Summit Financial LLC Has $592,000 Position in Lam Research Co. (NASDAQ:LRCX)

Summit Financial LLC grew its stake in Lam Research Co. (NASDAQ:LRCX) by 882.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,165 shares of the semiconductor company’s stock after buying an additional 7,334 shares during the period. Summit Financial LLC’s holdings in Lam Research were worth $592,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. West Oak Capital LLC raised its holdings in Lam Research by 50.9% during the 4th quarter. West Oak Capital LLC now owns 400 shares of the semiconductor company’s stock worth $29,000 after purchasing an additional 135 shares during the last quarter. IHT Wealth Management LLC grew its holdings in Lam Research by 5.7% during the 3rd quarter. IHT Wealth Management LLC now owns 2,729 shares of the semiconductor company’s stock worth $2,216,000 after acquiring an additional 147 shares during the period. Stevens Capital Management LP raised its position in shares of Lam Research by 112.4% in the 3rd quarter. Stevens Capital Management LP now owns 427 shares of the semiconductor company’s stock worth $348,000 after acquiring an additional 226 shares in the last quarter. Rench Wealth Management Inc. lifted its stake in shares of Lam Research by 3.1% in the 3rd quarter. Rench Wealth Management Inc. now owns 7,922 shares of the semiconductor company’s stock valued at $6,465,000 after purchasing an additional 237 shares during the period. Finally, Texas Capital Bank Wealth Management Services Inc boosted its position in shares of Lam Research by 2.6% during the 3rd quarter. Texas Capital Bank Wealth Management Services Inc now owns 9,911 shares of the semiconductor company’s stock valued at $8,088,000 after purchasing an additional 255 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

LRCX has been the topic of several recent analyst reports. Susquehanna raised Lam Research from a “neutral” rating to a “positive” rating and boosted their price target for the company from $75.00 to $125.00 in a research note on Thursday, February 20th. Wells Fargo & Company increased their target price on shares of Lam Research from $82.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 30th. KeyCorp raised shares of Lam Research from a “sector weight” rating to an “overweight” rating and set a $95.00 price target for the company in a research note on Friday, January 17th. Jefferies Financial Group upped their price objective on shares of Lam Research from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, March 28th. Finally, Wolfe Research downgraded Lam Research from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, January 15th. Six analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $97.59.

Lam Research Trading Up 1.3 %

Shares of LRCX stock opened at $73.78 on Thursday. The company has a quick ratio of 1.73, a current ratio of 2.54 and a debt-to-equity ratio of 0.51. The firm has a market cap of $94.71 billion, a P/E ratio of 22.41, a PEG ratio of 1.47 and a beta of 1.53. The company has a 50 day moving average of $78.99 and a 200-day moving average of $77.28. Lam Research Co. has a 12-month low of $68.87 and a 12-month high of $113.00.

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

Lam Research Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Wednesday, March 5th will be given a dividend of $0.23 per share. The ex-dividend date is Wednesday, March 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.25%. Lam Research’s dividend payout ratio is presently 27.96%.

Insider Transactions at Lam Research

In other Lam Research news, SVP Seshasayee Varadarajan sold 110,080 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $90.00, for a total transaction of $9,907,200.00. Following the sale, the senior vice president now owns 179,084 shares in the company, valued at $16,117,560. This represents a 38.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.29% of the company’s stock.

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.