Fort Pitt Capital Group LLC Raises Stake in Lam Research Co. (NASDAQ:LRCX)

by · The Cerbat Gem

Fort Pitt Capital Group LLC boosted its position in Lam Research Co. (NASDAQ:LRCX – Free Report) by 18.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,957 shares of the semiconductor company’s stock after buying an additional 12,273 shares during the quarter. Lam Research makes up approximately 1.8% of Fort Pitt Capital Group LLC’s portfolio, making the stock its 26th biggest position. Fort Pitt Capital Group LLC’s holdings in Lam Research were worth $63,619,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Creative Planning boosted its stake in Lam Research by 2.5% in the third quarter. Creative Planning now owns 47,377 shares of the semiconductor company’s stock worth $38,664,000 after buying an additional 1,146 shares in the last quarter. Vest Financial LLC boosted its stake in Lam Research by 68.7% in the third quarter. Vest Financial LLC now owns 35,991 shares of the semiconductor company’s stock worth $29,372,000 after buying an additional 14,658 shares in the last quarter. Symmetry Investments LP purchased a new stake in shares of Lam Research during the second quarter valued at approximately $3,229,000. Benson Investment Management Company Inc. purchased a new stake in shares of Lam Research during the third quarter valued at approximately $5,182,000. Finally, Vontobel Holding Ltd. boosted its stake in shares of Lam Research by 38.4% during the third quarter. Vontobel Holding Ltd. now owns 120,736 shares of the semiconductor company’s stock valued at $98,530,000 after purchasing an additional 33,489 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Lam Research Stock Up 0.6 %

LRCX stock opened at $74.80 on Friday. The business’s 50-day moving average price is $78.15 and its 200-day moving average price is $88.99. The stock has a market cap of $96.24 billion, a P/E ratio of 24.18, a PEG ratio of 1.18 and a beta of 1.48. Lam Research Co. has a twelve month low of $61.82 and a twelve month high of $113.00. The company has a quick ratio of 1.74, a current ratio of 2.53 and a debt-to-equity ratio of 0.53.

Lam Research (NASDAQ:LRCX – Get Free Report) last issued its earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.05. The company had revenue of $4.17 billion for the quarter, compared to the consensus estimate of $4.06 billion. Lam Research had a return on equity of 50.60% and a net margin of 26.02%. The firm’s quarterly revenue was up 19.7% on a year-over-year basis. During the same quarter last year, the company earned $6.85 EPS. On average, equities research analysts forecast that Lam Research Co. will post 3.52 EPS for the current year.

Lam Research Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend was Tuesday, September 17th. Lam Research’s dividend payout ratio (DPR) is presently 29.74%.

Insider Activity at Lam Research

In related news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total transaction of $528,928.97. Following the sale, the chief accounting officer now owns 4,267 shares of the company’s stock, valued at approximately $3,488,315.17. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on LRCX shares. B. Riley dropped their price objective on Lam Research from $132.50 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. BNP Paribas raised Lam Research to a “hold” rating in a research note on Thursday, October 24th. Needham & Company LLC reissued a “buy” rating and set a $100.00 price objective on shares of Lam Research in a research note on Thursday, October 24th. Wells Fargo & Company dropped their price objective on Lam Research from $88.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, October 24th. Finally, Morgan Stanley dropped their price objective on Lam Research from $81.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 23rd. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.03.

Get Our Latest Analysis on LRCX

About Lam Research

(Free Report)

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.

See Also

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