Concert Wealth Management Inc. Raises Stake in Lam Research Corp. (LRCX)
Concert Wealth Management Inc. raised its stake in shares of Lam Research Corp. (NASDAQ:LRCX) by 4.0% during the second quarter, Holdings Channel reports. The institutional investor owned 10,528 shares of the company’s stock after buying an additional 408 shares during the period. Concert Wealth Management Inc.’s holdings in Lam Research Corp. were worth $885,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Quadrant Capital Group LLC raised its stake in Lam Research Corp. by 28.6% in the second quarter. Quadrant Capital Group LLC now owns 1,258 shares of the company’s stock valued at $103,000 after buying an additional 280 shares in the last quarter. Advisor Partners LLC purchased a new stake in shares of Lam Research Corp. during the first quarter valued at approximately $217,000. Quantitative Systematic Strategies LLC purchased a new stake in shares of Lam Research Corp. during the second quarter valued at approximately $232,000. E&G Advisors LP increased its stake in shares of Lam Research Corp. by 23.1% in the second quarter. E&G Advisors LP now owns 3,200 shares of the company’s stock valued at $269,000 after buying an additional 600 shares during the period. Finally, Private Trust Co. NA increased its stake in shares of Lam Research Corp. by 14.4% in the second quarter. Private Trust Co. NA now owns 3,353 shares of the company’s stock valued at $281,000 after buying an additional 421 shares during the period.
Shares of Lam Research Corp. (NASDAQ:LRCX) traded down 2.61% during mid-day trading on Tuesday, reaching $99.48. 2,434,100 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $93.91 and its 200-day moving average is $86.08. Lam Research Corp. has a 52-week low of $63.10 and a 52-week high of $102.44. The stock has a market cap of $15.94 billion, a price-to-earnings ratio of 19.06 and a beta of 1.46.
Lam Research Corp. (NASDAQ:LRCX) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $1.80 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.16. Lam Research Corp. had a net margin of 15.53% and a return on equity of 18.95%. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the firm posted $1.50 earnings per share. The business’s revenue was up 4.4% on a year-over-year basis. On average, equities analysts expect that Lam Research Corp. will post $7.02 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 28th. Shareholders of record on Wednesday, September 14th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date was Monday, September 12th. Lam Research Corp.’s payout ratio is currently 22.99%.
Several equities research analysts recently commented on LRCX shares. Nomura upped their price target on shares of Lam Research Corp. from $85.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, June 23rd. Needham & Company LLC restated a “buy” rating on shares of Lam Research Corp. in a research report on Saturday, June 25th. Cowen and Company restated an “outperform” rating and issued a $85.00 price target on shares of Lam Research Corp. in a research report on Tuesday, July 12th. BlueFin Research upgraded shares of Lam Research Corp. to a “positive” rating in a research report on Monday, July 18th. Finally, Zacks Investment Research upgraded shares of Lam Research Corp. from a “sell” rating to a “hold” rating in a research report on Monday, July 18th. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $100.59.
About Lam Research Corp.
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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