Socorro Asset Management LP Sells 20,735 Shares of Lam Research Corporation $LRCX

Socorro Asset Management LP lessened its holdings in shares of Lam Research Corporation (NASDAQ:LRCX) by 48.7% in the first quarter, HoldingsChannel.com reports. The fund owned 21,809 shares of the semiconductor company’s stock after selling 20,735 shares during the period. Socorro Asset Management LP’s holdings in Lam Research were worth $4,660,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank purchased a new stake in Lam Research during the fourth quarter valued at about $3,645,427,000. Price T Rowe Associates Inc. MD lifted its stake in Lam Research by 352.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,695,210 shares of the semiconductor company’s stock worth $2,344,347,000 after purchasing an additional 10,666,540 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Lam Research by 57.0% in the 4th quarter. Franklin Resources Inc. now owns 10,110,560 shares of the semiconductor company’s stock worth $1,730,724,000 after purchasing an additional 3,671,073 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in shares of Lam Research by 235.5% in the 4th quarter. Corient Private Wealth LLC now owns 5,199,441 shares of the semiconductor company’s stock worth $890,040,000 after purchasing an additional 3,649,553 shares in the last quarter. Finally, J. Stern & Co. LLP increased its position in shares of Lam Research by 3,826.9% during the 4th quarter. J. Stern & Co. LLP now owns 3,459,377 shares of the semiconductor company’s stock valued at $592,176,000 after purchasing an additional 3,371,283 shares during the last quarter. 84.61% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LRCX. Wall Street Zen cut Lam Research from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Evercore reiterated an “outperform” rating and set a $355.00 price target on shares of Lam Research in a research report on Monday, July 20th. Mizuho lifted their price target on shares of Lam Research from $380.00 to $400.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Stifel Nicolaus boosted their price objective on shares of Lam Research from $325.00 to $425.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Finally, Sanford C. Bernstein upped their price objective on shares of Lam Research from $325.00 to $340.00 and gave the company an “outperform” rating in a research note on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $363.37.

Lam Research Stock Performance

Lam Research stock opened at $291.61 on Tuesday. Lam Research Corporation has a fifty-two week low of $90.93 and a fifty-two week high of $438.50. The stock’s 50 day simple moving average is $342.02 and its two-hundred day simple moving average is $274.96. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.77 and a current ratio of 2.54. The stock has a market cap of $364.68 billion, a price-to-earnings ratio of 55.02, a PEG ratio of 1.81 and a beta of 1.80.

Lam Research Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 8th. Shareholders of record on Wednesday, June 17th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, June 17th. Lam Research’s payout ratio is 19.62%.

Insider Activity at Lam Research

In other news, SVP Neil J. Fernandes sold 7,659 shares of Lam Research stock in a transaction on Monday, June 1st. The shares were sold at an average price of $309.60, for a total transaction of $2,371,226.40. Following the transaction, the senior vice president owned 58,470 shares in the company, valued at $18,102,312. This trade represents a 11.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric Brandt sold 54,500 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $350.80, for a total value of $19,118,600.00. Following the transaction, the director owned 199,205 shares of the company’s stock, valued at approximately $69,881,114. This trade represents a 21.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 98,611 shares of company stock worth $32,250,190. 0.31% of the stock is owned by company insiders.

About Lam Research

Lam Research Corporation (NASDAQ: LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Founded in 1980 by David K. Lam and headquartered in Fremont, California, the company develops and manufactures systems used in multiple stages of semiconductor device production, including thin film deposition, plasma etch, wafer cleaning and related process modules and automation.

Lam’s product portfolio covers core process technologies employed by logic and memory manufacturers, with equipment designed to support advanced-node patterning, 3D NAND and other emerging device architectures.