Summit Global Investments Buys 6,968 Shares of Lam Research Co. (NASDAQ:LRCX)

Summit Global Investments raised its holdings in Lam Research Co. (NASDAQ:LRCX - Free Report) by 96.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,176 shares of the semiconductor company's stock after acquiring an additional 6,968 shares during the period. Summit Global Investments' holdings in Lam Research were worth $1,024,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Advisors Asset Management Inc. raised its position in Lam Research by 3.9% in the third quarter. Advisors Asset Management Inc. now owns 3,859 shares of the semiconductor company's stock valued at $3,149,000 after purchasing an additional 144 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Lam Research by 9.2% in the 3rd quarter. Pacer Advisors Inc. now owns 24,366 shares of the semiconductor company's stock valued at $19,885,000 after buying an additional 2,062 shares during the last quarter. Eagle Asset Management Inc. boosted its position in Lam Research by 1,111.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 52,036 shares of the semiconductor company's stock worth $42,466,000 after buying an additional 47,740 shares during the period. Meridian Wealth Management LLC acquired a new position in Lam Research in the 3rd quarter valued at approximately $778,000. Finally, Nicolet Advisory Services LLC increased its position in Lam Research by 909.8% in the 3rd quarter. Nicolet Advisory Services LLC now owns 4,514 shares of the semiconductor company's stock valued at $3,684,000 after acquiring an additional 4,067 shares during the period. Institutional investors and hedge funds own 84.61% of the company's stock.

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Analysts Set New Price Targets

Several brokerages recently weighed in on LRCX. Susquehanna raised shares of 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 research note on Thursday, February 20th. Mizuho increased their price target on Lam Research from $87.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Oppenheimer initiated coverage on Lam Research in a research note on Thursday, March 20th. They issued an "outperform" rating and a $95.00 price objective on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $100.00 price target on shares of Lam Research in a report on Tuesday, February 18th. Finally, Wells Fargo & Company boosted their price target on shares of Lam Research from $82.00 to $85.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 30th. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, Lam Research currently has a consensus rating of "Moderate Buy" and an average price target of $98.06.

Insider Activity at Lam Research

In other news, SVP Seshasayee Varadarajan sold 110,080 shares of Lam Research stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $90.00, for a total value of $9,907,200.00. Following the completion of the transaction, the senior vice president now owns 179,084 shares in the company, valued at $16,117,560. This trade represents a 38.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by company insiders.

Lam Research Stock Down 0.2 %

LRCX traded down $0.13 during mid-day trading on Tuesday, reaching $77.86. 3,614,062 shares of the stock were exchanged, compared to its average volume of 11,069,593. The stock has a market capitalization of $99.95 billion, a PE ratio of 23.65, a price-to-earnings-growth ratio of 1.47 and a beta of 1.53. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.73 and a current ratio of 2.54. The company has a 50 day moving average price of $79.70 and a two-hundred day moving average price of $77.30. Lam Research Co. has a 1 year low of $68.87 and a 1 year high of $113.00.

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

Lam Research Announces Dividend

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

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.