Public Sector Pension Investment Board Acquires 656,751 Shares of Lam Research Corporation (NASDAQ:LRCX)

Key Points

• The Public Sector Pension Investment Board increased its stake in Lam Research Corporation by 354.9%, acquiring an additional 656,751 shares during the first quarter, bringing its total ownership to 841,778 shares.
• Lam Research's recent financial performance showed an earnings per share of $1.33, exceeding analysts' expectations, while the company reported revenue of $5.17 billion, a year-over-year increase of 33.6%.
• The stock has received varying ratings from analysts, with a consensus of "Moderate Buy" and a price target averaging $107.09, signifying potential growth ahead.

Public Sector Pension Investment Board lifted its stake in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 354.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 841,778 shares of the semiconductor company's stock after acquiring an additional 656,751 shares during the period. Public Sector Pension Investment Board owned 0.07% of Lam Research worth $61,197,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Lam Research by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 129,152,102 shares of the semiconductor company's stock valued at $9,389,358,000 after acquiring an additional 8,364,375 shares during the period. Ameriprise Financial Inc. lifted its position in shares of 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 acquiring an additional 31,255,726 shares during the period. Invesco Ltd. lifted its position in shares of Lam Research by 2.8% during the 1st quarter. Invesco Ltd. now owns 17,330,771 shares of the semiconductor company's stock valued at $1,259,947,000 after acquiring an additional 472,636 shares during the period. Northern Trust Corp lifted its position in shares of Lam Research by 1,067.0% during the 4th quarter. Northern Trust Corp now owns 15,869,244 shares of the semiconductor company's stock valued at $1,146,235,000 after acquiring an additional 14,509,407 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in 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 worth $980,500,000 after buying an additional 13,365,317 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Lam Research Stock Performance

NASDAQ:LRCX traded up $0.64 on Thursday, reaching $107.38. 10,710,878 shares of the company's stock were exchanged, compared to its average volume of 11,948,997. Lam Research Corporation has a 52 week low of $56.32 and a 52 week high of $108.02. The firm has a market cap of $135.90 billion, a price-to-earnings ratio of 25.81, a P/E/G ratio of 1.36 and a beta of 1.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.21 and a quick ratio of 1.55. The stock has a fifty day simple moving average of $96.79 and a 200-day simple moving average of $83.51.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The semiconductor company reported $1.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.21 by $0.12. The firm had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $4.99 billion. Lam Research had a net margin of 29.07% and a return on equity of 58.17%. The company's revenue for the quarter was up 33.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.03 earnings per share. As a group, sell-side analysts predict that Lam Research Corporation will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, June 18th. Lam Research's dividend payout ratio (DPR) is currently 22.12%.

Analyst Ratings Changes

Several research analysts have weighed in on LRCX shares. UBS Group upped their price objective on shares of Lam Research from $95.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Raymond James Financial upped their target price on shares of Lam Research from $90.00 to $110.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Evercore ISI upped their target price 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. Citigroup upped their target price on shares of Lam Research from $108.00 to $113.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $115.00 price target (up previously from $90.00) on shares of Lam Research in a research report on Tuesday, June 24th. Seven investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, Lam Research has an average rating of "Moderate Buy" and a consensus price target of $107.09.

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.