Lord Abbett & CO. LLC Acquires 1,296,622 Shares of Lam Research Corporation (NASDAQ:LRCX)

Lord Abbett & CO. LLC increased its holdings in Lam Research Corporation (NASDAQ:LRCX) by 204.3% in the 1st quarter, Holdings Channel reports. The fund owned 1,931,367 shares of the semiconductor company’s stock after buying an additional 1,296,622 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Lam Research were worth $140,410,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of LRCX. Smallwood Wealth Investment Management LLC bought a new position in shares of Lam Research in the 1st quarter worth about $26,000. West Paces Advisors Inc. bought a new stake in Lam Research during the 4th quarter valued at about $27,000. Mpwm Advisory Solutions LLC bought a new stake in Lam Research during the 4th quarter valued at about $27,000. Park Square Financial Group LLC bought a new stake in Lam Research during the 4th quarter valued at about $31,000. Finally, Putney Financial Group LLC bought a new stake in Lam Research during the 4th quarter valued at about $36,000. 84.61% of the stock is currently owned by institutional investors.

Lam Research Price Performance

Shares of NASDAQ:LRCX opened at $106.74 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.21 and a quick ratio of 1.55. Lam Research Corporation has a 1-year low of $56.32 and a 1-year high of $107.49. The company has a market capitalization of $135.09 billion, a P/E ratio of 25.66, a P/E/G ratio of 1.36 and a beta of 1.65. The firm’s 50 day simple moving average is $96.79 and its two-hundred day simple moving average is $83.51.

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

Lam Research Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Wednesday, June 18th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, June 18th. Lam Research’s payout ratio is 22.12%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Summit Insights lowered shares of Lam Research from a “buy” rating to a “hold” rating in a research note on Thursday, July 31st. Mizuho raised their price objective on shares of Lam Research from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Citigroup raised their price objective on shares of Lam Research from $108.00 to $113.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Wall Street Zen upgraded shares of Lam Research from a “hold” rating to a “buy” rating in a research note on Saturday, August 2nd. Finally, Argus raised their price target on shares of Lam Research from $105.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 1st. Seven analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.09.

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.