ICICI Prudential Asset Management Co Ltd Purchases 65,780 Shares of Lam Research Co. (NASDAQ:LRCX)

ICICI Prudential Asset Management Co Ltd raised its position in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 1,401.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 70,475 shares of the semiconductor company's stock after purchasing an additional 65,780 shares during the quarter. ICICI Prudential Asset Management Co Ltd's holdings in Lam Research were worth $5,090,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of LRCX. Financial Perspectives Inc grew its position in Lam Research by 908.8% in the 4th quarter. Financial Perspectives Inc now owns 343 shares of the semiconductor company's stock valued at $25,000 after purchasing an additional 309 shares during the period. Atwood & Palmer Inc. bought a new stake in shares of Lam Research during the 4th quarter worth $27,000. West Oak Capital LLC raised its stake in shares of Lam Research by 50.9% during the 4th quarter. West Oak Capital LLC now owns 400 shares of the semiconductor company's stock worth $29,000 after purchasing an additional 135 shares during the period. Country Trust Bank raised its stake in shares of Lam Research by 900.0% during the 4th quarter. Country Trust Bank now owns 400 shares of the semiconductor company's stock worth $29,000 after purchasing an additional 360 shares during the period. Finally, Finley Financial LLC bought a new stake in shares of Lam Research during the 4th quarter worth $30,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Lam Research Stock Down 3.4 %

LRCX stock traded down $3.00 during midday trading on Friday, hitting $86.02. The stock had a trading volume of 11,946,823 shares, compared to its average volume of 12,254,699. The firm has a market cap of $110.42 billion, a price-to-earnings ratio of 26.13, a price-to-earnings-growth ratio of 1.45 and a beta of 1.46. The business has a 50-day moving average of $78.27 and a two-hundred day moving average of $77.97. Lam Research Co. has a 52-week low of $68.87 and a 52-week high of $113.00. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.54 and a quick ratio of 1.73.

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

Lam Research Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 9th. Stockholders of record on Wednesday, March 5th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.07%. Lam Research's dividend payout ratio is currently 27.95%.

Insider Transactions at Lam Research

In related news, SVP Seshasayee Varadarajan sold 110,080 shares of the stock in a transaction 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 $16,117,560. This trade represents a 38.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LRCX. Cantor Fitzgerald restated an "overweight" rating and issued a $100.00 price objective on shares of Lam Research in a research note on Tuesday. Wells Fargo & Company boosted their price objective on Lam Research from $82.00 to $85.00 and gave the stock an "equal weight" rating in a report on Thursday, January 30th. Susquehanna raised Lam Research from a "neutral" rating to a "positive" rating and boosted their price objective for the stock from $75.00 to $125.00 in a report on Thursday. Mizuho boosted their target price on Lam Research from $87.00 to $100.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, Barclays dropped their target price on Lam Research from $90.00 to $75.00 and set an "equal weight" rating for the company in a research report on Friday, January 17th. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $98.22.

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.