Pinnacle Financial Partners Inc Invests $201,000 in Lam Research Corporation (NASDAQ:LRCX)

Pinnacle Financial Partners Inc acquired a new position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,759 shares of the semiconductor company's stock, valued at approximately $201,000.

Other institutional investors also recently modified their holdings of the company. Compound Global Advisors LLC acquired a new position in shares of Lam Research during the 1st quarter worth approximately $273,000. Aaron Wealth Advisors LLC lifted its stake in Lam Research by 26.4% in the 1st quarter. Aaron Wealth Advisors LLC now owns 11,104 shares of the semiconductor company's stock valued at $807,000 after purchasing an additional 2,318 shares during the last quarter. Keybank National Association OH raised its stake in shares of Lam Research by 8.2% during the first quarter. Keybank National Association OH now owns 39,818 shares of the semiconductor company's stock valued at $2,895,000 after acquiring an additional 3,004 shares during the last quarter. Rossby Financial LCC bought a new position in shares of Lam Research during the first quarter valued at $37,000. Finally, Phraction Management LLC raised its stake in shares of Lam Research by 69.4% during the first quarter. Phraction Management LLC now owns 22,554 shares of the semiconductor company's stock valued at $1,640,000 after acquiring an additional 9,240 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on LRCX shares. Morgan Stanley increased their price objective on shares of Lam Research from $82.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft set a $70.00 price target on shares of Lam Research and gave the stock a "hold" rating in a report on Thursday, April 24th. Stifel Nicolaus reduced their price objective on shares of Lam Research from $100.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Wells Fargo & Company reduced their price objective on shares of Lam Research from $85.00 to $75.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Finally, Argus upgraded shares of Lam Research to a "strong-buy" rating in a report on Friday, April 25th. Seven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $94.20.

Lam Research Stock Performance

Shares of LRCX stock opened at $98.66 on Friday. The firm has a market cap of $126.20 billion, a price-to-earnings ratio of 27.50, a P/E/G ratio of 1.39 and a beta of 1.68. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.64 and a current ratio of 2.45. Lam Research Corporation has a 52 week low of $56.32 and a 52 week high of $113.00. The firm's 50-day simple moving average is $85.70 and its two-hundred day simple moving average is $78.95.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The semiconductor company reported $1.04 EPS for the quarter, topping the consensus estimate of $1.00 by $0.04. The business had revenue of $4.72 billion for the quarter, compared to analyst estimates of $4.64 billion. Lam Research had a net margin of 27.18% and a return on equity of 53.21%. The company's revenue for the quarter was up 24.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $7.79 earnings per share. As a group, equities analysts forecast that Lam Research Corporation will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

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. This represents a $0.92 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend is Wednesday, June 18th. Lam Research's dividend payout ratio 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.