Lam Research Corporation $LRCX Stock: Phoenix Financial Ltd. Grows Position

Phoenix Financial Ltd. increased its holdings in shares of Lam Research Corporation (NASDAQ:LRCX) by 114.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,621 shares of the semiconductor company’s stock after purchasing an additional 8,872 shares during the period. Phoenix Financial Ltd.’s holdings in Lam Research were worth $5,460,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of LRCX. State Street Corp increased its stake in Lam Research by 2.6% in the second quarter. State Street Corp now owns 60,704,130 shares of the semiconductor company’s stock valued at $26,320,468,000 after purchasing an additional 1,545,830 shares during the period. Bank of America Corp DE boosted its stake in shares of Lam Research by 5.5% during the second quarter. Bank of America Corp DE now owns 11,244,147 shares of the semiconductor company’s stock worth $4,872,426,000 after buying an additional 584,489 shares during the period. Van ECK Associates Corp boosted its stake in shares of Lam Research by 411.8% during the second quarter. Van ECK Associates Corp now owns 11,089,395 shares of the semiconductor company’s stock worth $4,805,368,000 after buying an additional 8,922,854 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Lam Research during the second quarter worth about $3,777,585,000. Finally, Amundi grew its holdings in shares of Lam Research by 23.7% during the first quarter. Amundi now owns 10,147,479 shares of the semiconductor company’s stock worth $2,168,107,000 after buying an additional 1,942,862 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on LRCX shares. Needham & Company LLC dropped their price target on Lam Research from $390.00 to $290.00 and set a “buy” rating on the stock in a research report on Thursday, October 22nd. Morgan Stanley set a $339.00 price objective on Lam Research and gave the stock an “overweight” rating in a research report on Thursday, October 22nd. Berenberg Bank set a $420.00 target price on Lam Research in a research note on Wednesday, September 9th. Bank of America reissued a “buy” rating and issued a $345.00 target price on shares of Lam Research in a report on Thursday, October 22nd. Finally, Wells Fargo & Company restated an “overweight” rating and set a $350.00 price target (down from $450.00) on shares of Lam Research in a research note on Thursday, July 30th. Twenty-six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $357.57.

Insider Activity at Lam Research

In other news, insider Ava Harter sold 5,000 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $302.46, for a total transaction of $1,512,300.00. Following the completion of the transaction, the insider directly owned 42,462 shares of the company’s stock, valued at approximately $12,843,056.52. This represents a 10.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bethany Mayer sold 9,557 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $314.74, for a total value of $3,007,970.18. Following the completion of the sale, the director directly owned 20,995 shares of the company’s stock, valued at $6,607,966.30. This represents a 31.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 14,573 shares of company stock worth $4,523,606 in the last quarter. 0.31% of the stock is currently owned by insiders.

Lam Research News Roundup

Here’s some of the latest news about LRCX:

• Positive Sentiment: Lam’s board authorized a share-repurchase program of up to $25 billion and reaffirmed its quarterly dividend at $0.33 per share, providing a potential source of shareholder returns. Article: Lam Research Just Gave Investors Something To Think About
• Positive Sentiment: Bernstein analyst Stacy Rasgon remains favorable on Lam after its steep recent decline, while Wells Fargo’s move to a neutral view on U.S. AI infrastructure suggests a less negative backdrop for the sector. Article: Lam Research Lost About 34% in a Month. Here’s Why Bernstein’s Rasgon Still Likes It
• Neutral Sentiment: Lam committed $15 million over four years to a LEGO Education STEM initiative. The partnership supports future science and engineering talent, but is unlikely to materially affect near-term results. Article: Lam Research and LEGO Education Partnership

Lam Research Stock Performance

Shares of NASDAQ:LRCX traded down $7.86 during midday trading on Friday, hitting $225.92. The stock had a trading volume of 11,023,515 shares, compared to its average volume of 13,807,480. Lam Research Corporation has a 1 year low of $135.50 and a 1 year high of $438.50. The company has a current ratio of 2.48, a quick ratio of 1.86 and a debt-to-equity ratio of 0.27. The stock has a 50 day moving average price of $277.67 and a two-hundred day moving average price of $283.73. The company has a market capitalization of $282.21 billion, a PE ratio of 33.67, a P/E/G ratio of 0.87 and a beta of 1.97.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, October 21st. The semiconductor company reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.18 by $0.02. The firm had revenue of $8.22 billion during the quarter, compared to analysts’ expectations of $8.14 billion. Lam Research had a net margin of 32.34% and a return on equity of 72.15%. The firm’s revenue for the quarter was up 54.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.26 earnings per share. As a group, equities analysts predict that Lam Research Corporation will post 9.60 earnings per share for the current fiscal year.

Lam Research Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Wednesday, December 2nd will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, December 2nd. This represents a $1.32 annualized dividend and a yield of 0.6%. Lam Research’s payout ratio is presently 19.67%.

Lam Research announced that its Board of Directors has approved a stock repurchase program on Thursday, November 5th that authorizes the company to buy back $25 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

About Lam Research

Lam Research is a global supplier of equipment and services used to manufacture semiconductors. Its products help chipmakers create and process the microscopic structures that form integrated circuits. The company’s wafer fabrication equipment is used for processes including etch, thin-film deposition and wafer cleaning. Lam also provides services such as equipment maintenance, upgrades, spare parts and other support for chip manufacturing operations. Founded in 1980 and headquartered in Fremont, California, Lam Research serves semiconductor manufacturers around the world.