Grant Street Asset Management Inc. Grows Stock Holdings in Lam Research Co. (NASDAQ:LRCX)

Grant Street Asset Management Inc. raised its position in shares of Lam Research Co. (NASDAQ:LRCXGet Rating) by 24.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 411 shares of the semiconductor company’s stock after buying an additional 81 shares during the period. Grant Street Asset Management Inc.’s holdings in Lam Research were worth $221,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Congress Wealth Management LLC DE acquired a new position in shares of Lam Research during the fourth quarter valued at about $510,000. Envestnet Asset Management Inc. increased its holdings in shares of Lam Research by 5.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 182,625 shares of the semiconductor company’s stock valued at $131,335,000 after acquiring an additional 8,812 shares in the last quarter. Modera Wealth Management LLC acquired a new position in shares of Lam Research during the fourth quarter valued at about $706,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in shares of Lam Research by 15.3% during the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 83,254 shares of the semiconductor company’s stock valued at $60,397,000 after acquiring an additional 11,071 shares in the last quarter. Finally, Capco Asset Management LLC increased its holdings in shares of Lam Research by 0.8% during the fourth quarter. Capco Asset Management LLC now owns 42,360 shares of the semiconductor company’s stock valued at $30,463,000 after acquiring an additional 351 shares in the last quarter. 82.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group cut their price objective on shares of Lam Research from $869.00 to $670.00 in a report on Friday, April 22nd. Bank of America cut their price target on shares of Lam Research from $650.00 to $540.00 and set a “buy” rating on the stock in a report on Wednesday, June 29th. Cowen cut their price target on shares of Lam Research from $800.00 to $620.00 in a report on Thursday, July 28th. The Goldman Sachs Group increased their price target on shares of Lam Research from $448.00 to $504.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Finally, Wells Fargo & Company upped their price objective on Lam Research from $460.00 to $475.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. Eleven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $613.32.

Lam Research Price Performance

LRCX stock traded down $20.62 during midday trading on Wednesday, reaching $489.74. The stock had a trading volume of 28,186 shares, compared to its average volume of 1,655,471. The company’s fifty day simple moving average is $455.23 and its 200 day simple moving average is $495.93. The company has a current ratio of 2.69, a quick ratio of 1.82 and a debt-to-equity ratio of 0.80. The company has a market cap of $67.93 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 1.17 and a beta of 1.33. Lam Research Co. has a 52-week low of $375.87 and a 52-week high of $731.85.

Lam Research (NASDAQ:LRCXGet Rating) last announced its quarterly earnings data on Wednesday, July 27th. The semiconductor company reported $8.83 earnings per share for the quarter, beating analysts’ consensus estimates of $7.30 by $1.53. The company had revenue of $4.64 billion for the quarter, compared to analyst estimates of $4.21 billion. Lam Research had a return on equity of 75.71% and a net margin of 26.73%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter last year, the firm posted $8.09 EPS. As a group, sell-side analysts predict that Lam Research Co. will post 37.6 earnings per share for the current fiscal year.

About Lam Research

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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.

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Institutional Ownership by Quarter for Lam Research (NASDAQ:LRCX)

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