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Bank of Nova Scotia Sells 2,712,597 Shares of Lam Research Corporation (NASDAQ:LRCX)

Lam Research logo with Computer and Technology background

Key Points

  • Bank of Nova Scotia significantly reduced its stake in Lam Research Corporation, selling 2.7 million shares and lowering its position by 80% in the first quarter.
  • Several institutional investors, including FMR LLC and Ameriprise Financial, greatly increased their holdings in Lam Research, with FMR LLC boosting its position by 1,032.6%.
  • Lam Research reported earnings of $1.33 per share for its latest quarter, surpassing expectations and showing a 33.6% year-over-year revenue increase.
  • MarketBeat previews top five stocks to own in September.

Bank of Nova Scotia decreased its holdings in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 80.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 677,652 shares of the semiconductor company's stock after selling 2,712,597 shares during the quarter. Bank of Nova Scotia owned approximately 0.05% of Lam Research worth $49,265,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Smallwood Wealth Investment Management LLC bought a new stake in Lam Research during the first quarter valued at $26,000. West Paces Advisors Inc. bought a new stake in Lam Research during the fourth quarter valued at $27,000. Mpwm Advisory Solutions LLC bought a new stake in Lam Research during the fourth quarter valued at $27,000. Park Square Financial Group LLC bought a new position in shares of Lam Research during the 4th quarter worth about $31,000. Finally, Putney Financial Group LLC bought a new position in shares of Lam Research during the 4th quarter worth about $36,000. Institutional investors own 84.61% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on LRCX. UBS Group increased their price objective on shares of Lam Research from $95.00 to $120.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. B. Riley reissued a "buy" rating and set a $115.00 price objective (up previously from $95.00) on shares of Lam Research in a research report on Wednesday, June 18th. Evercore ISI increased their price objective on shares of Lam Research from $95.00 to $99.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Oppenheimer increased their price objective on shares of Lam Research from $110.00 to $120.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, Bank of America cut their price objective on shares of Lam Research from $110.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Seven research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $107.09.

Get Our Latest Report on LRCX

Lam Research Stock Performance

Shares of Lam Research stock traded up $1.53 on Friday, reaching $96.37. 16,599,413 shares of the company traded hands, compared to its average volume of 10,785,127. Lam Research Corporation has a 52 week low of $56.32 and a 52 week high of $102.59. The company has a 50 day moving average of $93.96 and a 200 day moving average of $82.44. The firm has a market capitalization of $123.27 billion, a PE ratio of 23.17, a PEG ratio of 1.29 and a beta of 1.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.21 and a quick ratio of 1.55.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its earnings results 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. 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 the consensus estimate of $4.99 billion. During the same period in the prior year, the firm earned $1.03 EPS. The company's revenue was up 33.6% compared to the same quarter last year. Equities analysts forecast that Lam Research Corporation will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

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

Lam Research Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Lam Research (NASDAQ:LRCX)

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