Truist Financial Corp Purchases 913,009 Shares of Lam Research Corporation $LRCX

Truist Financial Corp grew its holdings in shares of Lam Research Corporation (NASDAQ:LRCX) by 119.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,676,637 shares of the semiconductor company’s stock after purchasing an additional 913,009 shares during the period. Truist Financial Corp’s holdings in Lam Research were worth $224,502,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. IMG Wealth Management Inc. bought a new position in shares of Lam Research during the 2nd quarter valued at $26,000. Howard Hughes Medical Institute bought a new position in shares of Lam Research during the 2nd quarter valued at approximately $27,000. Strategic Wealth Investment Group LLC purchased a new stake in shares of Lam Research in the second quarter worth $29,000. Delos Wealth Advisors LLC purchased a new stake in Lam Research in the 2nd quarter worth $30,000. Finally, REAP Financial Group LLC bought a new stake in Lam Research during the 2nd quarter valued at approximately $31,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analysts Set New Price Targets

LRCX has been the topic of a number of research analyst reports. Zacks Research upgraded Lam Research from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 20th. Bank of America upped their price target on shares of Lam Research from $195.00 to $245.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Dbs Bank raised their price target on shares of Lam Research from $119.40 to $184.20 in a research note on Monday, October 27th. TD Cowen restated a “buy” rating on shares of Lam Research in a report on Thursday, October 23rd. Finally, BNP Paribas Exane upped their price target on shares of Lam Research from $80.00 to $140.00 and gave the stock a “neutral” rating in a research report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $202.81.

Insider Activity

In other Lam Research news, Director Bethany Mayer sold 1,298 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $159.99, for a total value of $207,667.02. Following the completion of the sale, the director owned 1,652 shares in the company, valued at approximately $264,303.48. This represents a 44.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Douglas R. Bettinger sold 40,080 shares of the business’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $150.60, for a total transaction of $6,036,048.00. Following the transaction, the chief financial officer directly owned 987,237 shares in the company, valued at approximately $148,677,892.20. The trade was a 3.90% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 41,408 shares of company stock worth $6,248,501. Insiders own 0.31% of the company’s stock.

Lam Research Price Performance

Shares of NASDAQ LRCX opened at $238.46 on Wednesday. The firm’s 50 day simple moving average is $181.49 and its 200-day simple moving average is $143.70. The stock has a market capitalization of $299.51 billion, a price-to-earnings ratio of 52.52, a PEG ratio of 2.82 and a beta of 1.77. Lam Research Corporation has a 12 month low of $56.32 and a 12 month high of $239.50. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.21 and a quick ratio of 1.60.

Lam Research Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Wednesday, December 3rd were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, December 3rd. Lam Research’s dividend payout ratio is currently 22.91%.

Lam Research Profile

Lam Research Corporation (NASDAQ: LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Founded in 1980 by David K. Lam and headquartered in Fremont, California, the company develops and manufactures systems used in multiple stages of semiconductor device production, including thin film deposition, plasma etch, wafer cleaning and related process modules and automation.

Lam’s product portfolio covers core process technologies employed by logic and memory manufacturers, with equipment designed to support advanced-node patterning, 3D NAND and other emerging device architectures.