Groesbeck Investment Management Corp NJ Sells 1,030 Shares of Lam Research Corporation (NASDAQ:LRCX)

Groesbeck Investment Management Corp NJ lessened its holdings in shares of Lam Research Corporation (NASDAQ:LRCX) by 3.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 30,910 shares of the semiconductor company’s stock after selling 1,030 shares during the period. Lam Research accounts for approximately 3.1% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 5th biggest holding. Groesbeck Investment Management Corp NJ’s holdings in Lam Research were worth $2,247,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Lam Research by 892.7% during the 4th quarter. Vanguard Group Inc. now owns 120,787,727 shares of the semiconductor company’s stock worth $8,724,498,000 after acquiring an additional 108,619,564 shares in the last quarter. FMR LLC raised its position in shares of Lam Research by 1,032.6% during the 4th quarter. FMR LLC now owns 40,031,194 shares of the semiconductor company’s stock worth $2,891,453,000 after acquiring an additional 36,496,689 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Lam Research by 950.5% during the 4th quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company’s stock worth $2,495,128,000 after acquiring an additional 31,255,726 shares in the last quarter. Geode Capital Management LLC increased its position in Lam Research by 907.1% during the fourth quarter. Geode Capital Management LLC now owns 31,428,010 shares of the semiconductor company’s stock worth $2,265,610,000 after buying an additional 28,307,499 shares during the period. Finally, Norges Bank acquired a new position in Lam Research during the fourth quarter worth approximately $1,661,672,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Lam Research Stock Down 0.2%

Lam Research stock opened at $98.66 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.45 and a quick ratio of 1.64. Lam Research Corporation has a 1-year low of $56.32 and a 1-year high of $113.00. The company has a market cap of $126.20 billion, a PE ratio of 27.50, a price-to-earnings-growth ratio of 1.39 and a beta of 1.68. The stock’s 50 day moving average price is $85.70 and its 200 day moving average price is $78.95.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, April 23rd. The semiconductor company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.04. Lam Research had a return on equity of 53.21% and a net margin of 27.18%. The firm had revenue of $4.72 billion for the quarter, compared to the consensus estimate of $4.64 billion. During the same period in the previous year, the business earned $7.79 earnings per share. The company’s revenue for the quarter was up 24.4% compared to the same quarter last year. On average, sell-side analysts predict that Lam Research Corporation will post 3.71 EPS for the current fiscal year.

Lam Research Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 9th. Shareholders of record on Wednesday, June 18th will be given a dividend of $0.23 per share. The ex-dividend date is Wednesday, June 18th. This represents a $0.92 dividend on an annualized basis and a yield of 0.93%. Lam Research’s payout ratio is 25.63%.

Analyst Upgrades and Downgrades

Several research analysts have commented on LRCX shares. UBS Group cut their price target on Lam Research from $95.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Oppenheimer reaffirmed an “outperform” rating and set a $110.00 price target (up previously from $80.00) on shares of Lam Research in a research report on Tuesday, June 17th. Deutsche Bank Aktiengesellschaft set a $70.00 price target on Lam Research and gave the stock a “hold” rating in a research report on Thursday, April 24th. Bank of America cut their price target on Lam Research from $110.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, B. Riley reaffirmed a “buy” rating and set a $115.00 price target (up previously from $95.00) on shares of Lam Research in a research report on Wednesday, June 18th. Seven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Lam Research presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.20.

About Lam Research

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.