Invesco Ltd. increased its stake in Lam Research Co. (NASDAQ:LRCX – Get Rating) by 43.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 919,096 shares of the semiconductor company’s stock after purchasing an additional 279,193 shares during the period. Invesco Ltd. owned 0.66% of Lam Research worth $494,117,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. IndexIQ Advisors LLC raised its position in Lam Research by 2.3% in the 1st quarter. IndexIQ Advisors LLC now owns 2,405 shares of the semiconductor company’s stock worth $1,293,000 after purchasing an additional 55 shares during the last quarter. Waldron Private Wealth LLC grew its holdings in Lam Research by 6.7% during the 1st quarter. Waldron Private Wealth LLC now owns 624 shares of the semiconductor company’s stock worth $336,000 after acquiring an additional 39 shares during the period. AlphaCrest Capital Management LLC grew its holdings in Lam Research by 47.3% during the 1st quarter. AlphaCrest Capital Management LLC now owns 3,272 shares of the semiconductor company’s stock worth $1,759,000 after acquiring an additional 1,051 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Lam Research by 6.0% during the 1st quarter. Sequoia Financial Advisors LLC now owns 3,956 shares of the semiconductor company’s stock worth $2,126,000 after acquiring an additional 224 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund grew its holdings in Lam Research by 7.5% during the 1st quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 4,118 shares of the semiconductor company’s stock worth $2,214,000 after acquiring an additional 287 shares during the period. Institutional investors own 80.09% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts have commented on LRCX shares. The Goldman Sachs Group lifted their target price on shares of Lam Research from $448.00 to $504.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. StockNews.com lowered shares of Lam Research from a “buy” rating to a “hold” rating in a report on Friday, September 2nd. Cowen lowered their target price on shares of Lam Research from $800.00 to $620.00 in a report on Thursday, July 28th. Bank of America decreased their price target on shares of Lam Research from $650.00 to $540.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Finally, Piper Sandler decreased their price target on shares of Lam Research from $596.00 to $567.00 and set a “neutral” rating for the company in a report on Thursday, May 26th. Ten investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $610.30.
Lam Research Stock Up 2.6 %
Lam Research (NASDAQ:LRCX – Get Rating) last announced its earnings results on Wednesday, July 27th. The semiconductor company reported $8.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.30 by $1.53. Lam Research had a return on equity of 75.71% and a net margin of 26.73%. The business had revenue of $4.64 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter last year, the firm earned $8.09 EPS. Lam Research’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, analysts predict that Lam Research Co. will post 37.31 earnings per share for the current fiscal year.
Lam Research Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 5th. Shareholders of record on Wednesday, September 14th will be given a dividend of $1.725 per share. This is a positive change from Lam Research’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $6.90 annualized dividend and a dividend yield of 1.53%. Lam Research’s payout ratio is 18.32%.
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.
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