Phoenix Financial Ltd. Raises Stake in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Phoenix Financial Ltd. dramatically increased its stake in Lam Research Corporation by 1,387.8% during Q1, acquiring an additional 234,574 shares, bringing its total holdings to 251,477 shares valued at approximately $18.3 million.
• Several institutional investors also raised their positions in Lam Research significantly during Q4, with Brighton Jones LLC increasing their stake by 1,032.4% and LPL Financial by 981.7%.
• Lam Research reported a 24.4% year-over-year increase in revenue, reaching $4.72 billion for the quarter and exceeding analysts' expectations.

Phoenix Financial Ltd. raised its position in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 1,387.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 251,477 shares of the semiconductor company's stock after buying an additional 234,574 shares during the period. Phoenix Financial Ltd.'s holdings in Lam Research were worth $18,333,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of LRCX. FMR LLC lifted its holdings in shares of Lam Research by 1,032.6% in the 4th quarter. FMR LLC now owns 40,031,194 shares of the semiconductor company's stock worth $2,891,453,000 after acquiring an additional 36,496,689 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Lam Research by 950.5% in the 4th 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 lifted its holdings in shares of 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 worth $2,265,610,000 after acquiring an additional 28,307,499 shares during the last quarter. Norges Bank acquired a new position in shares of Lam Research in the 4th quarter worth approximately $1,661,672,000. Finally, Invesco Ltd. lifted its holdings in shares of Lam Research by 909.5% in the 4th quarter. Invesco Ltd. now owns 16,858,135 shares of the semiconductor company's stock worth $1,217,663,000 after acquiring an additional 15,188,173 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Lam Research Stock Up 0.8%

Shares of NASDAQ LRCX traded up $0.75 during mid-day trading on Tuesday, reaching $99.37. The company had a trading volume of 3,320,673 shares, compared to its average volume of 11,851,936. The company has a current ratio of 2.45, a quick ratio of 1.64 and a debt-to-equity ratio of 0.39. The firm has a 50 day simple moving average of $92.79 and a two-hundred day simple moving average of $81.85. The stock has a market cap of $127.11 billion, a P/E ratio of 27.71, a PEG ratio of 1.37 and a beta of 1.68. Lam Research Corporation has a 52-week low of $56.32 and a 52-week high of $102.59.

Lam Research Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date was Wednesday, June 18th. Lam Research's dividend payout ratio (DPR) is 25.63%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on LRCX. KeyCorp upped their price objective on shares of Lam Research from $105.00 to $115.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Argus upgraded shares of Lam Research to a "strong-buy" rating in a report on Friday, April 25th. Wells Fargo & Company increased their target price on shares of Lam Research from $75.00 to $95.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Oppenheimer reiterated an "outperform" rating and set a $110.00 target price (up from $80.00) on shares of Lam Research in a report on Tuesday, June 17th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $115.00 target price (up from $90.00) on shares of Lam Research in a report on Tuesday, June 24th. Seven investment 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 data from MarketBeat, Lam Research presently has an average rating of "Moderate Buy" and an average price target of $102.05.

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.