Westpac Banking Corp Reduces Stock Position in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Westpac Banking Corp significantly reduced its stake in Lam Research Corporation by 87.9% in Q1, ending up with only 9,984 shares after selling 72,811 shares.
• Lam Research reported a quarterly earnings per share of $1.33, exceeding expectations, with a revenue of $5.17 billion, a year-over-year increase of 33.6%.
• The stock has received a consensus rating of "Moderate Buy" with an average target price of $107.09 from analysts, indicating a positive outlook for the company's growth.

Westpac Banking Corp reduced its position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 87.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,984 shares of the semiconductor company's stock after selling 72,811 shares during the period. Westpac Banking Corp's holdings in Lam Research were worth $726,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of LRCX. Brighton Jones LLC boosted its holdings in shares of Lam Research by 1,032.4% during the fourth quarter. Brighton Jones LLC now owns 14,189 shares of the semiconductor company's stock worth $1,025,000 after purchasing an additional 12,936 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Lam Research by 198.6% during the fourth quarter. Renaissance Technologies LLC now owns 88,260 shares of the semiconductor company's stock worth $6,375,000 after purchasing an additional 58,703 shares during the period. Synovus Financial Corp lifted its holdings in Lam Research by 761.9% in the fourth quarter. Synovus Financial Corp now owns 26,468 shares of the semiconductor company's stock worth $1,912,000 after buying an additional 23,397 shares during the period. SageView Advisory Group LLC lifted its holdings in Lam Research by 879.3% in the fourth quarter. SageView Advisory Group LLC now owns 4,642 shares of the semiconductor company's stock worth $335,000 after buying an additional 4,168 shares during the period. Finally, CreativeOne Wealth LLC purchased a new stake in Lam Research in the fourth quarter worth about $984,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Lam Research Price Performance

Shares of LRCX opened at $106.74 on Thursday. The company has a market capitalization of $135.09 billion, a P/E ratio of 25.66, a price-to-earnings-growth ratio of 1.36 and a beta of 1.65. 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 firm has a 50 day moving average of $96.79 and a 200 day moving average of $83.51. Lam Research Corporation has a twelve month low of $56.32 and a twelve month high of $107.49.

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 for the quarter, beating 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 firm's quarterly revenue was up 33.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.03 earnings per share. As a group, equities research analysts anticipate that Lam Research Corporation will post 3.71 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th were given 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 payout ratio is 22.12%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Deutsche Bank Aktiengesellschaft set a $70.00 price objective on shares of Lam Research and gave the stock a "hold" rating in a report on Thursday, April 24th. Mizuho raised their price objective on shares of Lam Research from $115.00 to $120.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Raymond James Financial raised their price objective on shares of Lam Research from $90.00 to $110.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. B. Riley restated a "buy" rating and issued a $115.00 price objective (up from $95.00) on shares of Lam Research in a report on Wednesday, June 18th. Finally, Argus raised their price objective on shares of Lam Research from $105.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Seven analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently 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.

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