Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in Lam Research Corporation (NASDAQ:LRCX)

Key Points

• Zurcher Kantonalbank increased its holdings in Lam Research Corporation by 1.1%, owning a total of 629,079 shares valued at approximately $45.7 million at the end of the most recent quarter.
• Research analysts have largely rated Lam Research positively, with 17 buy ratings and a target price increase from several firms, including Goldman Sachs’ $115.00 price target.
• Lam Research announced a quarterly dividend of $0.23, representing an annual yield of 0.95%, with a current dividend payout ratio of 25.63%.

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Lam Research Corporation (NASDAQ:LRCX - Free Report) by 1.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 629,079 shares of the semiconductor company's stock after purchasing an additional 6,891 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Lam Research were worth $45,734,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of Lam Research by 1,032.6% during the 4th quarter. FMR LLC now owns 40,031,194 shares of the semiconductor company's stock worth $2,891,453,000 after acquiring an additional 36,496,689 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Lam Research by 950.5% during the fourth quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company's stock worth $2,495,128,000 after purchasing an additional 31,255,726 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Lam Research by 907.1% during the fourth quarter. Geode Capital Management LLC now owns 31,428,010 shares of the semiconductor company's stock valued at $2,265,610,000 after purchasing an additional 28,307,499 shares during the period. Invesco Ltd. grew its holdings in shares of Lam Research by 909.5% in the fourth quarter. Invesco Ltd. now owns 16,858,135 shares of the semiconductor company's stock worth $1,217,663,000 after purchasing an additional 15,188,173 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Lam Research by 1,067.0% in the 4th quarter. Northern Trust Corp now owns 15,869,244 shares of the semiconductor company's stock worth $1,146,235,000 after buying an additional 14,509,407 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on LRCX shares. TD Cowen lowered their price target on Lam Research from $110.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, April 24th. The Goldman Sachs Group began coverage on Lam Research in a report on Thursday, July 10th. They issued a "buy" rating and a $115.00 target price for the company. Needham & Company LLC cut their price target on Lam Research from $96.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Mizuho lifted their price objective on Lam Research from $100.00 to $115.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Finally, Citigroup reiterated a "buy" rating and set a $108.00 target price (up from $87.00) on shares of Lam Research in a report on Monday, July 7th. Seven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Lam Research has an average rating of "Moderate Buy" and a consensus target price of $101.19.

Lam Research Stock Up 1.7%

Lam Research stock traded up $1.66 during midday trading on Monday, reaching $98.62. The company's stock had a trading volume of 8,153,979 shares, compared to its average volume of 8,875,050. Lam Research Corporation has a 52-week low of $56.32 and a 52-week high of $102.59. The stock has a market capitalization of $126.15 billion, a P/E ratio of 27.49, a PEG ratio of 1.37 and a beta of 1.68. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.45 and a quick ratio of 1.64. The stock's 50-day simple moving average is $92.79 and its 200-day simple moving average is $81.85.

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 0.93%. The ex-dividend date was Wednesday, June 18th. Lam Research's dividend payout ratio (DPR) is presently 25.63%.

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.