Bank of New York Mellon Corp Raises Stock Position in Lam Research Co. (NASDAQ:LRCX)

Bank of New York Mellon Corp grew its holdings in Lam Research Co. (NASDAQ:LRCX) by 860.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,786,808 shares of the semiconductor company’s stock after purchasing an additional 10,559,508 shares during the quarter. Bank of New York Mellon Corp owned 0.92% of Lam Research worth $851,361,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Van ECK Associates Corp boosted its position in Lam Research by 1,394.7% in the 3rd quarter. Van ECK Associates Corp now owns 16,081,071 shares of the semiconductor company’s stock valued at $13,123,440,000 after buying an additional 15,005,178 shares during the period. Swedbank AB raised its stake in shares of Lam Research by 1,488.8% in the fourth quarter. Swedbank AB now owns 3,069,002 shares of the semiconductor company’s stock valued at $221,674,000 after acquiring an additional 2,875,843 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Lam Research by 827.2% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,160,523 shares of the semiconductor company’s stock valued at $228,285,000 after purchasing an additional 2,819,668 shares during the period. Assenagon Asset Management S.A. acquired a new position in Lam Research during the 4th quarter worth $175,652,000. Finally, Principal Financial Group Inc. increased its holdings in Lam Research by 949.8% during the 4th quarter. Principal Financial Group Inc. now owns 2,625,490 shares of the semiconductor company’s stock worth $189,639,000 after purchasing an additional 2,375,385 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

Insiders Place Their Bets

In other Lam Research news, SVP Seshasayee Varadarajan sold 110,080 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $90.00, for a total transaction of $9,907,200.00. Following the completion of the transaction, the senior vice president now owns 179,084 shares in the company, valued at approximately $16,117,560. This represents a 38.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by insiders.

Lam Research Stock Performance

Shares of LRCX opened at $80.28 on Wednesday. The company’s 50 day simple moving average is $78.62 and its 200-day simple moving average is $78.11. Lam Research Co. has a 12-month low of $68.87 and a 12-month high of $113.00. The firm has a market cap of $103.06 billion, a PE ratio of 24.39, a price-to-earnings-growth ratio of 1.47 and a beta of 1.46. The company has a current ratio of 2.54, a quick ratio of 1.73 and a debt-to-equity ratio of 0.51.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings data on Wednesday, January 29th. The semiconductor company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.04. Lam Research had a net margin of 26.49% and a return on equity of 51.86%. As a group, equities analysts predict that Lam Research Co. will post 3.71 EPS for the current year.

Lam Research Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Wednesday, March 5th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.15%. The ex-dividend date is Wednesday, March 5th. Lam Research’s dividend payout ratio is presently 27.96%.

Analysts Set New Price Targets

LRCX has been the subject of several recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $100.00 price objective on shares of Lam Research in a research note on Tuesday, February 18th. Needham & Company LLC reiterated a “buy” rating and issued a $90.00 price target on shares of Lam Research in a research note on Thursday, January 30th. Sanford C. Bernstein raised shares of Lam Research from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $85.00 to $91.00 in a research report on Thursday, January 30th. Wells Fargo & Company lifted their price objective on shares of Lam Research from $82.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 30th. Finally, Mizuho boosted their target price on shares of Lam Research from $87.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Lam Research presently has an average rating of “Moderate Buy” and an average price target of $98.22.

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.