8,331 Lam Research Corporation $LRCX Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp grew its stake in Lam Research Corporation (NASDAQ:LRCX) by 1.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 535,838 shares of the semiconductor company’s stock after purchasing an additional 8,331 shares during the period. Fifth Third Bancorp’s holdings in Lam Research were worth $176,028,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in LRCX. State Street Corp grew its position in Lam Research by 2.6% during the second quarter. State Street Corp now owns 60,704,130 shares of the semiconductor company’s stock worth $26,320,468,000 after buying an additional 1,545,830 shares in the last quarter. Bank of America Corp DE raised its holdings in Lam Research by 5.5% in the 2nd quarter. Bank of America Corp DE now owns 11,244,147 shares of the semiconductor company’s stock valued at $4,872,426,000 after acquiring an additional 584,489 shares in the last quarter. Van ECK Associates Corp raised its holdings in Lam Research by 411.8% in the 2nd quarter. Van ECK Associates Corp now owns 11,089,395 shares of the semiconductor company’s stock valued at $4,805,368,000 after acquiring an additional 8,922,854 shares in the last quarter. Amundi raised its holdings in Lam Research by 23.7% in the 1st quarter. Amundi now owns 10,147,479 shares of the semiconductor company’s stock valued at $2,168,107,000 after acquiring an additional 1,942,862 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Lam Research by 2.0% in the 1st quarter. Janus Henderson Group PLC now owns 9,265,026 shares of the semiconductor company’s stock worth $1,975,244,000 after acquiring an additional 181,087 shares during the period. Institutional investors own 84.61% of the company’s stock.

Latest Lam Research News

These are some of the LRCX news items that stood out recently:

• Positive Sentiment: The board authorized up to $25 billion in share repurchases with no set end date and reaffirmed the $0.33 quarterly dividend. The buyback could support shareholder returns and demand for the stock, although it does not by itself resolve concerns about growth. Read More.
• Neutral Sentiment: Lam named longtime employee Kim Tae-won to lead its Korean operations, a region important to the company’s relationships with major chipmakers. The appointment may aid execution but has no clear immediate financial impact. Read More.
• Negative Sentiment: Despite the rebound, LRCX and other equipment stocks had recently suffered steep declines amid concerns about semiconductor spending. Supply constraints could also limit further margin improvement, while ETFs were net sellers on Nov. 6—evidence that sentiment and fund flows have been uneven. Read More. · Read More.

Lam Research Stock Up 6.1%

Shares of NASDAQ:LRCX opened at $235.88 on Thursday. The company’s fifty day moving average is $280.09 and its 200-day moving average is $283.74. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.86 and a current ratio of 2.48. Lam Research Corporation has a 52 week low of $135.50 and a 52 week high of $438.50. The company has a market capitalization of $294.65 billion, a PE ratio of 35.15, a P/E/G ratio of 0.82 and a beta of 1.97.

Lam Research (NASDAQ:LRCX) last announced its earnings results on Wednesday, October 21st. The semiconductor company reported $2.20 earnings per share (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 business had revenue of $8.22 billion during the quarter, compared to analysts’ expectations of $8.14 billion. During the same quarter last year, the company posted $1.26 EPS. The firm’s revenue for the quarter was up 54.4% on a year-over-year basis. Equities research analysts predict that Lam Research Corporation will post 9.60 earnings per share for the current fiscal year.

Lam Research declared that its Board of Directors has initiated a stock buyback plan on Thursday, November 5th that allows the company to repurchase $25 billion in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Lam Research Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 6th. Shareholders of record on Wednesday, December 2nd will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, December 2nd. Lam Research’s dividend payout ratio is currently 19.67%.

Insider Activity

In other news, insider Ava Harter sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $302.46, for a total transaction of $1,512,300.00. Following the completion of the sale, the insider owned 42,462 shares of the company’s stock, valued at approximately $12,843,056.52. This trade represents a 10.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bethany Mayer sold 9,557 shares of Lam Research stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $314.74, for a total transaction of $3,007,970.18. Following the completion of the transaction, the director owned 20,995 shares of the company’s stock, valued at $6,607,966.30. This trade represents a 31.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 14,573 shares of company stock worth $4,523,606 over the last ninety days. Insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Evercore set a $315.00 price objective on Lam Research in a report on Tuesday, October 20th. Wall Street Zen upgraded Lam Research from a “hold” rating to a “buy” rating in a research report on Saturday, October 24th. HSBC restated a “hold” rating and issued a $333.00 target price on shares of Lam Research in a research note on Monday, July 27th. Bank of America reaffirmed a “buy” rating and issued a $345.00 target price on shares of Lam Research in a research report on Thursday, October 22nd. Finally, B. Riley Financial decreased their price target on shares of Lam Research from $338.00 to $310.00 and set a “buy” rating on the stock in a research note on Monday. Twenty-six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Lam Research presently has an average rating of “Moderate Buy” and an average price target of $357.57.

About Lam Research

Lam Research is a global supplier of equipment and services used to manufacture semiconductors. Its products help chipmakers create and process the microscopic structures that form integrated circuits. The company’s wafer fabrication equipment is used for processes including etch, thin-film deposition and wafer cleaning. Lam also provides services such as equipment maintenance, upgrades, spare parts and other support for chip manufacturing operations. Founded in 1980 and headquartered in Fremont, California, Lam Research serves semiconductor manufacturers around the world.