Lam Research Corporation $LRCX Stake Raised by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC raised its holdings in Lam Research Corporation (NASDAQ:LRCX) by 5,615.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,572 shares of the semiconductor company’s stock after acquiring an additional 2,527 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in Lam Research were worth $845,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of LRCX. Polaris Financial Partners bought a new stake in Lam Research during the third quarter worth approximately $4,814,000. Bank of America Corp DE grew its position in Lam Research by 5.5% in the second quarter. Bank of America Corp DE now owns 11,244,147 shares of the semiconductor company’s stock worth $4,872,426,000 after buying an additional 584,489 shares during the last quarter. Rokos Capital Management LLP grew its position in Lam Research by 42.0% in the first quarter. Rokos Capital Management LLP now owns 259,921 shares of the semiconductor company’s stock worth $55,532,000 after buying an additional 76,840 shares during the last quarter. Aware Super Pty Ltd as trustee of Aware Super bought a new position in shares of Lam Research in the first quarter valued at $59,973,000. Finally, Meeder Asset Management Inc. increased its holdings in shares of Lam Research by 50.7% in the first quarter. Meeder Asset Management Inc. now owns 37,383 shares of the semiconductor company’s stock valued at $7,987,000 after buying an additional 12,574 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Ava Harter sold 5,000 shares of Lam Research stock in a transaction on Monday, August 31st. The stock was sold at an average price of $302.46, for a total transaction of $1,512,300.00. Following the transaction, the insider owned 42,462 shares in the company, valued at approximately $12,843,056.52. The trade was a 10.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bethany Mayer sold 9,557 shares of the company’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $314.74, for a total value of $3,007,970.18. Following the transaction, the director directly owned 20,995 shares in the company, valued at $6,607,966.30. The trade was a 31.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.31% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

LRCX has been the subject of a number of recent research reports. Berenberg Bank set a $420.00 price objective on Lam Research in a research report on Wednesday, September 9th. Morgan Stanley set a $339.00 target price on Lam Research and gave the stock an “overweight” rating in a report on Thursday, October 22nd. TD Cowen reaffirmed a “buy” rating and set a $400.00 target price (up from $340.00) on shares of Lam Research in a research report on Thursday, July 9th. Mizuho cut their target price on Lam Research from $365.00 to $360.00 and set an “outperform” rating on the stock in a research report on Thursday, October 22nd. Finally, Jefferies Financial Group set a $335.00 target price on Lam Research and gave the company a “buy” rating in a report on Thursday, July 30th. Twenty-six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Lam Research has a consensus rating of “Moderate Buy” and a consensus target price of $360.23.

Lam Research Stock Down 4.0%

LRCX stock opened at $221.43 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.48 and a quick ratio of 1.86. The firm has a market capitalization of $276.60 billion, a P/E ratio of 34.13, a P/E/G ratio of 0.85 and a beta of 1.97. Lam Research Corporation has a 52-week low of $135.50 and a 52-week high of $438.50. The company’s 50 day simple moving average is $289.28 and its 200-day simple moving average is $283.97.

Lam Research (NASDAQ:LRCX) last posted its quarterly earnings data on Wednesday, October 21st. The semiconductor company reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $2.18 by $0.02. Lam Research had a net margin of 32.34% and a return on equity of 72.15%. The firm had revenue of $8.22 billion during the quarter, compared to analyst estimates of $8.14 billion. During the same quarter last year, the business posted $1.26 EPS. The company’s revenue was up 54.4% on a year-over-year basis. As a group, equities research analysts anticipate that Lam Research Corporation will post 9.59 EPS for the current year.

Lam Research Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 23rd were issued a $0.33 dividend. The ex-dividend date was Wednesday, September 23rd. This is an increase from Lam Research’s previous quarterly dividend of $0.26. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.6%. Lam Research’s dividend payout ratio is currently 19.67%.

About Lam Research

Lam Research Corporation (NASDAQ:LRCX) is a semiconductor equipment company that develops and manufactures systems used to fabricate integrated circuits. Its technologies support key stages of wafer processing, helping semiconductor manufacturers create the increasingly complex structures found in memory, logic and other types of chips.

The company’s product portfolio includes etch systems, which selectively remove materials from wafers; deposition systems, which apply thin films; and cleaning solutions used to remove contaminants and residue during manufacturing.