Sierra Summit Advisors LLC Sells 158,982 Shares of Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Sierra Summit Advisors LLC has drastically cut its holdings in Lam Research Corporation (NASDAQ:LRCX) by 98%, reducing its shares from 162,242 to just 3,260.
• Lam Research reported strong quarterly earnings, with a net revenue of $5.17 billion and earnings per share of $1.33, exceeding analysts' estimates.
• Several institutional investors have significantly increased their stakes in Lam Research, with Brighton Jones LLC raising its position by 1,032.4% during the previous quarter.

Sierra Summit Advisors LLC decreased its holdings in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 98.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,260 shares of the semiconductor company's stock after selling 158,982 shares during the quarter. Sierra Summit Advisors LLC's holdings in Lam Research were worth $237,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of LRCX. Brighton Jones LLC boosted its stake in Lam Research by 1,032.4% during the 4th quarter. Brighton Jones LLC now owns 14,189 shares of the semiconductor company's stock worth $1,025,000 after acquiring an additional 12,936 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Lam Research by 198.6% in the fourth quarter. Renaissance Technologies LLC now owns 88,260 shares of the semiconductor company's stock valued at $6,375,000 after buying an additional 58,703 shares in the last quarter. Bessemer Group Inc. lifted its stake in Lam Research by 18.4% in the fourth quarter. Bessemer Group Inc. now owns 86,609 shares of the semiconductor company's stock valued at $6,256,000 after buying an additional 13,452 shares in the last quarter. Scotia Capital Inc. lifted its stake in Lam Research by 899.4% in the fourth quarter. Scotia Capital Inc. now owns 29,651 shares of the semiconductor company's stock valued at $2,142,000 after buying an additional 26,684 shares in the last quarter. Finally, LSV Asset Management lifted its stake in Lam Research by 1,367.4% in the fourth quarter. LSV Asset Management now owns 27,880 shares of the semiconductor company's stock valued at $2,014,000 after buying an additional 25,980 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Lam Research Stock Performance

Shares of NASDAQ:LRCX traded up $0.25 on Monday, hitting $102.00. The company had a trading volume of 8,633,919 shares, compared to its average volume of 11,957,262. Lam Research Corporation has a 1-year low of $56.32 and a 1-year high of $104.15. The stock has a market cap of $130.47 billion, a price-to-earnings ratio of 24.52, a P/E/G ratio of 1.32 and a beta of 1.65. The stock has a 50 day moving average price of $95.53 and a 200 day moving average price of $83.04. The company has a current ratio of 2.21, a quick ratio of 1.55 and a debt-to-equity ratio of 0.38.

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

Lam Research Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have weighed in on LRCX. Raymond James Financial lifted 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. Oppenheimer lifted their price target on shares of Lam Research from $110.00 to $120.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Barclays set a $83.00 price target on shares of Lam Research and gave the company an "equal weight" rating in a research note on Monday, July 28th. Cantor Fitzgerald reissued an "overweight" rating and issued a $115.00 price objective (up previously from $90.00) on shares of Lam Research in a research report on Tuesday, June 24th. Finally, Argus upped their price objective on Lam Research from $105.00 to $120.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Seven equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, Lam Research has an average rating of "Moderate Buy" and a consensus 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.