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

Corebridge Financial Inc. boosted its stake in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 836.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 413,073 shares of the semiconductor company's stock after purchasing an additional 368,966 shares during the period. Corebridge Financial Inc.'s holdings in Lam Research were worth $29,836,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Lam Research by 892.7% in the fourth 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 in the last quarter. Fisher Asset Management LLC raised its position in Lam Research by 892.7% in the fourth quarter. Fisher Asset Management LLC now owns 18,578,181 shares of the semiconductor company's stock valued at $1,341,902,000 after purchasing an additional 16,706,708 shares during the period. Amundi lifted its stake in shares of Lam Research by 7,601.9% during 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 boosted its position in shares of 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 worth $851,361,000 after buying an additional 10,559,508 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Lam Research by 931.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,482,429 shares of the semiconductor company's stock valued at $612,686,000 after buying an additional 7,659,830 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

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Lam Research Stock Down 0.4 %

NASDAQ LRCX traded down $0.32 on Tuesday, reaching $77.67. The stock had a trading volume of 6,436,759 shares, compared to its average volume of 11,084,305. The business has a 50 day moving average price of $79.75 and a 200 day moving average price of $77.31. Lam Research Co. has a 1 year low of $68.87 and a 1 year high of $113.00. The company has a market capitalization of $99.70 billion, a price-to-earnings ratio of 23.59, a P/E/G ratio of 1.47 and a beta of 1.53. The company has a current ratio of 2.54, a quick ratio of 1.73 and a debt-to-equity ratio of 0.51.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The semiconductor company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.87 by $0.04. Lam Research had a net margin of 26.49% and a return on equity of 51.86%. On average, analysts forecast that Lam Research Co. will post 3.71 EPS for the current fiscal year.

Lam Research Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 9th. Stockholders of record on Wednesday, March 5th will be issued a dividend of $0.23 per share. The ex-dividend date is Wednesday, March 5th. This represents a $0.92 annualized dividend and a dividend yield of 1.18%. Lam Research's payout ratio is 27.96%.

Wall Street Analyst Weigh In

LRCX has been the topic of several analyst reports. The Goldman Sachs Group cut their target price on Lam Research from $96.00 to $85.00 and set a "buy" rating on the stock in a research report on Friday, January 10th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $100.00 price target on shares of Lam Research in a report on Tuesday, February 18th. Wolfe Research downgraded shares of Lam Research from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, January 15th. KeyCorp raised shares of Lam Research from a "sector weight" rating to an "overweight" rating and set a $95.00 target price for the company in a research report on Friday, January 17th. Finally, Sanford C. Bernstein raised shares of Lam Research from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $85.00 to $91.00 in a research report on Thursday, January 30th. Six analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $98.06.

Insider Activity

In other Lam Research news, SVP Seshasayee Varadarajan sold 110,080 shares of Lam Research 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 sale, the senior vice president now directly owns 179,084 shares of the company's stock, valued at approximately $16,117,560. The trade was a 38.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is currently owned by company insiders.

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.