Montecito Bank & Trust Buys Shares of 9,791 Lam Research Corporation (NASDAQ:LRCX)

Montecito Bank & Trust purchased a new position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 9,791 shares of the semiconductor company's stock, valued at approximately $712,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LRCX. Investment Partners Asset Management Inc. raised its stake in Lam Research by 5.4% during the 1st quarter. Investment Partners Asset Management Inc. now owns 4,373 shares of the semiconductor company's stock worth $318,000 after buying an additional 226 shares during the period. Salem Investment Counselors Inc. boosted its stake in Lam Research by 5.5% during the 1st quarter. Salem Investment Counselors Inc. now owns 4,716 shares of the semiconductor company's stock valued at $344,000 after purchasing an additional 246 shares during the last quarter. Legacy Wealth Asset Management LLC increased its holdings in Lam Research by 1.9% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 13,243 shares of the semiconductor company's stock worth $963,000 after purchasing an additional 248 shares in the last quarter. Walker Asset Management LLC raised its stake in shares of Lam Research by 7.8% in the first quarter. Walker Asset Management LLC now owns 3,862 shares of the semiconductor company's stock worth $281,000 after purchasing an additional 281 shares during the last quarter. Finally, Paladin Wealth LLC boosted its position in shares of Lam Research by 4.0% during the first quarter. Paladin Wealth LLC now owns 7,489 shares of the semiconductor company's stock valued at $544,000 after buying an additional 289 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Lam Research Trading Down 1.9%

NASDAQ LRCX traded down $1.75 during trading on Friday, hitting $90.49. The company had a trading volume of 22,030,623 shares, compared to its average volume of 12,324,124. The company's fifty day moving average is $79.16 and its 200-day moving average is $77.49. The company has a market cap of $115.75 billion, a price-to-earnings ratio of 25.22, a price-to-earnings-growth ratio of 1.30 and a beta of 1.65. The company has a current ratio of 2.45, a quick ratio of 1.64 and a debt-to-equity ratio of 0.39. Lam Research Corporation has a one year low of $56.32 and a one year high of $113.00.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The semiconductor company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.04. Lam Research had a return on equity of 53.21% and a net margin of 27.18%. The company had revenue of $4.72 billion for the quarter, compared to analysts' expectations of $4.64 billion. During the same period in the prior year, the firm earned $7.79 earnings per share. The firm's revenue for the quarter was up 24.4% on a year-over-year basis. On average, sell-side analysts predict that Lam Research Corporation will post 3.71 earnings per share for the current year.

Lam Research Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, June 18th. This represents a $0.92 annualized dividend and a yield of 1.02%. Lam Research's dividend payout ratio (DPR) is presently 25.63%.

Analysts Set New Price Targets

LRCX has been the subject of a number of recent analyst reports. B. Riley reaffirmed a "buy" rating and issued a $115.00 price objective (up from $95.00) on shares of Lam Research in a research report on Wednesday. Jefferies Financial Group increased their price target on shares of Lam Research from $95.00 to $100.00 and gave the company a "buy" rating in a research report on Friday, March 28th. Oppenheimer restated an "outperform" rating and issued a $110.00 price objective (up from $80.00) on shares of Lam Research in a research note on Tuesday. Bank of America dropped their target price on Lam Research from $110.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Stifel Nicolaus reduced their target price on Lam Research from $100.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Seven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Lam Research presently has a consensus rating of "Moderate Buy" and an average price target of $92.78.

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.