Prescott Group Capital Management L.L.C. Makes New Investment in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Prescott Group Capital Management has acquired 3,575 shares of Lam Research, valued at approximately $260,000, as revealed in their recent 13F filing.
• Lam Research's quarterly earnings exceeded expectations, reporting an EPS of $1.04 and revenue of $4.72 billion, significantly higher than consensus estimates.
• The firm's recent quarterly dividend was paid at $0.23 per share, yielding an annualized dividend of $0.92 and a dividend payout ratio of 25.63%.

Prescott Group Capital Management L.L.C. purchased a new position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,575 shares of the semiconductor company's stock, valued at approximately $260,000.

Other institutional investors also recently added to or reduced their stakes in the company. Huntington National Bank increased its holdings in shares of Lam Research by 944.0% in the fourth quarter. Huntington National Bank now owns 294,762 shares of the semiconductor company's stock valued at $21,291,000 after purchasing an additional 266,527 shares during the period. Pinnacle Financial Partners Inc acquired a new position in shares of Lam Research in the first quarter valued at approximately $201,000. Cerity Partners LLC grew its holdings in Lam Research by 781.9% during the fourth quarter. Cerity Partners LLC now owns 331,170 shares of the semiconductor company's stock worth $23,920,000 after acquiring an additional 293,619 shares during the period. B. Riley Wealth Advisors Inc. acquired a new position in Lam Research during the fourth quarter worth $6,296,000. Finally, China Universal Asset Management Co. Ltd. grew its holdings in Lam Research by 27.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 49,505 shares of the semiconductor company's stock worth $3,607,000 after acquiring an additional 10,565 shares during the period. Institutional investors and hedge funds own 84.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on LRCX shares. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $115.00 price objective (up previously from $90.00) on shares of Lam Research in a report on Tuesday, June 24th. Bank of America reduced their price objective on 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 upped their price objective on Lam Research from $100.00 to $115.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. Stifel Nicolaus increased their target price on Lam Research from $92.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Evercore ISI increased their target price on Lam Research from $95.00 to $99.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $102.05.

Lam Research Stock Up 0.8%

Shares of LRCX stock traded up $0.78 during trading hours on Tuesday, reaching $99.40. The company had a trading volume of 3,320,673 shares, compared to its average volume of 11,851,936. 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 twelve month low of $56.32 and a twelve month high of $102.59. The company has a market capitalization of $127.14 billion, a P/E ratio of 27.71, a price-to-earnings-growth ratio of 1.37 and a beta of 1.68. The stock's fifty day simple moving average is $92.79 and its 200 day simple moving average is $81.85.

Lam Research Dividend Announcement

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

Lam Research 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.