Resona Asset Management Co. Ltd. Purchases 26,545 Shares of Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Lam Research Corporation by 6.4%, acquiring an additional 26,545 shares and bringing its total to 441,815 shares valued at approximately $32.1 million.
• Lam Research reported a Q2 EPS of $1.33, exceeding analysts' estimates, and its quarterly revenue reached $5.17 billion, marking a 33.6% year-over-year increase.
• Major equities analysts have recently upgraded their price targets for Lam Research, with new targets ranging from $110 to $120, reflecting a consensus recommendation of a "Moderate Buy".

Resona Asset Management Co. Ltd. increased its position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 6.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 441,815 shares of the semiconductor company's stock after purchasing an additional 26,545 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Lam Research were worth $32,114,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Smallwood Wealth Investment Management LLC bought a new position in shares of Lam Research in the first quarter worth about $26,000. West Paces Advisors Inc. bought a new position in shares of Lam Research in the fourth quarter worth about $27,000. Mpwm Advisory Solutions LLC bought a new position in shares of Lam Research in the fourth quarter worth about $27,000. Park Square Financial Group LLC bought a new position in shares of Lam Research in the fourth quarter worth about $31,000. Finally, Putney Financial Group LLC bought a new position in shares of Lam Research in the fourth quarter worth about $36,000. 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 reports. Deutsche Bank Aktiengesellschaft set a $70.00 target price on shares of Lam Research and gave the stock a "hold" rating in a report on Thursday, April 24th. Oppenheimer raised their price objective on shares of Lam Research from $110.00 to $120.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. TD Cowen raised their price objective on shares of Lam Research from $100.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Summit Insights lowered shares of Lam Research from a "buy" rating to a "hold" rating in a report on Thursday, July 31st. Finally, TD Securities dropped their price objective on shares of Lam Research from $110.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Seven analysts have rated the stock with a hold rating and twenty have assigned 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 Trading Up 1.4%

Shares of LRCX stock traded up $1.46 during trading hours on Wednesday, hitting $106.74. 12,115,388 shares of the company were exchanged, compared to its average volume of 11,507,004. The firm has a market cap of $135.09 billion, a P/E ratio of 25.66, a P/E/G ratio of 1.36 and a beta of 1.65. Lam Research Corporation has a fifty-two week low of $56.32 and a fifty-two week high of $107.49. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.55 and a current ratio of 2.21. The company has a 50 day simple moving average of $96.79 and a two-hundred day simple moving average of $83.51.

Lam Research (NASDAQ:LRCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The semiconductor company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $5.17 billion during 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 quarterly revenue was up 33.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.03 EPS. Equities analysts anticipate that Lam Research Corporation will post 3.71 EPS for the current year.

Lam Research Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 18th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $0.92 annualized dividend and a dividend yield of 0.9%. Lam Research's dividend payout ratio (DPR) 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.