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

by · The Cerbat Gem

Provenance Wealth Advisors LLC grew its position in shares of Lam Research Corporation (NASDAQ:LRCX – Free Report) by 5,615.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm 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 SEC.

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

Insider Activity at Lam Research

In related news, Director Bethany Mayer sold 9,557 shares of the business’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 sale, the director owned 20,995 shares of the company’s stock, valued at $6,607,966.30. The trade was a 31.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ava Harter sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $302.46, for a total value of $1,512,300.00. Following the completion of the sale, the insider owned 42,462 shares of the company’s stock, valued at $12,843,056.52. This trade represents a 10.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on LRCX shares. Fundamental Research set a $390.00 target price on shares of Lam Research in a research report on Thursday, October 1st. HSBC reaffirmed a “hold” rating and set a $333.00 price target on shares of Lam Research in a report on Monday, July 27th. Wells Fargo & Company reiterated an “overweight” rating and set a $350.00 price objective (down from $450.00) on shares of Lam Research in a research report on Thursday, July 30th. Morgan Stanley set a $339.00 price objective on Lam Research and gave the stock an “overweight” rating in a report on Thursday, October 22nd. Finally, Bank of America reissued a “buy” rating and issued a $345.00 price objective on shares of Lam Research in a report on Thursday, October 22nd. Twenty-six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $360.23.

View Our Latest Stock Report on Lam Research

Lam Research Stock Performance

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

Lam Research (NASDAQ:LRCX – Get Free Report) last released its earnings results on Wednesday, October 21st. The semiconductor company reported $2.20 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $8.14 billion. During the same quarter last year, the company earned $1.26 EPS. Lam Research’s quarterly revenue was up 54.4% on a year-over-year basis. Sell-side analysts predict that Lam Research Corporation will post 9.59 earnings per share for the current fiscal year.

Lam Research Increases Dividend

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

Lam Research Profile

(Free Report)

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.

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