Empirical Financial Services LLC d.b.a. Empirical Wealth Management Sells 50,262 Shares of Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Empirical Financial Services LLC significantly reduced its stake in Lam Research Corporation by 63.8%, selling 50,262 shares and leaving them with 28,561 shares worth approximately $2,076,000.
• Several hedge funds, including FMR LLC and Ameriprise Financial Inc., drastically increased their positions in Lam Research, with ownership now comprising over 84.61% of the stock held by institutional investors.
• Lam Research has recently received mixed analyst ratings, with price targets ranging from $70.00 to $125.00, and currently holds a consensus rating of "Moderate Buy".

Empirical Financial Services LLC d.b.a. Empirical Wealth Management trimmed its position in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 63.8% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 28,561 shares of the semiconductor company's stock after selling 50,262 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Lam Research were worth $2,076,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC boosted its position in shares of Lam Research by 1,032.6% in the 4th quarter. FMR LLC now owns 40,031,194 shares of the semiconductor company's stock worth $2,891,453,000 after purchasing an additional 36,496,689 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Lam Research by 950.5% in the 4th quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company's stock worth $2,495,128,000 after purchasing an additional 31,255,726 shares during the last quarter. Invesco Ltd. boosted its position in shares of Lam Research by 909.5% in the 4th quarter. Invesco Ltd. now owns 16,858,135 shares of the semiconductor company's stock worth $1,217,663,000 after purchasing an additional 15,188,173 shares during the last quarter. Northern Trust Corp boosted its position in shares of Lam Research by 1,067.0% in the 4th quarter. Northern Trust Corp now owns 15,869,244 shares of the semiconductor company's stock worth $1,146,235,000 after purchasing an additional 14,509,407 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Lam Research by 6,383.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,574,691 shares of the semiconductor company's stock worth $980,500,000 after purchasing an additional 13,365,317 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. KeyCorp raised their price target on Lam Research from $105.00 to $115.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. TD Cowen raised their price target on Lam Research from $100.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft set a $70.00 price objective on Lam Research and gave the stock a "hold" rating in a research note on Thursday, April 24th. Wells Fargo & Company set a $98.00 price objective on Lam Research and gave the stock an "equal weight" rating in a research note on Thursday. Finally, Bank of America dropped their price objective on Lam Research from $110.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Eight research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.09.

Lam Research Stock Up 1.6%

Shares of LRCX traded up $1.53 during midday trading on Friday, hitting $96.37. The stock had a trading volume of 16,599,413 shares, compared to its average volume of 9,955,076. The firm has a market cap of $123.27 billion, a price-to-earnings ratio of 23.17, a price-to-earnings-growth ratio of 1.33 and a beta of 1.65. The company has a 50 day simple moving average of $93.96 and a two-hundred day simple moving average of $82.38. 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 twelve month low of $56.32 and a twelve month high of $102.59.

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 for the quarter, beating the consensus estimate of $1.21 by $0.12. The company had revenue of $5.17 billion during the quarter, compared to analysts' expectations of $4.99 billion. Lam Research had a return on equity of 58.17% and a net margin of 29.07%. Lam Research's revenue for the quarter was up 33.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.03 EPS. On average, analysts anticipate that Lam Research Corporation will post 3.71 EPS for the current year.

Lam Research Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders 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 dividend yield of 1.0%. Lam Research's dividend payout ratio (DPR) is presently 25.63%.

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.