OVERSEA CHINESE BANKING Corp Ltd Trims Holdings in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Lam Research Corporation by 19.6% during the first quarter, holding 84,574 shares valued at $6.16 million as per its latest SEC filing.
• Analysts have upgraded their ratings and price targets for Lam Research, with Morgan Stanley raising its target from $87.00 to $94.00, and Oppenheimer increasing it from $110.00 to $120.00, while Wall Street Zen upgraded their rating from "hold" to "buy".
• Lam Research reported a quarterly revenue of $5.17 billion, surpassing estimates, and its earnings per share (EPS) reached $1.33, marking a significant increase compared to the previous year.

OVERSEA CHINESE BANKING Corp Ltd trimmed its holdings in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 19.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 84,574 shares of the semiconductor company's stock after selling 20,630 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Lam Research were worth $6,158,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC boosted its position in Lam Research by 1,032.4% in 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. Wellington Management Group LLP raised its holdings in shares of Lam Research by 8,156.2% in the 4th quarter. Wellington Management Group LLP now owns 1,991,718 shares of the semiconductor company's stock valued at $143,862,000 after purchasing an additional 1,967,594 shares in the last quarter. Bryce Point Capital LLC bought a new stake in shares of Lam Research in the 4th quarter valued at about $506,000. World Investment Advisors raised its holdings in shares of Lam Research by 2,039.5% in the 4th quarter. World Investment Advisors now owns 5,798 shares of the semiconductor company's stock valued at $419,000 after purchasing an additional 5,527 shares in the last quarter. Finally, Arete Wealth Advisors LLC bought a new stake in shares of Lam Research in the 4th quarter valued at about $230,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on LRCX. Needham & Company LLC increased their target price on shares of Lam Research from $110.00 to $115.00 and gave the company a "buy" rating in a research report on Thursday. TD Securities dropped their target price on Lam Research from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. 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. Mizuho boosted their price objective on Lam Research from $115.00 to $120.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Wall Street Zen upgraded shares of Lam Research from a "hold" rating to a "buy" rating in a research report on Saturday. Seven investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $107.09.

Lam Research Stock Performance

LRCX traded up $1.53 during trading on Friday, hitting $96.37. The stock had a trading volume of 16,599,413 shares, compared to its average volume of 9,955,076. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.64 and a current ratio of 2.21. The firm has a market capitalization of $123.27 billion, a P/E ratio of 23.17, a PEG ratio of 1.36 and a beta of 1.65. The company's 50-day moving average price is $93.96 and its 200 day moving average price is $82.42. Lam Research Corporation has a twelve month low of $56.32 and a twelve month high of $102.59.

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

Lam Research Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Wednesday, June 18th. Lam Research's payout ratio is presently 22.12%.

Lam Research Company 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.