Tokio Marine Asset Management Co. Ltd. Raises Stock Holdings in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Tokio Marine Asset Management Co. Ltd. increased its stake in Lam Research Corporation by 15.3%, owning 160,822 shares valued at approximately $11.7 million as of the latest reporting period.
• The firm reported strong quarterly results with earnings per share of $1.33, surpassing analyst expectations of $1.21, and revenue of $5.17 billion, which was above the forecasted $4.99 billion.
• Several analysts have upgraded Lam Research's ratings recently, with the average price target set at $107.09, indicating a consensus rating of "Moderate Buy".

Tokio Marine Asset Management Co. Ltd. increased its position in Lam Research Corporation (NASDAQ:LRCX - Free Report) by 15.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 160,822 shares of the semiconductor company's stock after buying an additional 21,362 shares during the period. Tokio Marine Asset Management Co. Ltd.'s holdings in Lam Research were worth $11,692,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Pinnacle Financial Partners Inc purchased a new stake in shares of Lam Research in the first quarter worth about $201,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Lam Research in the fourth quarter worth about $6,296,000. China Universal Asset Management Co. Ltd. lifted its position in shares of Lam Research by 27.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 49,505 shares of the semiconductor company's stock worth $3,607,000 after buying an additional 10,565 shares in the last quarter. First Citizens Bank & Trust Co. lifted its position in shares of Lam Research by 47.8% in the first quarter. First Citizens Bank & Trust Co. now owns 121,902 shares of the semiconductor company's stock worth $8,862,000 after buying an additional 39,414 shares in the last quarter. Finally, Global X Japan Co. Ltd. purchased a new stake in shares of Lam Research in the first quarter worth about $3,152,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LRCX has been the topic of a number of recent research reports. Raymond James Financial upped their price objective on Lam Research from $90.00 to $110.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Barclays set a $83.00 target price on Lam Research and gave the company an "equal weight" rating in a research note on Monday, July 28th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $115.00 target price (up previously from $90.00) on shares of Lam Research in a research note on Tuesday, June 24th. Morgan Stanley upped their target price on Lam Research from $87.00 to $94.00 and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Finally, B. Riley reaffirmed a "buy" rating and set a $115.00 target price (up previously from $95.00) on shares of Lam Research in a research note on Wednesday, June 18th. Seven equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat, Lam Research presently has a consensus rating of "Moderate Buy" and an average target price of $107.09.

Lam Research Stock Up 1.4%

Shares of LRCX traded up $1.46 during midday trading on Wednesday, hitting $106.74. 12,115,388 shares of the company's stock traded hands, compared to its average volume of 11,507,004. Lam Research Corporation has a 1 year low of $56.32 and a 1 year high of $107.49. The firm's fifty day moving average is $96.79 and its 200-day moving average is $83.51. The company has a current ratio of 2.21, a quick ratio of 1.55 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $135.09 billion, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 1.36 and a beta of 1.65.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its 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 company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $4.99 billion. Lam Research had a return on equity of 58.17% and a net margin of 29.07%. The firm's quarterly revenue was up 33.6% on a year-over-year basis. During the same quarter last year, the business posted $1.03 EPS. As a group, sell-side analysts anticipate that Lam Research Corporation will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

The company 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. The ex-dividend date was Wednesday, June 18th. This represents a $0.92 dividend on an annualized basis and a yield of 0.9%. Lam Research's dividend payout ratio (DPR) is 22.12%.

Lam Research 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.