Lord Abbett & CO. LLC Buys 571,284 Shares of Lam Research Co. (NASDAQ:LRCX)

Lord Abbett & CO. LLC raised its stake in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 900.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 634,745 shares of the semiconductor company's stock after buying an additional 571,284 shares during the quarter. Lord Abbett & CO. LLC's holdings in Lam Research were worth $45,848,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Parisi Gray Wealth Management grew its holdings in shares of Lam Research by 652.9% during the fourth quarter. Parisi Gray Wealth Management now owns 8,350 shares of the semiconductor company's stock worth $603,000 after purchasing an additional 7,241 shares in the last quarter. Burns J W & Co. Inc. NY bought a new stake in Lam Research in the 4th quarter worth approximately $815,000. Centerpoint Advisors LLC lifted its position in Lam Research by 900.0% in the 4th quarter. Centerpoint Advisors LLC now owns 1,000 shares of the semiconductor company's stock worth $72,000 after buying an additional 900 shares during the last quarter. Transform Wealth LLC bought a new stake in Lam Research in the 4th quarter worth approximately $17,269,000. Finally, E. Ohman J or Asset Management AB bought a new stake in Lam Research in the 4th quarter worth approximately $4,258,000. Hedge funds and other institutional investors own 84.61% of the company's stock.

Lam Research Stock Up 0.2 %

LRCX traded up $0.15 during trading on Monday, reaching $71.57. The stock had a trading volume of 10,254,043 shares, compared to its average volume of 12,123,193. The stock's 50 day moving average is $72.83 and its two-hundred day moving average is $75.31. The company has a current ratio of 2.54, a quick ratio of 1.73 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $91.87 billion, a price-to-earnings ratio of 21.74, a P/E/G ratio of 1.47 and a beta of 1.52. Lam Research Co. has a one year low of $56.32 and a one year high of $113.00.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The semiconductor company reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.04. The business had revenue of $4.72 billion during the quarter, compared to the consensus estimate of $4.64 billion. Lam Research had a return on equity of 51.86% and a net margin of 26.49%. The firm's quarterly revenue was up 24.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $7.79 earnings per share. As a group, analysts expect that Lam Research Co. will post 3.71 earnings per share for the current year.

Lam Research Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 9th. Shareholders of record on Wednesday, March 5th were issued a $0.23 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.29%. Lam Research's dividend payout ratio (DPR) is 25.63%.

Analyst Upgrades and Downgrades

LRCX has been the subject of a number of recent research reports. The Goldman Sachs Group dropped their target price on Lam Research from $96.00 to $85.00 and set a "buy" rating for the company in a research report on Friday, January 10th. Cantor Fitzgerald restated an "overweight" rating and issued a $90.00 target price on shares of Lam Research in a research report on Thursday. Morgan Stanley boosted their target price on Lam Research from $81.00 to $82.00 and gave the stock an "equal weight" rating in a research report on Thursday. KeyCorp upgraded Lam Research from a "sector weight" rating to an "overweight" rating and set a $95.00 price objective for the company in a research report on Friday, January 17th. Finally, Mizuho boosted their price objective on Lam Research from $87.00 to $100.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $92.70.

Insiders Place Their Bets

In other Lam Research 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 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 approximately $16,117,560. This 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 can be accessed through this link. 0.29% of the stock is owned by corporate insiders.

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.