ABC Arbitrage SA Boosts Position in Lam Research Corporation (NASDAQ:LRCX)

ABC Arbitrage SA raised its stake in shares of Lam Research Corporation (NASDAQ:LRCX) by 508.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 21,549 shares of the semiconductor company’s stock after purchasing an additional 18,005 shares during the period. ABC Arbitrage SA’s holdings in Lam Research were worth $1,567,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Pinnacle Financial Partners Inc bought a new position in shares of Lam Research in the first quarter worth about $201,000. Cerity Partners LLC lifted its position in shares of Lam Research by 781.9% in the fourth quarter. Cerity Partners LLC now owns 331,170 shares of the semiconductor company’s stock worth $23,920,000 after buying an additional 293,619 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Lam Research in the fourth quarter worth about $6,296,000. China Universal Asset Management Co. Ltd. lifted its position in shares of Lam Research by 27.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 49,505 shares of the semiconductor company’s stock worth $3,607,000 after buying an additional 10,565 shares in the last quarter. Finally, First Citizens Bank & Trust Co. lifted its position in shares of Lam Research by 47.8% in the first quarter. First Citizens Bank & Trust Co. now owns 121,902 shares of the semiconductor company’s stock worth $8,862,000 after buying an additional 39,414 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

Lam Research Stock Up 2.1%

Lam Research stock opened at $98.41 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.21 and a quick ratio of 1.55. The stock has a market capitalization of $125.88 billion, a price-to-earnings ratio of 23.66, a PEG ratio of 1.29 and a beta of 1.65. Lam Research Corporation has a 1-year low of $56.32 and a 1-year high of $102.59. The business has a fifty day moving average price of $94.31 and a 200-day moving average price of $82.57.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, July 30th. The semiconductor company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Lam Research had a return on equity of 58.17% and a net margin of 29.07%. The business’s quarterly revenue was up 33.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.03 EPS. Equities research analysts forecast that Lam Research Corporation will post 3.71 EPS for the current fiscal year.

Lam Research Announces Dividend

The company also recently announced 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 of this dividend was Wednesday, June 18th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.9%. Lam Research’s payout ratio is 22.12%.

Analysts Set New Price Targets

A number of brokerages have issued reports on LRCX. UBS Group upped their price objective on Lam Research from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, July 21st. Wells Fargo & Company set a $98.00 price objective on Lam Research and gave the company an “equal weight” rating in a research report on Thursday. Cantor Fitzgerald restated an “overweight” rating and set a $115.00 price objective (up from $90.00) on shares of Lam Research in a research report on Tuesday, June 24th. KeyCorp upped their price objective on Lam Research from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Tuesday, July 15th. Finally, Summit Insights downgraded Lam Research from a “buy” rating to a “hold” rating in a report on Thursday, July 31st. Seven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $107.09.

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.