Eagle Asset Management Inc. Boosts Position in Lam Research Co. (NASDAQ:LRCX)

Eagle Asset Management Inc. lifted its stake in shares of Lam Research Co. (NASDAQ:LRCX) by 1,111.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 52,036 shares of the semiconductor company’s stock after acquiring an additional 47,740 shares during the period. Eagle Asset Management Inc.’s holdings in Lam Research were worth $42,466,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of LRCX. Jennison Associates LLC increased its position in shares of Lam Research by 20.0% during the 3rd quarter. Jennison Associates LLC now owns 238,275 shares of the semiconductor company’s stock worth $194,451,000 after purchasing an additional 39,725 shares during the last quarter. Creative Planning increased its position in shares of Lam Research by 2.5% during the 3rd quarter. Creative Planning now owns 47,377 shares of the semiconductor company’s stock worth $38,664,000 after purchasing an additional 1,146 shares during the last quarter. Vest Financial LLC increased its position in shares of Lam Research by 68.7% during the 3rd quarter. Vest Financial LLC now owns 35,991 shares of the semiconductor company’s stock worth $29,372,000 after purchasing an additional 14,658 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Lam Research by 9.0% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 340,855 shares of the semiconductor company’s stock worth $278,165,000 after purchasing an additional 28,089 shares during the last quarter. Finally, Benson Investment Management Company Inc. acquired a new stake in shares of Lam Research during the 3rd quarter worth about $5,182,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Lam Research Price Performance

LRCX stock opened at $72.64 on Friday. The business has a 50 day moving average price of $76.93 and a 200 day moving average price of $87.35. The stock has a market cap of $93.47 billion, a price-to-earnings ratio of 23.48, a PEG ratio of 1.16 and a beta of 1.48. Lam Research Co. has a fifty-two week low of $68.72 and a fifty-two week high of $113.00. The company has a quick ratio of 1.74, a current ratio of 2.53 and a debt-to-equity ratio of 0.53.

Lam Research (NASDAQ:LRCX) last posted its earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.05. The firm had revenue of $4.17 billion during the quarter, compared to analysts’ expectations of $4.06 billion. Lam Research had a return on equity of 50.60% and a net margin of 26.02%. The firm’s revenue was up 19.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.85 earnings per share. Equities research analysts anticipate that Lam Research Co. will post 3.52 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Wednesday, December 11th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Wednesday, December 11th. Lam Research’s dividend payout ratio is currently 29.74%.

Insider Buying and Selling at Lam Research

In other Lam Research news, CAO Christina Correia sold 647 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total value of $528,928.97. Following the completion of the sale, the chief accounting officer now owns 4,267 shares in the company, valued at approximately $3,488,315.17. The trade was a 13.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on LRCX. Citigroup dropped their target price on Lam Research from $99.00 to $89.30 and set a “buy” rating for the company in a research report on Monday, September 16th. BNP Paribas raised Lam Research to a “hold” rating in a research report on Thursday, October 24th. Wells Fargo & Company dropped their target price on Lam Research from $88.00 to $85.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. TD Cowen lifted their target price on Lam Research from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, StockNews.com downgraded Lam Research from a “buy” rating to a “hold” rating in a research report on Friday, October 11th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.97.

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.