Pinpoint Asset Management Ltd Purchases New Position in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Pinpoint Asset Management Ltd has acquired 18,084 shares in Lam Research Corporation for about $1.3 million, marking a new position in the semiconductor company.
• Wall Street analysts have varying ratings on Lam Research, with a consensus rating of "Moderate Buy" and a price target of $107.09, reflecting some investor optimism.
• Lam Research reported earnings per share of $1.33, exceeding analysts’ expectations, and a revenue increase of 33.6% year-over-year, indicating strong company performance.

Pinpoint Asset Management Ltd purchased a new stake in Lam Research Corporation (NASDAQ:LRCX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 18,084 shares of the semiconductor company's stock, valued at approximately $1,315,000.

Several other institutional investors and hedge funds have also recently modified their holdings of LRCX. GW&K Investment Management LLC increased its position in shares of Lam Research by 10.1% during the first quarter. GW&K Investment Management LLC now owns 1,534 shares of the semiconductor company's stock worth $112,000 after acquiring an additional 141 shares during the period. Citizens National Bank Trust Department increased its position in shares of Lam Research by 34.0% during the first quarter. Citizens National Bank Trust Department now owns 603 shares of the semiconductor company's stock worth $44,000 after acquiring an additional 153 shares during the period. Cassaday & Co Wealth Management LLC increased its holdings in Lam Research by 2.1% in the first quarter. Cassaday & Co Wealth Management LLC now owns 7,823 shares of the semiconductor company's stock valued at $569,000 after buying an additional 163 shares during the last quarter. SteelPeak Wealth LLC increased its holdings in Lam Research by 0.4% in the first quarter. SteelPeak Wealth LLC now owns 42,064 shares of the semiconductor company's stock valued at $3,068,000 after buying an additional 178 shares during the last quarter. Finally, Transcend Capital Advisors LLC increased its holdings in Lam Research by 2.3% in the first quarter. Transcend Capital Advisors LLC now owns 8,065 shares of the semiconductor company's stock valued at $586,000 after buying an additional 182 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Wall Street Analysts Forecast Growth

LRCX has been the topic of several recent analyst reports. Summit Insights lowered Lam Research from a "buy" rating to a "hold" rating in a report on Thursday, July 31st. Cantor Fitzgerald reissued an "overweight" rating and issued a $115.00 target price (up previously from $90.00) on shares of Lam Research in a report on Tuesday, June 24th. Wells Fargo & Company set a $98.00 target price on Lam Research and gave the company an "equal weight" rating in a report on Thursday, July 31st. The Goldman Sachs Group initiated coverage on Lam Research in a report on Thursday, July 10th. They issued a "buy" rating and a $115.00 target price on the stock. Finally, Evercore ISI increased their target price on Lam Research from $95.00 to $99.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $107.09.

Lam Research Trading Down 0.8%

Shares of Lam Research stock opened at $95.94 on Thursday. Lam Research Corporation has a 12-month low of $56.32 and a 12-month high of $102.59. The company has a current ratio of 2.21, a quick ratio of 1.55 and a debt-to-equity ratio of 0.38. The stock has a market cap of $122.72 billion, a PE ratio of 23.06, a price-to-earnings-growth ratio of 1.27 and a beta of 1.65. The company has a 50-day moving average of $94.80 and a two-hundred day moving average of $82.76.

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 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 business had revenue of $5.17 billion during the quarter, compared to analysts' expectations of $4.99 billion. During the same period last year, the company posted $1.03 EPS. The company's revenue was up 33.6% on a year-over-year basis. On average, research analysts anticipate that Lam Research Corporation will post 3.71 EPS for the current fiscal year.

Lam Research Announces Dividend

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

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.

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