Summit Global Investments Has $5.88 Million Stock Holdings in Lam Research Co. (NASDAQ:LRCX)

Summit Global Investments grew its position in Lam Research Co. (NASDAQ:LRCX) by 60.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 7,208 shares of the semiconductor company’s stock after purchasing an additional 2,708 shares during the quarter. Summit Global Investments’ holdings in Lam Research were worth $5,882,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in LRCX. Csenge Advisory Group boosted its stake in shares of Lam Research by 7.4% in the 1st quarter. Csenge Advisory Group now owns 306 shares of the semiconductor company’s stock valued at $297,000 after purchasing an additional 21 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in Lam Research by 4.2% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 18,495 shares of the semiconductor company’s stock valued at $17,969,000 after buying an additional 748 shares in the last quarter. Nelson Capital Management LLC bought a new stake in shares of Lam Research during the first quarter worth $437,000. Hansen & Associates Financial Group Inc. acquired a new position in shares of Lam Research during the first quarter worth $300,000. Finally, Sustainable Insight Capital Management LLC bought a new position in shares of Lam Research in the 1st quarter valued at $9,600,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LRCX. StockNews.com cut Lam Research from a “buy” rating to a “hold” rating in a report on Friday, October 11th. Wells Fargo & Company lowered 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. B. Riley cut their target price on shares of Lam Research from $132.50 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Lam Research from $110.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $100.00 price target on shares of Lam Research in a research note on Thursday, October 24th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $97.03.

Lam Research Price Performance

LRCX stock opened at $79.21 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.53 and a quick ratio of 1.74. The company’s 50-day moving average is $77.73 and its 200-day moving average is $88.66. The stock has a market capitalization of $101.92 billion, a PE ratio of 25.60, a price-to-earnings-growth ratio of 1.18 and a beta of 1.48. Lam Research Co. has a 1 year low of $64.11 and a 1 year high of $113.00.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.05. The business had revenue of $4.17 billion for the quarter, compared to analyst estimates of $4.06 billion. Lam Research had a return on equity of 50.60% and a net margin of 26.02%. The company’s quarterly revenue was up 19.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.85 earnings per share. Equities research analysts expect that Lam Research Co. will post 3.52 EPS for the current fiscal year.

Lam Research Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Wednesday, December 11th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.16%. Lam Research’s dividend payout ratio (DPR) is presently 29.74%.

Insiders Place Their Bets

In other news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total transaction of $528,928.97. Following the completion of the transaction, the chief accounting officer now directly owns 4,267 shares in the company, valued at $3,488,315.17. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Lam Research 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.