Principal Financial Group Inc. raised its stake in shares of Lam Research Corporation (NASDAQ:LRCX) by 55.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 681,960 shares of the semiconductor company’s stock after buying an additional 243,513 shares during the period. Principal Financial Group Inc. owned approximately 0.42% of Lam Research Corporation worth $87,536,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in LRCX. IFP Advisors Inc increased its stake in Lam Research Corporation by 2.7% in the first quarter. IFP Advisors Inc now owns 850 shares of the semiconductor company’s stock valued at $109,000 after buying an additional 22 shares during the period. Huntington National Bank increased its stake in shares of Lam Research Corporation by 82.1% in the first quarter. Huntington National Bank now owns 1,118 shares of the semiconductor company’s stock worth $144,000 after buying an additional 504 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Lam Research Corporation by 0.3% in the first quarter. Quadrant Capital Group LLC now owns 1,332 shares of the semiconductor company’s stock worth $168,000 after buying an additional 4 shares during the period. Atria Investments LLC purchased a new stake in shares of Lam Research Corporation during the first quarter worth about $203,000. Finally, IFM Investors Pty Ltd purchased a new stake in shares of Lam Research Corporation during the fourth quarter worth about $205,000. 99.35% of the stock is currently owned by institutional investors and hedge funds.
Lam Research Corporation (LRCX) traded up 1.569% during mid-day trading on Monday, reaching $150.535. 693,810 shares of the company’s stock were exchanged. The company has a market capitalization of $24.28 billion, a P/E ratio of 19.123 and a beta of 1.39. Lam Research Corporation has a 52 week low of $79.15 and a 52 week high of $167.05. The company’s 50 day moving average price is $153.05 and its 200-day moving average price is $126.60.
Lam Research Corporation (NASDAQ:LRCX) last released its earnings results on Tuesday, April 18th. The semiconductor company reported $2.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.55 by $0.25. The company had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Lam Research Corporation had a return on equity of 23.84% and a net margin of 19.82%. The business’s revenue was up 63.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.18 EPS. On average, equities research analysts expect that Lam Research Corporation will post $9.88 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 28th. Stockholders of record on Wednesday, June 7th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Monday, June 5th. Lam Research Corporation’s dividend payout ratio (DPR) is currently 22.96%.
A number of brokerages recently issued reports on LRCX. Morgan Stanley reissued an “overweight” rating and set a $129.00 price target on shares of Lam Research Corporation in a report on Wednesday, April 19th. Goldman Sachs Group, Inc. (The) cut shares of Lam Research Corporation from a “conviction-buy” rating to a “buy” rating and upped their price objective for the stock from $153.00 to $160.00 in a research report on Monday, May 8th. They noted that the move was a valuation call. B. Riley restated a “buy” rating and set a $175.00 price objective on shares of Lam Research Corporation in a research report on Wednesday, April 19th. Deutsche Bank AG upped their price objective on shares of Lam Research Corporation from $155.00 to $170.00 and gave the stock a “buy” rating in a research report on Tuesday, May 30th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $150.00 target price (up from $125.00) on shares of Lam Research Corporation in a research report on Monday, March 27th. Two equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $148.88.
In related news, Director Stephen G. Newberry sold 20,047 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $150.01, for a total transaction of $3,007,250.47. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Timothy Archer sold 8,942 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $155.51, for a total value of $1,390,570.42. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,982 shares of company stock valued at $5,357,071. Company insiders own 0.46% of the company’s stock.
Lam Research Corporation Company Profile
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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