LGT Fund Management Co Ltd. Lowers Holdings in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• LGT Fund Management Co Ltd. significantly reduced its stake in Lam Research Corporation by 41.6% in the first quarter, lowering its holdings to 17,510 shares worth approximately $1.27 million.
• Multiple hedge funds have increased their positions in Lam Research, with Citizens National Bank Trust Department growing its stake by 34.0%, and LGT Fund Management being a notable seller during the same period.
• Lam Research recently reported a 33.6% year-over-year revenue increase to $5.17 billion, along with an earnings per share of $1.33, surpassing analyst expectations of $1.21.

LGT Fund Management Co Ltd. lowered its stake in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 41.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,510 shares of the semiconductor company's stock after selling 12,490 shares during the period. LGT Fund Management Co Ltd.'s holdings in Lam Research were worth $1,273,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC boosted its position in Lam Research by 1,032.4% during the 4th quarter. Brighton Jones LLC now owns 14,189 shares of the semiconductor company's stock valued at $1,025,000 after buying an additional 12,936 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Lam Research by 198.6% during the fourth quarter. Renaissance Technologies LLC now owns 88,260 shares of the semiconductor company's stock worth $6,375,000 after purchasing an additional 58,703 shares during the period. LSV Asset Management lifted its holdings in Lam Research by 1,367.4% in the 4th quarter. LSV Asset Management now owns 27,880 shares of the semiconductor company's stock worth $2,014,000 after buying an additional 25,980 shares during the period. Rockefeller Capital Management L.P. grew its position in shares of Lam Research by 490.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 225,187 shares of the semiconductor company's stock worth $16,265,000 after buying an additional 187,047 shares during the last quarter. Finally, Townsquare Capital LLC increased its stake in shares of Lam Research by 951.1% during the fourth quarter. Townsquare Capital LLC now owns 79,787 shares of the semiconductor company's stock valued at $5,763,000 after buying an additional 72,196 shares during the period. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on LRCX. Summit Insights lowered Lam Research from a "buy" rating to a "hold" rating in a research note on Thursday, July 31st. Morgan Stanley raised their target price on shares of Lam Research from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Wells Fargo & Company set a $98.00 price target on shares of Lam Research and gave the company an "equal weight" rating in a research report on Thursday, July 31st. KeyCorp increased their price target 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. Finally, Argus lifted their price objective on Lam Research from $105.00 to $120.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Seven research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, Lam Research currently has an average rating of "Moderate Buy" and an average target price of $107.09.

Lam Research Stock Up 1.4%

LRCX stock traded up $1.46 during midday trading on Wednesday, hitting $106.74. The company's stock had a trading volume of 12,115,388 shares, compared to its average volume of 11,507,004. The firm's 50-day moving average is $96.79 and its 200-day moving average is $83.51. The company has a current ratio of 2.21, a quick ratio of 1.55 and a debt-to-equity ratio of 0.38. Lam Research Corporation has a 12 month low of $56.32 and a 12 month high of $107.49. The company has a market cap of $135.09 billion, a PE ratio of 25.66, a P/E/G ratio of 1.36 and a beta of 1.65.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its quarterly 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 firm had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $4.99 billion. Lam Research had a return on equity of 58.17% and a net margin of 29.07%. The company's quarterly revenue was up 33.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 earnings per share. On average, equities research analysts forecast that Lam Research Corporation will post 3.71 earnings per share for the current fiscal year.

Lam Research Dividend Announcement

The business also recently disclosed 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 0.9%. The ex-dividend date of this dividend was Wednesday, June 18th. Lam Research's payout ratio is presently 22.12%.

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.