Prudential PLC Has $8.15 Million Stock Position in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Prudential PLC has reduced its stake in Lam Research Corporation by 61.4% in the first quarter, selling 178,508 shares and now owning 112,081 shares valued at approximately $8.15 million.
• Various hedge funds have increased their investments in Lam Research, with Vanguard Group Inc. raising its holdings by 6.9% and Ameriprise Financial Inc. increasing its position by 950.5%.
• Lam Research recently reported a strong quarterly earnings performance, with an EPS of $1.33, exceeding estimates, and a revenue of $5.17 billion, marking a 33.6% year-over-year increase.

Prudential PLC decreased its position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 61.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,081 shares of the semiconductor company's stock after selling 178,508 shares during the period. Prudential PLC's holdings in Lam Research were worth $8,148,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Smallwood Wealth Investment Management LLC bought a new position in shares of Lam Research during the first quarter valued at $26,000. West Paces Advisors Inc. bought a new position in shares of Lam Research during the fourth quarter valued at $27,000. Mpwm Advisory Solutions LLC bought a new position in shares of Lam Research during the fourth quarter valued at $27,000. Park Square Financial Group LLC bought a new position in shares of Lam Research during the fourth quarter valued at $31,000. Finally, Putney Financial Group LLC bought a new position in shares of Lam Research during the fourth quarter valued at $36,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Lam Research Stock Up 1.4%

LRCX traded up $1.46 during midday trading on Wednesday, hitting $106.74. The company had a trading volume of 12,115,388 shares, compared to its average volume of 11,507,004. Lam Research Corporation has a 52 week low of $56.32 and a 52 week high of $107.49. The company has a quick ratio of 1.55, a current ratio of 2.21 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $135.09 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 1.36 and a beta of 1.65. The stock's 50 day moving average price is $96.79 and its 200 day moving average price is $83.51.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its quarterly earnings results 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 the consensus estimate of $4.99 billion. During the same period in the previous year, the firm posted $1.03 earnings per share. The business's revenue was up 33.6% compared to the same quarter last year. On average, research analysts anticipate 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 was paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, June 18th. Lam Research's payout ratio is 22.12%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company set a $98.00 price target on shares of Lam Research and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Morgan Stanley raised their price target on shares of Lam Research from $87.00 to $94.00 and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Raymond James Financial raised their price target on shares of Lam Research from $90.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. TD Cowen raised their price target on shares of Lam Research from $100.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, KeyCorp raised their price target on shares of Lam Research from $105.00 to $115.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Seven investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $107.09.

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.