Bank of New York Mellon Corp Sells 671,991 Shares of Lam Research Corporation (NASDAQ:LRCX)

Bank of New York Mellon Corp decreased its position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 5.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,114,817 shares of the semiconductor company's stock after selling 671,991 shares during the period. Bank of New York Mellon Corp owned 0.87% of Lam Research worth $808,047,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Citizens National Bank Trust Department increased its holdings in shares of Lam Research by 34.0% during the 1st quarter. Citizens National Bank Trust Department now owns 603 shares of the semiconductor company's stock worth $44,000 after purchasing an additional 153 shares during the period. Transcend Capital Advisors LLC grew its position in Lam Research by 2.3% during the first quarter. Transcend Capital Advisors LLC now owns 8,065 shares of the semiconductor company's stock worth $586,000 after buying an additional 182 shares in the last quarter. BankPlus Wealth Management LLC increased its stake in Lam Research by 4.3% during the first quarter. BankPlus Wealth Management LLC now owns 5,143 shares of the semiconductor company's stock valued at $374,000 after acquiring an additional 214 shares during the period. Field & Main Bank raised its holdings in Lam Research by 9.0% in the 1st quarter. Field & Main Bank now owns 2,595 shares of the semiconductor company's stock valued at $189,000 after acquiring an additional 215 shares in the last quarter. Finally, Investment Partners Asset Management Inc. lifted its position in shares of Lam Research by 5.4% in the 1st quarter. Investment Partners Asset Management Inc. now owns 4,373 shares of the semiconductor company's stock worth $318,000 after acquiring an additional 226 shares during the period. 84.61% of the stock is currently owned by institutional investors.

Lam Research Trading Down 0.2%

NASDAQ:LRCX traded down $0.17 during mid-day trading on Friday, hitting $98.66. The company had a trading volume of 5,028,931 shares, compared to its average volume of 12,373,875. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.64 and a current ratio of 2.45. Lam Research Corporation has a fifty-two week low of $56.32 and a fifty-two week high of $113.00. The firm has a market cap of $126.20 billion, a P/E ratio of 27.50, a P/E/G ratio of 1.39 and a beta of 1.68. The business's fifty day moving average is $85.70 and its two-hundred day moving average is $78.97.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The semiconductor company reported $1.04 EPS for the quarter, beating the consensus estimate of $1.00 by $0.04. Lam Research had a net margin of 27.18% and a return on equity of 53.21%. The firm had revenue of $4.72 billion during the quarter, compared to the consensus estimate of $4.64 billion. During the same quarter in the prior year, the firm earned $7.79 earnings per share. The business's quarterly revenue was up 24.4% on a year-over-year basis. As a group, research analysts expect that Lam Research Corporation will post 3.71 earnings per share for the current year.

Lam Research Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th will be paid a $0.23 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $0.92 annualized dividend and a yield of 0.93%. Lam Research's payout ratio is currently 25.63%.

Analysts Set New Price Targets

A number of research firms have recently commented on LRCX. Bank of America reduced their price objective on shares of Lam Research from $110.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft set a $70.00 price target on shares of Lam Research and gave the stock a "hold" rating in a research note on Thursday, April 24th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $115.00 price objective (up from $90.00) on shares of Lam Research in a research note on Tuesday, June 24th. Jefferies Financial Group raised their target price on Lam Research from $95.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday, March 28th. Finally, Morgan Stanley boosted their price target on Lam Research from $82.00 to $87.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Seven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $94.20.

About Lam Research

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.