Nemes Rush Group LLC Invests $10.57 Million in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Nemes Rush Group LLC has invested approximately $10.57 million in Lam Research Corporation by acquiring 145,355 shares, making it 27th among their holdings.
• Lam Research reported earnings of $1.04 per share for the quarter, exceeding analysts' expectations and showing a revenue increase of 24.4% year-over-year.
• Analysts maintain a consensus rating of "Moderate Buy" for Lam Research with a target price of around $100.57.

Nemes Rush Group LLC bought a new stake in Lam Research Corporation (NASDAQ:LRCX - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 145,355 shares of the semiconductor company's stock, valued at approximately $10,567,000. Lam Research accounts for about 1.3% of Nemes Rush Group LLC's investment portfolio, making the stock its 27th biggest holding.

Several other institutional investors also recently bought and sold shares of the business. FMR LLC raised its holdings in shares of Lam Research by 1,032.6% during the fourth quarter. FMR LLC now owns 40,031,194 shares of the semiconductor company's stock worth $2,891,453,000 after purchasing an additional 36,496,689 shares during the period. Ameriprise Financial Inc. grew its position in shares of Lam Research by 950.5% during the fourth quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company's stock worth $2,495,128,000 after acquiring an additional 31,255,726 shares during the last quarter. Geode Capital Management LLC grew its position in Lam Research by 907.1% in the 4th quarter. Geode Capital Management LLC now owns 31,428,010 shares of the semiconductor company's stock valued at $2,265,610,000 after buying an additional 28,307,499 shares in the last quarter. Invesco Ltd. grew its position in Lam Research by 909.5% in the 4th quarter. Invesco Ltd. now owns 16,858,135 shares of the semiconductor company's stock valued at $1,217,663,000 after buying an additional 15,188,173 shares in the last quarter. Finally, Northern Trust Corp grew its position in Lam Research by 1,067.0% in the 4th quarter. Northern Trust Corp now owns 15,869,244 shares of the semiconductor company's stock valued at $1,146,235,000 after buying an additional 14,509,407 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LRCX. Cantor Fitzgerald restated an "overweight" rating and set a $115.00 price objective (up previously from $90.00) on shares of Lam Research in a research report on Tuesday, June 24th. B. Riley reissued a "buy" rating and issued a $115.00 price target (up from $95.00) on shares of Lam Research in a research report on Wednesday, June 18th. Citigroup reaffirmed a "buy" rating and set a $108.00 price objective (up previously from $87.00) on shares of Lam Research in a research report on Monday, July 7th. Bank of America dropped their price target on shares of 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 raised their price objective on shares of Lam Research from $92.00 to $110.00 and gave the stock a "buy" rating in a research note on Tuesday. Eight analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $106.05.

Lam Research Trading Down 4.9%

Shares of Lam Research stock traded down $4.83 during trading on Thursday, hitting $94.26. 18,285,469 shares of the company were exchanged, compared to its average volume of 11,926,637. The firm has a market capitalization of $120.56 billion, a P/E ratio of 26.28, a price-to-earnings-growth ratio of 1.40 and a beta of 1.68. Lam Research Corporation has a 1-year low of $56.32 and a 1-year high of $102.59. The firm's fifty day moving average price is $93.41 and its 200 day moving average price is $82.09. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.45 and a quick ratio of 1.64.

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 business had revenue of $5.17 billion during the quarter, compared to analyst estimates of $4.99 billion. Lam Research had a return on equity of 53.21% and a net margin of 27.18%. Lam Research's quarterly revenue was up 33.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.03 EPS. As a group, sell-side analysts expect that Lam Research Corporation will post 3.71 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 18th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 0.98%. The ex-dividend date of this dividend was Wednesday, June 18th. Lam Research's payout ratio is presently 25.63%.

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.