Westfield Capital Management Co. LP Decreases Stock Position in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Westfield Capital Management Co. LP reduced its stake in Lam Research Corporation by 41.4%, selling 520,350 shares, leaving them with approximately 736,520 shares valued at $53.55 million at the end of the most recent quarter.
• Lam Research reported a quarterly earnings increase of 33.6% compared to the previous year with a net income of $1.33 earnings per share against an expectation of $1.21.
• The stock currently has a consensus rating of "Moderate Buy" from analysts, with a target price averaging $107.09, and 84.61% of the company's stock is owned by institutional investors and hedge funds.

Westfield Capital Management Co. LP lessened its position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 41.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 736,520 shares of the semiconductor company's stock after selling 520,350 shares during the quarter. Westfield Capital Management Co. LP owned 0.06% of Lam Research worth $53,545,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of LRCX. Smallwood Wealth Investment Management LLC purchased a new position in shares of Lam Research during the 1st quarter valued at $26,000. West Paces Advisors Inc. bought a new position in shares of Lam Research in the fourth quarter worth about $27,000. Mpwm Advisory Solutions LLC bought a new position in shares of Lam Research in the fourth quarter worth about $27,000. Park Square Financial Group LLC purchased a new stake in shares of Lam Research during the fourth quarter worth about $31,000. Finally, Putney Financial Group LLC bought a new stake in Lam Research during the 4th quarter valued at approximately $36,000. Institutional investors own 84.61% of the company's stock.

Lam Research Stock Down 0.8%

Shares of NASDAQ:LRCX traded down $0.74 during trading hours on Wednesday, hitting $95.94. The company's stock had a trading volume of 10,616,047 shares, compared to its average volume of 11,143,481. The firm's fifty day moving average price is $94.56 and its 200 day moving average price is $82.67. Lam Research Corporation has a 52 week low of $56.32 and a 52 week high of $102.59. The company has a market capitalization of $122.72 billion, a price-to-earnings ratio of 23.06, a P/E/G ratio of 1.27 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 issued its quarterly earnings data on Wednesday, July 30th. The semiconductor company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. The company 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 company posted $1.03 earnings per share. As a group, research analysts expect that Lam Research Corporation will post 3.71 EPS for the current year.

Lam Research Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend 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 presently 22.12%.

Wall Street Analyst Weigh In

LRCX has been the topic of several research analyst reports. KeyCorp boosted their target price 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. Citigroup boosted their target price on Lam Research from $108.00 to $113.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Summit Insights downgraded Lam Research from a "buy" rating to a "hold" rating in a research note on Thursday, July 31st. Morgan Stanley upped their price objective on Lam Research from $87.00 to $94.00 and gave the company an "equal weight" rating in a research report on Thursday, July 31st. Finally, Bank of America lowered their price target on Lam Research from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Seven investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.