Drive Wealth Management LLC Purchases New Position in Lam Research Corporation (NASDAQ:LRCX)

Drive Wealth Management LLC acquired a new stake in shares of Lam Research Corporation (NASDAQ:LRCX) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,920 shares of the semiconductor company’s stock, valued at approximately $213,000.

A number of other institutional investors have also recently bought and sold shares of LRCX. Brighton Jones LLC increased its holdings in Lam Research by 1,032.4% during the 4th 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 in the last quarter. Congress Wealth Management LLC DE boosted its position in shares of Lam Research by 1,079.6% during the fourth quarter. Congress Wealth Management LLC DE now owns 10,675 shares of the semiconductor company’s stock worth $771,000 after buying an additional 9,770 shares during the period. WINTON GROUP Ltd boosted its position in shares of Lam Research by 3,326.8% during the fourth quarter. WINTON GROUP Ltd now owns 15,969 shares of the semiconductor company’s stock worth $1,153,000 after buying an additional 15,503 shares during the period. UniSuper Management Pty Ltd grew its holdings in shares of Lam Research by 449.5% during the fourth quarter. UniSuper Management Pty Ltd now owns 246,116 shares of the semiconductor company’s stock worth $17,777,000 after buying an additional 201,328 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised its position in Lam Research by 64.5% in the 4th quarter. Loomis Sayles & Co. L P now owns 979 shares of the semiconductor company’s stock valued at $71,000 after buying an additional 384 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Lam Research Stock Performance

NASDAQ LRCX opened at $96.96 on Friday. The stock has a market cap of $124.02 billion, a PE ratio of 27.02, a P/E/G ratio of 1.38 and a beta of 1.68. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.64 and a current ratio of 2.45. The firm has a 50-day moving average of $92.49 and a 200-day moving average of $81.62. Lam Research Corporation has a 52-week low of $56.32 and a 52-week high of $102.59.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings data on Wednesday, April 23rd. The semiconductor company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.04. Lam Research had a net margin of 27.18% and a return on equity of 53.21%. The firm had revenue of $4.72 billion during the quarter, compared to the consensus estimate of $4.64 billion. During the same period last year, the business posted $7.79 earnings per share. The business’s revenue for the quarter was up 24.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Lam Research Corporation will post 3.71 EPS for the current year.

Lam Research Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Wednesday, June 18th were issued a dividend of $0.23 per share. The ex-dividend date was Wednesday, June 18th. This represents a $0.92 annualized dividend and a yield of 0.95%. Lam Research’s payout ratio is currently 25.63%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on LRCX shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $115.00 price target (up previously from $90.00) on shares of Lam Research in a research report on Tuesday, June 24th. Argus raised shares of Lam Research to a “strong-buy” rating in a research report on Friday, April 25th. Deutsche Bank Aktiengesellschaft set a $70.00 target price on shares of Lam Research and gave the stock a “hold” rating in a report on Thursday, April 24th. Stifel Nicolaus lowered their price target on shares of Lam Research from $100.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Finally, Needham & Company LLC cut their price target on shares of Lam Research from $96.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $100.57.

Lam Research Company 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.