Meridian Wealth Management LLC Purchases New Holdings in Lam Research Co. (NASDAQ:LRCX)

Meridian Wealth Management LLC acquired a new position in shares of Lam Research Co. (NASDAQ:LRCX) during the 3rd quarter, Holdings Channel reports. The firm acquired 953 shares of the semiconductor company’s stock, valued at approximately $778,000.

A number of other institutional investors also recently made changes to their positions in the business. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Lam Research in the second quarter worth $32,000. RFP Financial Group LLC grew its holdings in Lam Research by 52.2% during the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 12 shares in the last quarter. Hobbs Group Advisors LLC bought a new stake in shares of Lam Research in the 2nd quarter worth about $40,000. Country Trust Bank acquired a new stake in shares of Lam Research in the 2nd quarter valued at about $43,000. Finally, MFA Wealth Advisors LLC bought a new position in shares of Lam Research during the second quarter worth about $45,000. 84.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Christina Correia sold 647 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total transaction of $528,928.97. Following the completion of the sale, the chief accounting officer now directly owns 4,267 shares of the company’s stock, valued at $3,488,315.17. This represents a 13.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on LRCX. B. Riley lowered their price objective on Lam Research from $132.50 to $105.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. Morgan Stanley dropped their price target on Lam Research from $81.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 23rd. BNP Paribas raised shares of Lam Research to a “hold” rating in a report on Thursday, October 24th. Mizuho dropped their target price on shares of Lam Research from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Lam Research from $110.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $97.97.

Lam Research Stock Performance

Shares of LRCX opened at $72.64 on Friday. The firm has a market capitalization of $93.47 billion, a PE ratio of 23.48, a P/E/G ratio of 1.16 and a beta of 1.48. The company has a quick ratio of 1.74, a current ratio of 2.53 and a debt-to-equity ratio of 0.53. The firm has a 50-day moving average price of $76.93 and a 200 day moving average price of $87.32. Lam Research Co. has a 52-week low of $68.72 and a 52-week high of $113.00.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.05. The business had revenue of $4.17 billion for the quarter, compared to analyst estimates of $4.06 billion. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The business’s revenue for the quarter was up 19.7% on a year-over-year basis. During the same quarter last year, the business earned $6.85 earnings per share. On average, sell-side analysts anticipate that Lam Research Co. will post 3.52 earnings per share for the current fiscal year.

Lam Research Dividend Announcement

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

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.