NewEdge Wealth LLC Buys 6,859 Shares of Lam Research Corporation (NASDAQ:LRCX)

Key Points

• NewEdge Wealth LLC increased its stake in Lam Research Corporation by 1.6%, acquiring an additional 6,859 shares, bringing its total holdings to 429,235 shares valued at approximately $31.2 million.
• Several institutional investors have significantly boosted their positions in Lam Research, with FMR LLC increasing holdings by 1,032.6%, now owning over 40 million shares worth nearly $2.9 billion.
• Lam Research reported a quarterly EPS of $1.33, exceeding expectations, alongside a revenue figure of $5.17 billion, a 33.6% increase year-over-year.

NewEdge Wealth LLC grew its holdings in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 429,235 shares of the semiconductor company's stock after purchasing an additional 6,859 shares during the quarter. NewEdge Wealth LLC's holdings in Lam Research were worth $31,205,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. FMR LLC boosted its holdings in Lam Research by 1,032.6% during the fourth quarter. FMR LLC now owns 40,031,194 shares of the semiconductor company's stock valued at $2,891,453,000 after purchasing an additional 36,496,689 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Lam Research by 950.5% during the fourth quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company's stock valued at $2,495,128,000 after purchasing an additional 31,255,726 shares in the last quarter. Invesco Ltd. boosted its holdings in Lam Research by 909.5% during the fourth quarter. Invesco Ltd. now owns 16,858,135 shares of the semiconductor company's stock valued at $1,217,663,000 after purchasing an additional 15,188,173 shares in the last quarter. Northern Trust Corp boosted its holdings in Lam Research by 1,067.0% during the fourth quarter. Northern Trust Corp now owns 15,869,244 shares of the semiconductor company's stock valued at $1,146,235,000 after purchasing an additional 14,509,407 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Lam Research by 6,383.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,574,691 shares of the semiconductor company's stock valued at $980,500,000 after purchasing an additional 13,365,317 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Lam Research Price Performance

LRCX opened at $96.37 on Friday. The company has a fifty day moving average price of $93.96 and a two-hundred day moving average price of $82.42. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 2.21. Lam Research Corporation has a 52 week low of $56.32 and a 52 week high of $102.59. The firm has a market capitalization of $123.27 billion, a PE ratio of 23.17, a P/E/G ratio of 1.36 and a beta of 1.65.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its earnings results on Wednesday, July 30th. The semiconductor company reported $1.33 EPS for the quarter, topping analysts' consensus estimates of $1.21 by $0.12. Lam Research had a net margin of 29.07% and a return on equity of 58.17%. The firm had revenue of $5.17 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same quarter in the previous year, the business earned $1.03 EPS. The business's quarterly revenue was up 33.6% compared to the same quarter last year. As a group, analysts anticipate that Lam Research Corporation will post 3.71 earnings per share for the current year.

Lam Research Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th were given a $0.23 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.0%. Lam Research's dividend payout ratio is currently 22.12%.

Analyst Upgrades and Downgrades

LRCX has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft set a $70.00 price objective on Lam Research and gave the company a "hold" rating in a report on Thursday, April 24th. KeyCorp lifted their target price on shares of Lam Research from $105.00 to $115.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Citigroup lifted their target price on shares of Lam Research from $108.00 to $113.00 and gave the company a "buy" rating in a research note on Friday. Needham & Company LLC lifted their target price on shares of Lam Research from $110.00 to $115.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Argus lifted their target price on shares of Lam Research from $105.00 to $120.00 and gave the company a "buy" rating in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock 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.

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