Lam Research Corporation (NASDAQ:LRCX) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 8.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,396,559 shares of the semiconductor company's stock after selling 228,931 shares during the period. Principal Financial Group Inc. owned 0.19% of Lam Research worth $174,230,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Huntington National Bank raised its stake in Lam Research by 944.0% in the 4th 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 last quarter. Cerity Partners LLC raised its position in shares of Lam Research by 781.9% in the fourth quarter. Cerity Partners LLC now owns 331,170 shares of the semiconductor company's stock valued at $23,920,000 after buying an additional 293,619 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of Lam Research during the fourth quarter valued at approximately $6,296,000. Pitcairn Co. acquired a new stake in Lam Research during the fourth quarter worth approximately $1,013,000. Finally, First Citizens Bank & Trust Co. grew its stake in Lam Research by 47.8% in the 1st quarter. First Citizens Bank & Trust Co. now owns 121,902 shares of the semiconductor company's stock worth $8,862,000 after acquiring an additional 39,414 shares during the period. Hedge funds and other institutional investors own 84.61% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on LRCX shares. TD Securities reduced their price target on Lam Research from $110.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Needham & Company LLC decreased their price target on Lam Research from $96.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Morgan Stanley upped their price objective on shares of Lam Research from $82.00 to $87.00 and gave the company an "equal weight" rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft set a $70.00 target price on shares of Lam Research and gave the stock a "hold" rating in a research report on Thursday, April 24th. Finally, Evercore ISI increased their price target on shares of Lam Research from $95.00 to $99.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $94.20.

Lam Research Stock Down 0.2%

Lam Research stock traded down $0.17 during midday trading on Friday, hitting $98.66. 5,028,931 shares of the stock were exchanged, compared to its average volume of 12,346,776. Lam Research Corporation has a 1 year low of $56.32 and a 1 year high of $113.00. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.45 and a quick ratio of 1.64. The firm has a market cap of $126.20 billion, a P/E ratio of 27.50, a P/E/G ratio of 1.39 and a beta of 1.68. The company has a 50 day moving average price of $85.15 and a two-hundred day moving average price of $78.80.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The semiconductor company reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.04. Lam Research had a return on equity of 53.21% and a net margin of 27.18%. The business had revenue of $4.72 billion for the quarter, compared to analyst estimates of $4.64 billion. During the same period in the previous year, the company earned $7.79 earnings per share. The company's revenue for the quarter was up 24.4% compared to the same quarter last year. On average, sell-side analysts predict that Lam Research Corporation will post 3.71 earnings per share for the current fiscal year.

Lam Research Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 18th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date is Wednesday, June 18th. Lam Research's payout ratio is currently 25.63%.

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.