Corebridge Financial Inc. Buys 368,966 Shares of Lam Research Co. (NASDAQ:LRCX)

Corebridge Financial Inc. raised its position in shares of Lam Research Co. (NASDAQ:LRCX) by 836.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 413,073 shares of the semiconductor company’s stock after purchasing an additional 368,966 shares during the quarter. Corebridge Financial Inc.’s holdings in Lam Research were worth $29,836,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in LRCX. Vanguard Group Inc. grew its holdings in Lam Research by 892.7% during the 4th quarter. Vanguard Group Inc. now owns 120,787,727 shares of the semiconductor company’s stock worth $8,724,498,000 after acquiring an additional 108,619,564 shares during the period. Fisher Asset Management LLC grew its stake in Lam Research by 892.7% during the fourth quarter. Fisher Asset Management LLC now owns 18,578,181 shares of the semiconductor company’s stock worth $1,341,902,000 after purchasing an additional 16,706,708 shares during the period. Amundi increased its holdings in Lam Research by 7,601.9% in the fourth quarter. Amundi now owns 12,945,172 shares of the semiconductor company’s stock worth $990,464,000 after purchasing an additional 12,777,094 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Lam Research by 860.4% in the fourth quarter. Bank of New York Mellon Corp now owns 11,786,808 shares of the semiconductor company’s stock valued at $851,361,000 after buying an additional 10,559,508 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Lam Research by 931.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,482,429 shares of the semiconductor company’s stock worth $612,686,000 after buying an additional 7,659,830 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LRCX. Wells Fargo & Company increased their target price on shares of Lam Research from $82.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 30th. Barclays reduced their target price on Lam Research from $90.00 to $75.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $90.00 price target on shares of Lam Research in a research note on Thursday, January 30th. Mizuho raised their price objective on Lam Research from $87.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $100.00 target price on shares of Lam Research in a research report on Tuesday, February 18th. Six research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $98.06.

Insiders Place Their Bets

In related news, SVP Seshasayee Varadarajan sold 110,080 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $90.00, for a total transaction of $9,907,200.00. Following the completion of the transaction, the senior vice president now owns 179,084 shares of the company’s stock, valued at $16,117,560. This trade represents a 38.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by corporate insiders.

Lam Research Price Performance

Shares of Lam Research stock opened at $75.84 on Monday. The company’s fifty day simple moving average is $79.62 and its two-hundred day simple moving average is $77.29. The firm has a market cap of $97.35 billion, a PE ratio of 23.04, a price-to-earnings-growth ratio of 1.47 and a beta of 1.53. The company has a quick ratio of 1.73, a current ratio of 2.54 and a debt-to-equity ratio of 0.51. Lam Research Co. has a 12-month low of $68.87 and a 12-month high of $113.00.

Lam Research (NASDAQ:LRCX) last posted its earnings results on Wednesday, January 29th. The semiconductor company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.04. Lam Research had a return on equity of 51.86% and a net margin of 26.49%. As a group, equities analysts expect that Lam Research Co. will post 3.71 EPS for the current year.

Lam Research Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 9th. Stockholders of record on Wednesday, March 5th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Wednesday, March 5th. Lam Research’s dividend payout ratio is currently 27.96%.

Lam Research Profile

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.