns 437,832 shares of the semiconductor company's stock valued at $31,830,000 after acquiring an additional 1,803 shares during the period. Nicolet Advisory Services LLC lifted its stake in shares of Lam Research by 32.6% in the 1st quarter. Nicolet Advisory Services LLC now owns 5,947 shares of the semiconductor company's stock valued at $395,000 after purchasing an additional 1,462 shares during the period. Harbour Investments Inc. boosted its holdings in Lam Research by 6.4% during the first quarter. Harbour Investments Inc. now owns 3,038 shares of the semiconductor company's stock worth $221,000 after buying an additional 182 shares in the last quarter. Finally, Brentview Investment Management LLC boosted its holdings in Lam Research by 4.4% during the first quarter. Brentview Investment Management LLC now owns 49,302 shares of the semiconductor company's stock worth $3,584,000 after buying an additional 2,067 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Lam Research Trading Up 1.6%

Shares of LRCX traded up $1.53 during mid-day trading on Friday, reaching $96.37. The stock had a trading volume of 16,599,413 shares, compared to its average volume of 9,955,076. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.21 and a quick ratio of 1.64. Lam Research Corporation has a 52-week low of $56.32 and a 52-week high of $102.59. The business's fifty day moving average is $93.96 and its 200 day moving average is $82.38. The firm has a market cap of $123.27 billion, a price-to-earnings ratio of 23.28, a P/E/G ratio of 1.36 and a beta of 1.65.

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

Lam Research Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th were issued a $0.23 dividend. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.0%. Lam Research's dividend payout ratio is currently 22.12%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. KeyCorp increased their price target on shares of Lam Research from $105.00 to $115.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. TD Securities lowered their price target on shares of Lam Research from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Barclays set a $83.00 price target on shares of Lam Research and gave the stock an "equal weight" rating in a report on Monday, July 28th. Argus increased their price target on shares of Lam Research from $105.00 to $120.00 and gave the stock a "buy" rating in a report on Friday. Finally, Bank of America lowered their price target on shares of Lam Research from $110.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Seven research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat, Lam Research presently has an average rating of "Moderate Buy" and a consensus 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.