Cullen Frost Bankers Inc. grew its holdings in Lam Research Co. (NASDAQ:LRCX) by 3.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,092 shares of the semiconductor company’s stock after purchasing an additional 562 shares during the period. Cullen Frost Bankers Inc.’s holdings in Lam Research were worth $9,579,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in LRCX. Veritas Investment Partners UK Ltd. acquired a new position in Lam Research during the 4th quarter worth about $26,000. Bartlett & Co. LLC acquired a new position in Lam Research during the 4th quarter worth about $27,000. Sound Income Strategies LLC lifted its stake in Lam Research by 155.6% during the 1st quarter. Sound Income Strategies LLC now owns 46 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 28 shares in the last quarter. DB Wealth Management Group LLC acquired a new position in Lam Research during the 4th quarter worth about $34,000. Finally, Wealthcare Capital Management LLC acquired a new position in Lam Research during the 1st quarter worth about $37,000. 84.03% of the stock is currently owned by institutional investors and hedge funds.
In other Lam Research news, CEO Timothy Archer sold 4,465 shares of the stock in a transaction that occurred on Monday, May 10th. The stock was sold at an average price of $621.41, for a total transaction of $2,774,595.65. Also, EVP Patrick J. Lord sold 4,166 shares of the stock in a transaction that occurred on Monday, March 1st. The stock was sold at an average price of $576.56, for a total value of $2,401,948.96. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.
Lam Research (NASDAQ:LRCX) last released its quarterly earnings results on Tuesday, April 20th. The semiconductor company reported $7.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.56 by $0.93. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.72 billion. Lam Research had a return on equity of 55.82% and a net margin of 23.60%. The firm’s quarterly revenue was up 53.7% compared to the same quarter last year. During the same quarter last year, the business posted $3.98 EPS. As a group, sell-side analysts anticipate that Lam Research Co. will post 22.41 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 7th. Investors of record on Wednesday, June 16th will be paid a dividend of $1.30 per share. The ex-dividend date of this dividend is Tuesday, June 15th. This represents a $5.20 dividend on an annualized basis and a yield of 0.86%. Lam Research’s dividend payout ratio is presently 32.60%.
Several equities analysts recently issued reports on LRCX shares. The Goldman Sachs Group reissued a “buy” rating and set a $616.00 target price (up previously from $557.00) on shares of Lam Research in a research note on Monday, January 18th. B. Riley increased their price target on Lam Research from $800.00 to $815.00 and gave the company a “buy” rating in a research report on Thursday, April 22nd. Barclays increased their price target on Lam Research from $600.00 to $700.00 and gave the company an “overweight” rating in a research report on Wednesday, April 28th. Citigroup increased their price target on Lam Research from $660.00 to $750.00 in a research report on Monday, April 19th. Finally, Royal Bank of Canada increased their price target on Lam Research from $495.00 to $570.00 and gave the company an “outperform” rating in a research report on Thursday, January 28th. Four equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $663.41.
Lam Research Profile
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.
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