Montecito Bank & Trust Purchases Shares of 9,791 Lam Research Co. (NASDAQ:LRCX)

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

Several other hedge funds also recently bought and sold shares of LRCX. Investment Partners Asset Management Inc. boosted its stake in shares of Lam Research by 5.4% in the first quarter. Investment Partners Asset Management Inc. now owns 4,373 shares of the semiconductor company's stock worth $318,000 after acquiring an additional 226 shares during the period. Salem Investment Counselors Inc. boosted its stake in Lam Research by 5.5% in the 1st quarter. Salem Investment Counselors Inc. now owns 4,716 shares of the semiconductor company's stock worth $344,000 after purchasing an additional 246 shares during the period. Legacy Wealth Asset Management LLC boosted its stake in Lam Research by 1.9% in 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 during the period. Walker Asset Management LLC grew its holdings in Lam Research by 7.8% during the 1st quarter. Walker Asset Management LLC now owns 3,862 shares of the semiconductor company's stock valued at $281,000 after buying an additional 281 shares in the last quarter. Finally, Paladin Wealth LLC raised 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 own 84.61% of the company's stock.

Wall Street Analyst Weigh In

LRCX has been the subject of a number of research reports. Morgan Stanley upped their target price on shares of Lam Research from $81.00 to $82.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 24th. Cantor Fitzgerald reissued an "overweight" rating and set a $90.00 price objective on shares of Lam Research in a report on Thursday, April 24th. Deutsche Bank Aktiengesellschaft set a $70.00 target price on Lam Research and gave the stock a "hold" rating in a report on Thursday, April 24th. Argus raised Lam Research to a "strong-buy" rating in a research note on Friday, April 25th. Finally, Barclays decreased their price objective on Lam Research from $75.00 to $70.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Seven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $90.87.

Lam Research Price Performance

Shares of LRCX stock opened at $93.41 on Tuesday. The stock has a 50 day moving average price of $77.79 and a 200 day moving average price of $77.18. Lam Research Co. has a 52-week low of $56.32 and a 52-week high of $113.00. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.73 and a current ratio of 2.54. The firm has a market capitalization of $119.48 billion, a P/E ratio of 28.37, a P/E/G ratio of 1.47 and a beta of 1.65.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its 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. The business had revenue of $4.72 billion during the quarter, compared to the consensus estimate of $4.64 billion. Lam Research had a return on equity of 51.86% and a net margin of 26.49%. The business's revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period last year, the company earned $7.79 earnings per share. As a group, sell-side analysts predict that Lam Research Co. will post 3.71 earnings per share for the current year.

Lam Research Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th will be given a $0.23 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $0.92 annualized dividend and a yield of 0.98%. Lam Research's dividend payout ratio (DPR) is 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.

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.