Lam Research Corporation (NASDAQ:LRCX) Shares Sold by Harbor Island Capital LLC

Key Points

• Harbor Island Capital LLC reduced its stake in Lam Research Corporation by 1.6%, now holding 355,120 shares, which constitutes 12.8% of its portfolio.
• Institutional investors own 84.61% of Lam Research, with several firms substantially increasing their holdings in the last quarter, including Ameriprise Financial which raised its stake by 950.5%.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for Lam Research, with an average price target of $107.09 following positive earnings results that showed a 33.6% year-over-year revenue increase.

Harbor Island Capital LLC reduced its position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 1.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 355,120 shares of the semiconductor company's stock after selling 5,780 shares during the quarter. Lam Research comprises 12.8% of Harbor Island Capital LLC's portfolio, making the stock its largest holding. Harbor Island Capital LLC's holdings in Lam Research were worth $25,817,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Ameriprise Financial Inc. increased its holdings in shares of Lam Research by 950.5% in the fourth quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company's stock valued at $2,495,128,000 after buying an additional 31,255,726 shares in the last quarter. Invesco Ltd. grew its holdings 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 acquiring an additional 15,188,173 shares during the last quarter. Northern Trust Corp raised its position in shares of Lam Research by 1,067.0% during the fourth 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Lam Research by 6,383.5% during the fourth 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 period. Finally, Janus Henderson Group PLC purchased a new stake in shares of Lam Research during the fourth quarter valued at $792,161,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on LRCX shares. Needham & Company LLC raised their target price on shares of Lam Research from $110.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. KeyCorp raised their price objective on shares of Lam Research from $105.00 to $115.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Citigroup lifted their price objective on shares of Lam Research from $108.00 to $113.00 and gave the stock a "buy" rating in a research report on Friday. Summit Insights lowered Lam Research from a "buy" rating to a "hold" rating in a report on Thursday, July 31st. Finally, Wells Fargo & Company set a $98.00 price target on Lam Research and gave the company an "equal weight" rating in a report on Thursday. Seven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $107.09.

Lam Research Trading Up 2.1%

Shares of LRCX stock opened at $98.41 on Tuesday. Lam Research Corporation has a 12 month low of $56.32 and a 12 month high of $102.59. The company has a market cap of $125.88 billion, a PE ratio of 23.66, a price-to-earnings-growth ratio of 1.29 and a beta of 1.65. 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's 50 day moving average is $94.31 and its two-hundred day moving average is $82.57.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its earnings results 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. The business 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 revenue was up 33.6% compared to the same quarter last year. During the same period last year, the business posted $1.03 EPS. Equities analysts predict that Lam Research Corporation will post 3.71 EPS for the current year.

Lam Research Announces Dividend

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

Lam Research Company 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.

Want to see what other hedge funds are holding LRCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lam Research Corporation (NASDAQ:LRCX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.