Lam Research Corporation $LRCX Shares Sold by Northern Trust Corp

Northern Trust Corp reduced its stake in Lam Research Corporation (NASDAQ:LRCX) by 6.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,877,255 shares of the semiconductor company’s stock after selling 991,989 shares during the period. Northern Trust Corp’s holdings in Lam Research were worth $1,081,576,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of LRCX. Pinnacle Financial Partners Inc purchased a new position in Lam Research in the first quarter valued at $201,000. B. Riley Wealth Advisors Inc. purchased a new position in Lam Research in the fourth quarter valued at $6,296,000. China Universal Asset Management Co. Ltd. increased its holdings in Lam Research by 27.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 49,505 shares of the semiconductor company’s stock valued at $3,607,000 after buying an additional 10,565 shares during the last quarter. First Citizens Bank & Trust Co. increased its holdings in Lam Research by 47.8% in the first quarter. First Citizens Bank & Trust Co. now owns 121,902 shares of the semiconductor company’s stock valued at $8,862,000 after buying an additional 39,414 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. purchased a new position in Lam Research in the first quarter valued at $607,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on LRCX shares. Evercore ISI increased their target price on Lam Research from $95.00 to $99.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Wall Street Zen raised Lam Research from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. Needham & Company LLC raised their price objective on Lam Research from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. Oppenheimer raised their price objective on Lam Research from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, July 31st. Finally, TD Securities dropped their price objective on Lam Research from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, Lam Research has a consensus rating of “Moderate Buy” and a consensus price target of $107.09.

Lam Research Price Performance

Shares of LRCX opened at $98.88 on Tuesday. Lam Research Corporation has a twelve month low of $56.32 and a twelve month high of $108.02. The stock’s 50 day moving average is $97.71 and its two-hundred day moving average is $84.11. The firm has a market capitalization of $125.14 billion, a PE ratio of 23.77, a P/E/G ratio of 1.29 and a beta of 1.65. The company has a current ratio of 2.21, a quick ratio of 1.55 and a debt-to-equity ratio of 0.38.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, July 30th. The semiconductor company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Lam Research had a return on equity of 58.17% and a net margin of 29.07%. The company had revenue of $5.17 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same quarter in the previous year, the company earned $1.03 EPS. The firm’s revenue for the quarter was up 33.6% compared to the same quarter last year. Research analysts anticipate that Lam Research Corporation will post 3.71 earnings per share for the current year.

About Lam Research

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.