Palouse Capital Management Inc. Cuts Stake in Lam Research Co. (NASDAQ:LRCX)

Palouse Capital Management Inc. trimmed its position in shares of Lam Research Co. (NASDAQ:LRCX) by 2.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 31,442 shares of the semiconductor company’s stock after selling 953 shares during the quarter. Lam Research comprises about 1.6% of Palouse Capital Management Inc.’s holdings, making the stock its 28th biggest holding. Palouse Capital Management Inc.’s holdings in Lam Research were worth $2,286,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Opal Wealth Advisors LLC purchased a new stake in Lam Research during the 1st quarter valued at about $45,000. Wealth Enhancement Advisory Services LLC grew its position in Lam Research by 14.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 300,193 shares of the semiconductor company’s stock valued at $21,824,000 after purchasing an additional 36,825 shares during the last quarter. Tritonpoint Wealth LLC grew its position in Lam Research by 0.8% during the 1st quarter. Tritonpoint Wealth LLC now owns 78,341 shares of the semiconductor company’s stock valued at $5,713,000 after purchasing an additional 658 shares during the last quarter. Azzad Asset Management Inc. ADV purchased a new stake in Lam Research during the 1st quarter valued at about $3,601,000. Finally, Salem Investment Counselors Inc. grew its position in Lam Research by 5.5% during the 1st quarter. Salem Investment Counselors Inc. now owns 4,716 shares of the semiconductor company’s stock valued at $344,000 after purchasing an additional 246 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on LRCX. Bank of America cut their price objective on shares of Lam Research from $110.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Barclays lowered their target price on shares of Lam Research from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. TD Securities lowered their target price on shares of Lam Research from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Morgan Stanley upped their target price on shares of Lam Research from $81.00 to $82.00 and gave the company an “equal weight” rating in a research note on Thursday, April 24th. Finally, B. Riley restated a “buy” rating on shares of Lam Research in a research note on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $90.87.

Lam Research Price Performance

Shares of NASDAQ:LRCX opened at $89.52 on Friday. The firm’s 50 day moving average price is $77.13 and its 200-day moving average price is $76.97. Lam Research Co. has a twelve month low of $56.32 and a twelve month high of $113.00. The company has a quick ratio of 1.73, a current ratio of 2.54 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $114.51 billion, a PE ratio of 27.19, a price-to-earnings-growth ratio of 1.47 and a beta of 1.65.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, April 23rd. The semiconductor company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.04. Lam Research had a net margin of 26.49% and a return on equity of 51.86%. The company had revenue of $4.72 billion for the quarter, compared to analysts’ expectations of $4.64 billion. During the same quarter last year, the business earned $7.79 EPS. The firm’s revenue was up 24.4% compared to the same quarter last year. Equities research 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, July 9th. Shareholders of record on Wednesday, June 18th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend is Wednesday, June 18th. Lam Research’s payout ratio is 25.63%.

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.