PNC Financial Services Group Inc. Trims Stock Holdings in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• PNC Financial Services Group has reduced its stake in Lam Research Corporation by 1.0%, now holding over 3 million shares valued at approximately $222 million.
• Lam Research reported strong quarterly earnings with $1.33 earnings per share, exceeding estimates and reflecting a revenue increase of 33.6% year-over-year.
• Analysts are optimistic, with several raising their price targets for Lam Research, averaging around $107.09, amidst an overall rating of "Moderate Buy".

PNC Financial Services Group Inc. lowered its holdings in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 3,054,734 shares of the semiconductor company's stock after selling 31,837 shares during the period. PNC Financial Services Group Inc. owned about 0.24% of Lam Research worth $222,079,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in LRCX. FMR LLC boosted its holdings in shares of Lam Research by 1,032.6% during the fourth quarter. FMR LLC now owns 40,031,194 shares of the semiconductor company's stock worth $2,891,453,000 after purchasing an additional 36,496,689 shares during the period. Ameriprise Financial Inc. raised its position in Lam Research by 950.5% during the 4th 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 during the last quarter. Invesco Ltd. lifted its holdings in 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 buying an additional 15,188,173 shares during the period. Northern Trust Corp grew its position in shares of Lam Research by 1,067.0% in the 4th quarter. Northern Trust Corp now owns 15,869,244 shares of the semiconductor company's stock worth $1,146,235,000 after buying an additional 14,509,407 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of 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 buying an additional 13,365,317 shares during the period. Institutional investors own 84.61% of the company's stock.

Wall Street Analysts Forecast Growth

LRCX has been the subject of a number of research analyst reports. Bank of America dropped their price target on Lam Research from $110.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Argus raised their target price on shares of Lam Research from $105.00 to $120.00 and gave the stock a "buy" rating in a research report on Friday. B. Riley reiterated a "buy" rating and set a $115.00 price target (up previously from $95.00) on shares of Lam Research in a research report on Wednesday, June 18th. Stifel Nicolaus raised their price objective on shares of Lam Research from $92.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Needham & Company LLC lifted their price objective on Lam Research from $110.00 to $115.00 and gave the company a "buy" rating in a research report on Thursday. Seven equities research 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 target price of $107.09.

Lam Research Stock Up 1.6%

LRCX traded up $1.53 during trading on Friday, hitting $96.37. 16,599,413 shares of the company's stock traded hands, compared to its average volume of 9,955,076. Lam Research Corporation has a 12-month low of $56.32 and a 12-month high of $102.59. The company's 50 day simple moving average is $93.96 and its two-hundred day simple moving average is $82.38. The stock has a market capitalization of $123.27 billion, a price-to-earnings ratio of 23.17, a PEG ratio of 1.36 and a beta of 1.65. The company has a current ratio of 2.21, a quick ratio of 1.64 and a debt-to-equity ratio of 0.38.

Lam Research (NASDAQ:LRCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The semiconductor company reported $1.33 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $4.99 billion. During the same period in the previous year, the company earned $1.03 earnings per share. The firm's quarterly revenue was up 33.6% on a year-over-year basis. Analysts predict that Lam Research Corporation will post 3.71 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 18th were paid a $0.23 dividend. 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 dividend payout ratio is 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.