Summit Global Investments Buys 6,183 Shares of Lam Research Corporation $LRCX

Summit Global Investments grew its stake in Lam Research Corporation (NASDAQ:LRCX) by 388.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,775 shares of the semiconductor company’s stock after purchasing an additional 6,183 shares during the quarter. Summit Global Investments’ holdings in Lam Research were worth $2,554,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. William Mack & Associates Inc. purchased a new position in shares of Lam Research during the third quarter valued at about $25,000. Cedar Mountain Advisors LLC raised its stake in Lam Research by 242.9% in the first quarter. Cedar Mountain Advisors LLC now owns 120 shares of the semiconductor company’s stock worth $26,000 after buying an additional 85 shares in the last quarter. Paladin Partners LLC bought a new position in Lam Research in the second quarter worth about $26,000. Quintet Private Bank Europe S.A. lifted its holdings in Lam Research by 100.0% in the third quarter. Quintet Private Bank Europe S.A. now owns 100 shares of the semiconductor company’s stock worth $33,000 after buying an additional 50 shares during the period. Finally, Dakota Community Bank & Trust NA purchased a new stake in Lam Research in the third quarter worth about $33,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

LRCX has been the topic of several research reports. Citigroup reaffirmed a “buy” rating and set a $435.00 price objective (down from $450.00) on shares of Lam Research in a research report on Thursday, October 22nd. Jefferies Financial Group set a $335.00 price target on Lam Research and gave the company a “buy” rating in a research report on Thursday, July 30th. Fundamental Research set a $390.00 price target on Lam Research in a research note on Thursday, October 1st. Bank of America reiterated a “buy” rating and issued a $345.00 price objective on shares of Lam Research in a report on Thursday, October 22nd. Finally, UBS Group reissued a “buy” rating and set a $400.00 price objective (down from $425.00) on shares of Lam Research in a research report on Thursday, October 22nd. Twenty-six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Lam Research has an average rating of “Moderate Buy” and an average target price of $360.23.

Lam Research Stock Down 6.0%

Shares of NASDAQ:LRCX opened at $239.11 on Friday. The company has a current ratio of 2.48, a quick ratio of 1.86 and a debt-to-equity ratio of 0.27. The stock has a fifty day simple moving average of $294.47 and a two-hundred day simple moving average of $283.78. Lam Research Corporation has a 12-month low of $135.50 and a 12-month high of $438.50. The stock has a market capitalization of $298.69 billion, a price-to-earnings ratio of 35.63, a PEG ratio of 0.89 and a beta of 1.85.

Lam Research (NASDAQ:LRCX) last released its earnings results 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 return on equity of 72.15% and a net margin of 32.34%. The firm had revenue of $8.22 billion for the quarter, compared to analysts’ expectations of $8.14 billion. During the same period in the prior year, the firm posted $1.26 earnings per share. The company’s quarterly revenue was up 54.4% on a year-over-year basis. On average, research analysts anticipate that Lam Research Corporation will post 9.59 earnings per share for the current fiscal year.

Lam Research Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 14th. Investors of record on Wednesday, September 23rd were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Wednesday, September 23rd. This is a positive change from Lam Research’s previous quarterly dividend of $0.26. Lam Research’s dividend payout ratio (DPR) is presently 19.67%.

Insider Activity

In other Lam Research news, insider Ava Harter sold 5,000 shares of Lam Research stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $302.46, for a total value of $1,512,300.00. Following the completion of the transaction, the insider directly owned 42,462 shares of the company’s stock, 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 Securities & Exchange Commission, 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 the company’s stock in a transaction that occurred on Wednesday, September 9th. The stock was 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 in the company, valued at approximately $6,607,966.30. This represents a 31.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.31% of the company’s stock.

Lam Research Company Profile

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.