Eagle Asset Management Inc. Buys 47,740 Shares of Lam Research Co. (NASDAQ:LRCX)

Eagle Asset Management Inc. lifted its stake in Lam Research Co. (NASDAQ:LRCX) by 1,111.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,036 shares of the semiconductor company’s stock after purchasing an additional 47,740 shares during the period. Eagle Asset Management Inc.’s holdings in Lam Research were worth $42,466,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. CarsonAllaria Wealth Management Ltd. purchased a new stake in Lam Research in the second quarter worth about $32,000. RFP Financial Group LLC lifted its position in shares of Lam Research by 52.2% during the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 12 shares during the last quarter. Hobbs Group Advisors LLC purchased a new stake in shares of Lam Research during the second quarter valued at about $40,000. Country Trust Bank purchased a new stake in shares of Lam Research during the second quarter valued at about $43,000. Finally, MFA Wealth Advisors LLC purchased a new stake in shares of Lam Research during the second quarter valued at about $45,000. 84.61% of the stock is currently owned by institutional investors.

Lam Research Price Performance

Shares of NASDAQ LRCX opened at $72.64 on Friday. The firm’s 50 day simple moving average is $76.93 and its 200-day simple moving average is $87.35. Lam Research Co. has a 12 month low of $68.72 and a 12 month high of $113.00. The stock has a market capitalization of $93.47 billion, a price-to-earnings ratio of 23.48, a PEG ratio of 1.16 and a beta of 1.48. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.53 and a quick ratio of 1.74.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.05. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The firm had revenue of $4.17 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same quarter last year, the company earned $6.85 EPS. The firm’s revenue for the quarter was up 19.7% compared to the same quarter last year. Analysts expect that Lam Research Co. will post 3.52 EPS for the current year.

Lam Research Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Wednesday, December 11th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $0.92 dividend on an annualized basis and a yield of 1.27%. Lam Research’s dividend payout ratio is currently 29.74%.

Analyst Upgrades and Downgrades

Several analysts have commented on LRCX shares. Wells Fargo & Company decreased their price target on shares of Lam Research from $88.00 to $85.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Mizuho decreased their price objective on shares of Lam Research from $105.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Lam Research in a research report on Thursday, October 24th. TD Cowen increased their price objective on shares of Lam Research from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Lam Research from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $97.97.

Insider Activity at Lam Research

In other Lam Research news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total value of $528,928.97. Following the transaction, the chief accounting officer now owns 4,267 shares in the company, valued at approximately $3,488,315.17. This trade represents a 13.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.29% of the stock is owned by corporate insiders.

Lam Research Company 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.